Chilean instant payments startup Fintoc has secured a $7 million Series A round led by Propel, with participation from Monashees, who previously led Fintoc’s Seed round. Fintoc’s API facilitates instant online payments directly from customer’s bank accounts, eliminating the need for intermediaries like credit card processors, thereby providing businesses with increased revenue per transaction and consumers with a seamless payment experience. This open banking framework for account-to-account payments will help strengthen Fintoc’s presence in Chile and Mexico, focusing on making Mexico its primary revenue source by targeting the large portion of the population not currently paying online.
Chilean Paytech Fintoc Raises $7M in Series A
