Fintech startup Lana secures $12M to ease financial inclusion in Latin America

Lana's Team
  • "Gig economy workers in Latin America are historically underbanked and the number of gig workers in the region is only growing," said Adeyemi Ajao, Co-founder and Managing Partner at Base10 Partners.
  • Cabify, a participant in the Global Compact and aligned with the 2030 Sustainable Development Goals of the United Nations, reaffirms its commitment to more sustainable development through its partnership with Lana.

Personal finance platform Lana, developed for the traditionally underbanked population in Latin America, announced that it has secured a $12M Series A, led by Base10 Partners with participation from mobility company Cabify and global VC Cathay Innovation (via its C.Entrepreneurs fund).

This funding round reinforces Lana’s promotion of financial inclusion across Latin America and brings access to financial services to gig economy workers across the region.

“Lana aims to connect people in Latin America that have been traditionally excluded or underserved by incumbent banks with payments and other financial services more adapted to their needs. A large share of the population in this region doesn’t have access to financial services or if they do, they don’t take full advantage of them because they are not appropriately ‘designed for them’ and don’t fit their needs. This reality makes reducing inequality, and ensuring no one is left behind, even more complex. With the additional resources that we have secured in this round, thanks to our investors, we are in a great position to seize the opportunity to promote financial inclusion and close the current gap,” said Pablo Muñiz, CEO of Lana.

“Gig economy workers in Latin America are historically underbanked and the number of gig workers in the region is only growing,” said Adeyemi Ajao, Co-founder and Managing Partner at Base10 Partners. “We’re excited to be partnering with Lana as they automate the financial services industry in LatAm, increasing financial access for these critical workers and in turn changing the lives of millions of people who do not have the access they need and deserve”.

For its part, Cabify, a participant in the Global Compact and aligned with the 2030 Sustainable Development Goals of the United Nations, reaffirms its commitment to more sustainable development through its partnership with Lana.

“The widespread use of mobile devices will enable technology companies such as Lana to have a bigger positive impact on people’s everyday lives. We’re thrilled to be supporting Lana’s team in this early stage, especially considering that financial inclusion is a strategic asset when it comes to improving quality of life. This partnership allows us to reinforce our already strong commitment in Latin America,” noted Juan de Antonio, CEO of Cabify.

“At Cathay Innovation, we believe in the sustainable transformation of the world through innovation and technology. We are convinced that the financial inclusion brought by Lana will have a positive impact and unleash new opportunities for users across Latin America. We are proud to support Lana’s team of visionary and seasoned entrepreneurs and to foster the growth of Lana through our global ecosystem and extensive experience in fintech.” said Jacky Abitbol, Partner at Cathay Innovation.

Founded in Madrid in 2019, Lana aims to provide easy access to financial services through technology, with a strong initial focus on gig economy workers who use their mobile devices for work on a daily basis. Lana’s mobile app enables users to get real-time access to tailormade financial services on a single platform, empowering these gig workers to easily take control of their finances.

The company has already expanded into Mexico and Chile, with preparations underway for an upcoming launch in Peru. This Series A funding will enable Lana to continue to expand operations across Latin America and to hire top talent for its global team. “We are actively recruiting for engineering roles in Madrid, Chile, and Mexico. With our growing team, we will be able to fuel our customers’ growth, extend our product offering in existing markets, and to bring Lana’s vision to new markets” commented Muñiz.

Financial inclusion is critical to promote social development in regions like Latin America, and technology is a key driver of this expansion and optimization. In the past few months following the outbreak of COVID-19, Lana has played a key role in facilitating access to credit for thousands of gig-economy workers that were struggling financially in the wake of the pandemic.