In Latin America, opening a business bank account can be a daunting task for entrepreneurs. Salomon Zarruk and Sebastian Ortiz, two seasoned fintech professionals, have firsthand experience with the difficulties of setting up a corporate bank account in Colombia. After struggling to establish an account for their previous company, Tpaga, they decided to create a solution that would make it easier for startups and small businesses to access financial services.
The Birth of Mono
In January 2023, Zarruk, Ortiz, along with Juan Camilo Poveda and José Tomás Lobo, launched Mono, a fintech company that provides corporate or business accounts for startups in Colombia. The team’s name is inspired by the Spanish word "mono," which means "monkey." According to Lobo, the concept is based on the idea that after a forest fire, monkeys help spread seeds, leading to new growth.
The Analogy
Lobo explained the analogy: "Those seeds thrown make the rebirth of the forest, and we like that analogy because that’s what small businesses do for the economy — entrepreneurs come in and make changes to the economy." Zarruk added that Mono is "the first bankingless bank" for startups and small businesses in Latin America, providing financial services and fully digital bank accounts that can be opened in around 15 minutes versus an average of two weeks at an incumbent bank.
A New Approach to Banking
Mono operates with a local banking partner in Colombia and is building its own tech stack. The company currently offers bank accounts with physical and virtual debit cards, the ability to make and receive wire transfers, and payment capabilities. Zarruk emphasized that Mono separates itself from competitors by automating several accounting services that are highly manual today.
Growth and Future Plans
Mono has experienced significant growth since its launch, with over 300 customers and $1 million in total payment volume by March. The company’s workforce has grown to 25 employees, and the team expects to round out its senior leadership within the next year. With the announcement of $6 million in seed funding led by Tiger Global, Mono plans to expand to other countries like Mexico, Peru, Chile, and Brazil.
Expansion and Product Development
The new funds will enable Mono to plan for future expansion and focus on product development. Zarruk mentioned that the team is working on enhancing its platform to provide more features and services for its customers. With the growing demand for fintech solutions in Latin America, Mono is well-positioned to capitalize on this trend.
Related News
- Instabase raises $100M to help companies process unstructured document data
- Apheris rethinks the AI data bottleneck in life science with federated computing
Subscribe to TechCrunch Daily News
Get the best of TechCrunch’s coverage delivered every weekday and Sunday. Subscribe now and stay up-to-date on the latest news in fintech, startups, and more.
About the Author
Christine Hall is a senior reporter at TechCrunch, covering enterprise/B2B, e-commerce, and foodtech. She has an undergraduate journalism degree from Murray State University and a graduate degree from The Ohio State University. Follow her on Twitter for the latest news and updates.
