Oyster Financial, a Mexico City and San Francisco based neobank for businesses, raised US$14m in seed funding.
The round was led by monashees and SV Latam Capital with participation from FJ Labs, Fintech Collective, Kevin Efrusy, Redpoint eventures, S7 Ventures and Ulu Ventures.
The company intends to use the funds to accelerate growth in Mexico.
Led by CEO Vilash Poovala, who co-founded Clip (formerly PayClip), a late-stage B2B electronic payments startup, Oyster Financial is a neobank that for sole proprietors and small and medium-sized business owners to access financial services. In addition to fast access to setting up business accounts within three days, Oyster Financial provides debit cards for its customers. Customer support is available 24/7 and it does not charge customers a fee for bank transfers.