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Buenos Aires, Argentina, Washington, D.C., - May 9, 2017
IFC, a member of the World Bank Group, has invested $3 million in Moni (
www.moni.com.ar
), a Buenos Aires-based FinTech platform, to expand its credit and bill payment products to underbanked consumers in Argentina.
Moni seeks to innovate in the traditional consumer financial services industry by using proprietary technology to transform the process of applying for a loan and paying for telecom, utility and other bills, through a simple and user-friendly mobile app.
Founded in 2013 by Argentinean entrepreneurs Juan Pablo Bruzzo and Alejandro Estrada, Moni will use IFC’s investment to accelerate its growth in Argentina. It will also help the company further improve the borrowing conditions for its customers with lower-interest rates and more sustainable credit products such as micro installment loans. Moni’s platform has made possible more than 200,000 loans.
“We welcome IFC’s support and commitment to Moni’s growth and success,” said Alejandro Estrada, co-Founder and co-CEO of Moni. “IFC will give us valuable resources to further develop our technology, expand our product offering and continuously enhance our customer experience.”
“Moni has built a world class technology platform to effectively deliver financial services to underbanked consumers in Argentina.” said David Tinel, IFC Regional Manager for Argentina, Chile, Paraguay and Uruguay. “This investment in Moni affirms IFC’s interest in supporting innovative business models in Latin America to improve access to finance for individuals.”
Moni is IFC’s third investment in Argentina’s FinTech sector, following recent investments in Invoinet and Afluenta. IFC has been investing in similar innovative and disruptive technologies around the world to help expand access to financial services. As of March 2017, IFC has invested about $200 million in 28 FinTech companies around the world. This is on top of billions of dollars already invested in its successful, decades-long program in support of traditional banks and microfinance institutions.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
.
About Moni
Moni’s mission is to provide financial services for under-served consumers and to help them build their credit records. Moni currently offers overdraft, long term credit and bill payment products based on an efficient and pioneering digital platform. Moni was founded in 2013 by Juan Pablo Bruzzo and Alejandro Estrada and today it operates in Argentina and Mexico. Moni is backed by IFC and other highly regarded angels and entrepreneurs.
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