Fintoc offers a B2B API that enables online businesses to accept instant accounts-to-accounts (A2A) payments directly from customers' bank accounts. A2A reduces intermediaries and transaction fees versus credit cards while providing a frictionless user flow where customers pick their bank and securely provide credentials. The product is used for frequent cases such as topping up public-transport cards, e-commerce purchases, bill payments and paying credit installments. In 2023, 1,807,000 people paid products, services and bills using Fintoc (about 13% of Chile's population), and Fintoc reports more than 1.2 million monthly users in Chile. The company faces local competitors like ETpay and Khipu but is expanding beyond Chile, having entered Mexico a year ago and planning to make Mexico its main market over the next two years. Fintoc is a Y Combinator alum, has a 48-person team (five based in Mexico), and plans to leverage closer access to payment rails to improve experience and eventually offer a viable alternative to debit and credit cards. Fintoc is a Chilean fintech founded in 2020 that offers a developer-facing platform to initiate bank transfers and pull transactional data from users' bank accounts. Its API is positioned to streamline bank onboarding, subscription flows and automated reconciliation between banks and applications. Co-founder Cristóbal Griffero says the service allows users to transfer their full financial history to lenders to improve credit evaluation and potentially lower interest rates in seconds, online and with automatic updates. The company was previously accelerated by Y Combinator. Fintoc has raised $3.1M in the announced round and plans to use the capital to strengthen its executive team and expand across Latin America. The startup aims to open offices in Mexico in September and is already closing initial contracts there.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

Apr 2024