Chile-based fintech Global66 is leveraging on the growth of digital remittances in Latin America, with hopes of crushing the competition by scaling up product development and introducing innovative solutions.
Global66 closed a Series A funding round in July 2021, raising US$12 million. The round was led by Quona Capital with the participation of Clocktower Technology Ventures, Magma Partners, and Venrex Investment Management. This most recent round brings the total funds raised so far to US$20 million.
Using the recent funds raised, the firm plans to aggressively market its new mobile application, which will allow fast and low-cost money transfers.
“I’m not worried about competing with other fintechs for financing or customers, in fact, there is still too little competition,” Global66 CEO and Founder Tomas Bercovich
Global66’s key targets are low-income earners and SMEs in countries such as Mexico, Peru, Argentina, and Colombia. These countries are viable targets for Global66 because they still have a highly underbanked population.
Global66 comprises a team of 200 employees spread across eight countries. The firm has facilitated over US$400 million in remittances in the first half of 2021. The firm also hopes to hit US$ 1 billion by year-end.
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