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Contxto – Chilean fintech Fintual is taking its first steps into its expansion towards Mexico. According to a recent press release, this startup from Santiago is partnering with Invermerica, an investment fund manager from Mexico.
The fintech itself allows users to invest in mutual funds.
A fintech with mutual funds and quirky names
Pedro Pineda, Agustín Feuerhake, Omar Larré, and Andrés Marinkovic founded the startup in 2016. Two years later, in 2018, it joined Y Combinator’s famous accelerator program.
Through the fintech, investors (especially first-time ones) can make a little more money by putting their hard-earned cash into mutual funds. Investment assets include stock in companies like Amazon and Google, as well as government bonds.
Fintual currently has over US$57 million under management and more than 8,000 users within its native Chile.
The startup is supervised by the Financial Market Commission (CMF) in Chile.
As a final tidbit of perhaps useless, but quirky info…
Two days after the 92nd Edition of the Academy Awards, it’s amusing to see the names the fintech has for its funds. From the least to highest risk level, these funds are christened:
- Conservative Streep
- Conservative Clooney
- Moderate Pitt
- Risky Norris
Related article: All 58 Latin American startups from Y Combinator
Saddle up, partner
This partnership may play a dual role for the fintech.
For one, it gives the startup an insider’s perspective on the Mexican market. In addition, it also links it to a financial institution that already has the good blessings of the country’s National Banking and Securities Commission (CNBV).
But, it’s not the first time we see a fintech cozy up with an investment fund manager. In Argentina, Ualá had already done so with the purpose of expanding the list of services it offers last November.
Related articles: Tech and startups in Chile!