Lana raises $12m in Series A funding round to fuel LatAm expansion
Personal finance platform Lana has raised $12 million in a Series A funding round led by Base10 Partners.
Additional participation in the round, Lana’s first since its 2019 founding, came from Cabify and Cathay Innovation.
Lana develops an application for automated personal financial management. The firm aims to provide accessible finance to underserved clients in Latin America.
Its users can save money, make transfers, and gain access to insurance. The firm is targeting members of the gig economy, who often don’t have traditional bank accounts.
So far, the firm has launched some services in Mexico and Chile. According to TechCrunch the firm is also planning moves into Peru, Colombia and Argentina.
Lana plans to use its new funding to expand its operations in Latin America, as well as hire new talent for its team.
The company has plans to move into credit in the future, and expand upon its existing partnership with investor and ridesharing platform Cabify.
Lana’s founder and CEO Pablo Muñiz also co-founded US challenger bank Denizen, which shut down in October 2019 after failing to achieve “the scale needed to sustain operations”.