Monet

The company's core business revolves around offering income-advance loans and microcredits through a fully digital platform. Monet provides loans up to $500,000 COP, targeting individuals who may be unbanked or have negative or non-existent credit histories. Its business model is built on analyzing a user's recurring income to determine creditworthiness, a process facilitated by Open Banking technology, making it accessible to both formally employed and independent workers. This approach allows the firm to serve a significant portion of the population traditionally excluded from formal credit systems; over 70% of its users fall into this category. Monet generates revenue through a fixed fee for each withdrawal rather than traditional interest charges.

The service is delivered via a mobile application that enables users to apply for and receive funds directly into their bank accounts or digital wallets within minutes. A key feature of Monet's service is its commitment to responsible financial inclusion; the company only sends positive reports to credit bureaus, helping users build a formal credit history. In partnership with Bancolombia, Monet launched a digital wallet that allows users to make QR code payments and manage their finances. The platform has expanded its services to include bill payments for utilities and other services in partnership with Refácil, further enhancing its utility for users. The company has also announced plans for a credit card and a marketplace within its app.