Minka operates an open payments network that connects banks, clearinghouses and fintechs by exposing closed core systems via APIs and blockchain concepts to enable real-time money movement. In Colombia it built the Transfiya project with ACH Colombia, providing direct read/write API access to 80% of accounts and serving nearly two million people who can send money using only a phone number. The startup has 20 financial institutions and fintechs directly connected and another 20 in process of integration; transactions and users grew about 20% month-over-month through 2022, yielding 250% year-over-year growth. Minka describes its business as transactional SaaS and says revenues have been increasing. It has roughly 30 employees, with product and tech in Croatia and support and sales in Colombia, and was founded in 2018 as an R&D company that later automated Colombia’s payments infrastructure after winning an RFP. With new capital it plans to further modernize clearinghouses and central banks, build a self-service tool and SaaS offering for fintechs, and expand into Spanish-speaking Latin American markets including the Dominican Republic, Bolivia and Mexico.

Total raised

$24M

Funding rounds

1

Latest round

Equity

Latest activity

Apr 2022