Magma Partners made an undisclosed investment in fintech startup Portal Finance, which is based in Bogotá, with an office in Santiago.
(FINSMES) Portal Finance, a Bogota, Colombia-based fintech startup, won Magma Partners’ recent FinTech competition.
The company was awarded with an equity investment and is now part of the Magma Partners portfolio.
Co-founded by Diego Caicedo, Felipe Puntarelli and Nicholas Bohorquez, Portal Finance provides proprietary technology that allows small and medium sized businesses to find the most business friendly terms from factoring companies. The platform evaluates electronic invoices from companies and provides information to investors, which allows investors to make financing offers quickly and transparently.
The company also has an office in Santiago, Chile.
Magma Partners is a seed stage investment fund with offices in Los Angeles, California and Santiago, Chile, which, since 2014, has partnered with over 30 companies to help them grow their businesses via private capital investments, mentorship, and acceleration. The firm invests in Latin America based companies whose primary market is the US and Europe and business to business companies that target the Latin American market.