Mono, a Bogota start-up has raised $ 6,000,000. Founded only last December, Mono has a lot to tell in its brief history.
They were part of the recent Y Combinator Winter Batch. They raised US$6million in San Francisco through a seed round, which was led by Tiger Global. Their company was valued at US$50m.
Mono offers bank accounts to startups and SMEs. It was born out of frustration experienced by its founders with traditional Latin American banks.
Something happened to Colombians Salomón Zarruk (CEO) and Sebastián Ortiz (CTO) in TPaga, the startup they founded years before. Juan Camilo Poveda, CPO, was the one who diagnosed these problems in Brazil while he was at Nubank.
And it happened to Chilean José Tomás Lobo (COO) when he was country manager of the local startup Laboratoria.
Mono is not content with the bureaucracy that comes with opening a bank accounts. He also rebels against other inefficiencies associated traditional banking for business: credit approval, customer service, and unclear fees.
Mono operates in Colombia but employs people all over LatAm. Many of them work remotely from home.
Colombia has more than 300 clients. They are currently focusing on expanding in the market and allocating capital for product development.