Moni said to raise $1.5m in funding from IFC

Moni, a mobile wallet for Mexico and Argentina-based consumers, has reportedly raised $1.5m in its latest investment.

The capital was supplied by the International Financial Corporation, according to a report by FinTech Futures.

Last year the company raised a $3m round which was also backed by IFC. The capital from the former round was used to expand Moni’s presence in Argentina and to improve the borrowing conditions for consumers.

Founded in 2013, the company provides consumers in Argentina and Mexico with access to credit products. The platform offers financing including overdraft, long term credit and bill payment products.

Moni aims to support the under-served consumers and help them build up credit history. The mobile-based solution enables consumers to pay all accounts in a single location and access loans of up to $20,000.

This injection of equity will be used to support the expansion of its loan capital and service offerings, the article states.

IFC has invested into a number of FinTech companies this year, with this deal marking the fifth of the year. Earlier in the year, the firm led the $22m Series C round of insurance broker Coverfox to support the company with its product development.

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