Fintech Finnu has secured $800,000 investment to give loans for phones to customers in Latin America.
Speedinvest led the the round, which also saw participation from, Kima Ventures, Seedrocket4founders Capital and ArkFund as well as from two angel investors, Contxto reported.
The company may be set up in Spain and run its IT from India, but it’s focused on Latin America. It plans to fully launch in Mexico by August 2020 and, subsequently, expand in to Colombia.
The news about Finnu’s round comes after Latin America recorded a strong start of 2020. The region’s FinTech companies raised $475.1m in the first three months of the year, according to FinTech Global’s research.
Investment in Latin America has skyrocketed in recent years. In 2016, the FinTech industry raised $350.4m in total. That number jumped to $2.75bn in 2019. The record amount of funding was mainly driven by ten deals over $100m, including a mammoth $400m Series F round raised by Nubank, a Brazilian challenger bank.
As a side-note, the round saw Nubank join the coveted decacorn club consisting of companies with a valuation over $10bn, which made it one of the most valuable neobanks in the world. You can read more about our research about the topic and other challenger banks here.