Mono

Mono is a Colombian fintech infrastructure company founded in 2020 by Salomón Zarruk, Sebastián Ortiz, Juan Camilo Poveda, and José Tomás Lobo. The company is backed by Y Combinator and Tiger Global Management and operates primarily from Bogotá, Colombia. Mono provides an API-first embedded finance platform that enables companies across Latin America to launch and integrate financial products without needing to become regulated financial institutions themselves. The platform allows businesses in sectors such as logistics, e-commerce, cooperatives, and dropshipping to offer digital wallets, Visa-branded cards, real-time money transfers, and mass payment disbursements through a modular, developer-friendly infrastructure. Mono initially launched as a digital business banking solution for SMEs but pivoted in 2023 to focus on Banking-as-a-Service infrastructure after client feedback revealed stronger demand for white-label financial technology. The company operates through partnerships with local banking institutions under Colombia's digital correspondent model, enabling it to provide regulated financial services without holding a banking license directly. Key product offerings include virtual accounts, instant and branded Visa cards, inter-wallet and interbank transfers via Colombia's Bre-B instant payment system, and ledger APIs for transaction management. Mono serves over 300 business clients and has processed over one million dollars in payment volume. As of October 2024, the company reported reaching operational breakeven and planned expansion into Mexico and Peru. The fintech raised six million dollars in seed funding in 2022 led by Tiger Global, with participation from Soma Capital, Y Combinator, and angel investors including Monzo founder Tom Blomfield and Revolut's Jamie Devlin. Mono is a member of Colombia Fintech, the country's fintech industry association.