Minka, a Colombian payments infrastructure startup, has raised $24 million from Tiger Global Management and Kaszek to enhance real-time money transfer capabilities across Latin America.

Information on the Target

Minka, a payments infrastructure startup based in Bogota, Colombia, has successfully raised $24 million in a funding round co-led by Tiger Global Management and Kaszek. Founded by CEO Domagoj Rozic, Minka aims to create a comprehensive payment network designed to facilitate faster and more efficient money transfers across Latin America. The company's innovative approach involves connecting segregated legacy systems via blockchain-based solutions and APIs, allowing for simplified management of complex financial transactions.

Minka's platform primarily serves financial institutions and clearinghouses, enabling them to engage in real-time money transfers and transactions without needing extensive reconciliation processes. The startup has made significant strides in Colombia, working with ACH Colombia on the Transfiya project, which enhances direct API access to an overwhelming majority of the country's banking accounts, thereby establishing the largest open banking initiative in the region.

Industry Overview in Colombia

The payments landscape in Colombia, alongside wider Latin America, is evolving rapidly, driven by increased demand for digital financial services. Traditionally hampered by legacy systems, the region's banking sector is g