Lana, a personal finance platform, has reportedly netted $12m in its Series A round, as it looks to better serve consumers in Latin America.
The investment was led by Base10 Ventures, with contributions also coming from Cabify and Cathay Innovation, according to a report from FinTech Futures.
Having closed the round, the company plans to hire more staff and expand across Latin America, the article stated. Its services are currently available in Mexico and Chile, and there are plans to move into Peru, Colombia and Argentina.
Furthermore, Lana is hoping to move into the credit space in the future.
Users of Lana can save, make transfers and access insurance policies, all through their mobile phone. The app is targeting those in the gig economy and those traditionally missed by the banking system, the article said.
Latin America has established a strong FinTech sector. Since 2015, there has been a total of $4.6bn deployed to FinTechs in the region. Last year saw a record year in terms of funding, with $2.7bn going to companies.
The region is also home to one of the world largest FinTechs, NuBank. The Brazilian challenger bank was dubbed a decacorn last year after it secured a $400m Series F.
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