Fintech Startup Jefa Raises $2M to Expand Digital Banking Services in LATAM
In the Seed round, a fintech startup, Jefa has raised $2M to expand its digital banking services with a product specifically designed for women in the Caribbean and Latin America.
Jefa is a fintech startup that is now focussing on women. It believes that traditional banking services do not consider the limitations of the women which makes it hard for them. As per the startup study, there are 1.5 billion women who do not come into the banking sector. And 75% of the women who use banking mechanisms are not happy with the way banks function.
The CEO and founder of the company, Emma Sanchez Andre Smith, identified this gap and tried to fill the void with the idea of this startup. The company has raised $2 million in the seed funding round. The Venture Collective, DST Global, Foundation Capital, Amador Holdings, The Fund, FINCA Ventures, Rarebreed VC, Siesta Ventures, Springbank Collective, Bridge Partners, Hustle Fund, Foundation Capital, Latitud, J20, and Magma Partners invested in the company. However, some business angels also participated in the round including Daniel Bilbao, JP Duque, Ricardo Schaefer, Jean-Paul Orillac, and Allan Arguello.
Moreover, the company has also partnered with Visa in the funding round which will be very helpful for the company to take advantage of Visa resources and products.
At the moment, the company is focussing just on women in the Caribbean and Latin America. As revealed by the founder, Jefa is focussing on women only. Because women in these regions are mostly out of the banking net. The minimum balance requirements and other such demands are the prime reasons for this.
Jefa allows its users to open a digital bank account from the comfort of their homes. And the users do not have to physically visit any branch. And after a few days, the user will receive a Visa debit card.
However, it is important to note that Jefa is not the only startup that is providing digital banking services. But there are other such startups also. This is the reason that Jefa is planning to use the current funding to further improve its products. This will also help in increasing the revenue base by increasing the user base. The company has managed to get 115,000 women on its waitlist which is a great success for the company. This also indicates the increasing trend of financial applications development.
Story Credits: TechCrunch.