Moni, a Buenos Aires, Argentina-based fintech platform, raised $3m in funding.
The International Finance Corporation (IFC), a member of the World Bank Group, made the investment.
The company will use the funds to accelerate its growth and expand its product line for underbanked consumers further improving their borrowing conditions with lower-interest rates and more sustainable credit products such as micro installment loans.
Founded in 2013 by Argentinean entrepreneurs Juan Pablo Bruzzo and Alejandro Estrada, Moni provides credit and bill payment products including overdraft, long term credit and bill payment products to underbanked consumers.
By using proprietary technology, the company enables consumers to apply for a loan and pay for telecom, utility and other bills through a mobile app.
To date, the platform has made possible more than 200,000 loans in Argentina and Mexico.