Fintech startup Jefa has raised a $2 million seed spherical to construct a fintech startup providing digital accounts with a product particularly designed for ladies residing in Latin America and the Caribbean. The corporate has managed to draw 115,000 girls on its waitlist and took part in FiratNews’s Startup Battlefield final 12 months.
Buyers in Jefa embody The Enterprise Collective, DST International, Basis Capital, Amador Holdings, The Fund, FINCA Ventures, Rarebreed VC, Siesta Ventures, Springbank Collective, Bridge Companions, Hustle Fund, Basis Capital, Latitud, J20 and Magma Companions. A number of enterprise angels additionally participated, corresponding to Daniel Bilbao, JP Duque, Ricardo Schaefer, Jean-Paul Orillac and Allan Arguello.
Along with this founding spherical, the startup has additionally signed a take care of Visa. It’s a multi-year strategic partnership settlement. Jefa will have the ability to make the most of Visa’s sources and merchandise to create its fee merchandise and extra.
“Visa believes in empowering girls,” senior director of fintech partnerships for Visa Latin America and the Caribbean Sonia Michaca stated in an announcement. “Monetary and digital inclusion remodel economies. Girls, who management the lion-share of on a regular basis family spending, ought to be on the core of this transformation, but girls are vastly underserved by conventional banks. We’re thrilled to be partnering with Jefa, a women-led platform in Latin America and the Caribbean, and one which explicitly serves girls’s monetary wants within the area.”
The workforce behind Jefa believes that banks have uncared for girls for too lengthy. Even challenger banks have largely been designed for male prospects within the first place. It doesn’t essentially imply that girls can’t open an account with a challenger financial institution. However some product choices are unfriendly to girls.
Again when Jefa founder and CEO Emma Smith pitched at FiratNews Disrupt, she listed among the explanation why most individuals in Latin America who don’t at present have a checking account are girls. For example, minimal steadiness necessities are hostile to girls who statistically earn lower than males.
When Jefa launches, the corporate will allow you to open a digital account at no cost from a cellular app. You don’t have to go to a financial institution department. A number of days later, you’ll obtain a Visa debit card. There shall be a built-in financial savings function and a reward program.
The startup plans to roll out its product in Mexico first, then Colombia and Central America. Jefa isn’t the primary fintech startup attempting to department out from the unified banking providing. There are a number of startups attempting to create vertical banks, corresponding to banks for teenagers (Greenlight or Step) or banks for local weather change-focused prospects (Aspiration). And there’s now Jefa providing digital accounts for ladies.