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Chilean instant payments API startup Fintoc raises $7 million to turn Mexico into its main market
Fintoc's API lets online businesses accept instant payments coming directly from the customer's bank account. This method, known as A2A, offers an alternative to credit card transactions.
One of these is Y Combinator alum Fintoc, a B2B fintech startup that has raised a $7 million Series A round of funding to consolidate its presence in its home country, Chile, and in Mexico, where it expanded one year ago. It is highly fragmented, and many countries still lag behind in financial inclusion: Fewer than half of Mexican adults have a bank account, according to World Development Indicators. But its large clients mean that it is tied to frequent use cases such as topping up public transportation cards, making e-commerce purchases, covering bills and paying credit installments.
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