NAIROBI, Kenya- Colombian fintech startup Minka is setting its sights on Africa, with plans to expand into Kenya, Tanzania, Ethiopia, Malawi, Zambia, Burundi, Uganda, and Mozambique in the first phase.
This strategic move aims to replicate the success the company has enjoyed in Latin America by addressing similar financial challenges on the African continent.
Founded in Bogota in 2016, Minka has built a reputation for its cloud-based programmable payment solutions, raising $24 million in a Series A funding round in 2022.
“Our expansion into Africa is a testament to our continued mission to build more efficient payments infrastructure across the Global South,” said Minka’s CEO, Domagoj Rozic.
He highlighted the significant financial inclusion issues, heavy reliance on cash, and non-interoperable legacy payment systems that Minka has successfully tackled in Latin America, expressing confidence that these solutions will benefit African markets as well.
Minka’s approach bridges the gaps between banks, financial institutions, central banks, fintechs, and clearing houses through shared and connected ledgers, a model that has proven effective in its home market.
Alexander Perko, Minka’s Growth Lead, expressed enthusiasm about the expansion.
“We’re excited to bring our story and the benefits of our approach to people in Africa. We’re building impactful connections between financial institutions of all types and allowing teams to build and connect payment systems in days instead of years,” he stated.
Minka’s initial focus will be on Eastern and Southern Africa, leveraging the similarities in demographics between Latin America and Africa.
The rapidly growing and highly competitive fintech space in Africa presents a fertile ground for Minka’s innovative solutions, aiming to accelerate financial connectivity and inclusion.
The company’s success in Latin America provides a solid foundation for its African venture, promising a transformative impact on financial operations and inclusion in the region.
