Moni provides a mobile-based platform for the unbanked section for bill payments. The company helps its users to receive a cash advance immediately, without formalities or paperwork and is 100% online.
Moni allows users to request a short-term microcredit in cash, pay their services or recharge cell phone, quickly and without banking procedures. It also gives cash advances up to $4,000 without any paperwork and credited directly to the banking account.
PRODUCTS & SERVICES:
Mobile and virtual banking platform for micro-loans.
It allows customers to pay their utility bills or ask for cash advance with one click from app.
Moni executes the operation in seconds and finance it for up to 30 days. At due date Moni debits clients bank account the cash advanced.
Alejandro Estrada, Juan Pablo Bruzzo
NXTP Labs, IFC, Fabrice Grinda, Inter-American Development Bank (IDB) Group,, FJ Labs
VALUATION / MARKET CAP:
$6.65 MM in 2014
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company is planning to use the funds for expansion of its credit portfolio in the under-banked sectors and expand its product offer to continue developing the credit market(May 2018).
SEED & PRIOR FUNDING:
SEED CLOSED ON:
SEED PRIOR FUNDING COMMENT:
An undisclosed amount of funding was raised in Oct 2014.