Startup Mx: Monto

Monto is a SaaS platform for employers and financial institutions in Mexico looking to offer innovative financial products and benefits to their employees and customers.
Startup Mx: Monto

Financial inclusion is scarce in Mexico with over 40% of the population considered financially “excluded” from traditional financial tools (ENIF, 2021). 

Numerous reasons account for why a considerable portion of the Mexican population lacks access to financial services such as banking, insurance, credit, and savings; among these, an inefficient financial infrastructure plays a significant role.

Enter Monto. Monto is an all encompassing platform that provides a wide array of services to improve efficiency across multiple sectors. 

Traditional banks have historically struggled to improve financial inclusion due to lack of technology, legacy systems, high operating costs due to brick and mortar presence and labor costs, but more importantly lack of trust from the general public. More recently, direct to consumer Fintechs have been fighting for the same market share with banks as consumers seeking out better products and more digital offerings.

Our approach differs, in that we´ve created technology that allows us to offer financial products through employers or partners leveraging their relationships to potential users which helps to increase adoption and simplify the user experience considerably. Andres Quintanilla, Co Founder of Monto

First Things First

For many Mexicans the traditional monthly payroll cycle can feel like a frustratingly long wait, especially in Mexico, where only half the population manages to cover daily expenses with their regular income throughout the year. 

Monto is revolutionizing financial access by bridging this gap with their innovative "Salary on Demand" platform an offering quite different from more traditional “Salary Advances”

A “Salary Advance” occurs when an employee requests payment in advance of a future paycheck. In contrast, “Salary On Demand” provides employees with access to their earned wages – an important difference because of the employees´ behavior, risk and therefore associated cost. - Andres Quintanilla

Monto's approach is unique. Forget predatory loans and high-interest advances – Monto’s platform operates on a transparent and responsible model. Here's how it works:

  • Immediate access: Workers access their already earned wages between paychecks, empowering them to manage their finances with greater flexibility.
  • Transparent fees: Instead of accumulating debt, users pay a simple, fixed fee between $20.00 and $40.00 + VAT MXN for each withdrawal, ensuring complete cost clarity.
  • User-friendly platform: Utilizing Monto is seamless – only three clicks through the app or website are needed to request your earned wages.
  • Direct Deposit: Approved withdrawals land directly in users' payroll bank accounts within two minutes 24/7, offering unparalleled convenience and instant relief.

Monto's "Salary on Demand" service emerged as a beacon of hope, offering a solution that addresses the root of the problem: low wages and limited access to financial tools.

Monto empowers employees to take control of their finances, breaking the cycle of late fees and unnecessary credit dependence. Especially during unforeseen circumstances, Monto offers a reliable safety net.


Karina Derbez

Andres Quintanilla

Monto's Team


2021, $1.875M (Seed) led by Y Combinator including Harvard University, Goodwater Capital and Arrebol Capital.

Monto Doesn't Stop there

Monto's success with their "Salary on Demand" product, driven by the market demand to address the challenges faced by Latin American companies in providing equitable financial tools to their employees, broadened its scope beyond merely being a platform for on-demand salaries.

Salary on Demand was a great starting point for us because we gained incredible insights into what our users wanted. As we launched new products to solve more of our users’ needs, our value proposition improved and employers received more value in our all-in-one platform as opposed to working with different providers. - Andres Quintanilla

Not your standard “HR Platform”

Monto’s standalone "HR platform" equips companies with a secure and efficient way to offer a wide array of benefits to their employees. Products and services include, but are not limited to:  

  • Healthcare Benefits
    • Telemedicine
    • Discounts at Pharmacies & Laboratories
  • Education Benefits
    • Discounts for certifications, languages courses, and graduate programs
    • Financial Education
  • Insurance Benefits 
    • Access to auto, life, and medical insurance
  • (CPG) Consumer Product Discounts in major retailers nationwide
    • Innovasport, Whirlpool, Soriana, Farmacias del Ahorro, Tim Hortons
  • Ability for employees to pay for Cellular Plans & Utility Services
    • CFE and Telcel
  • Cardless Cash Withdrawals and In-store Payments
  • Other Financial Products
    • Salary Advances, Loans, "Buy Now Pay Later", Gift Cards, Loyalty Programs

In conclusion, Monto's comprehensive 360 HR benefits platform empowers companies to more effectively meet their employees' needs, thereby enhancing employee well-being and retention.

Coming Full Circle

As Monto’s growth continued with the HR solution for corporations, it became evident that Monto's extensive platform, equipped with advanced features and technology, had additional applications.

"We expanded our financial products offering loans to help our clients (employers) who were receiving constant requests for loans from their employees. Our product was so successful that once financial lenders got wind of it they asked if they could rent our platform, giving birth to our SAAS line of business." - Andres Quintanilla

Monto's SaaS lending products enable financial institutions to leverage Monto's cutting-edge technology, significantly expanding Monto's total addressable market. It functions similarly to a "white label" solution. Incorporating features such as facial recognition, credit score assessments, automated wire transfers and billing, and electronic signatures, Monto simplifies the day-to-day operations for financial institutions, from origination to billing allowing them to scale while promoting responsible lending.

Market Opportunity

Monto's unified HR platform, along with its latest SaaS version, capitalizes on a significant and expanding market potential in Latin America, driven by multiple key factors:

High Demand for Early Wage Access

Access to traditional credit is limited, with an estimated 75% of the population lacking credit histories or relying on high-interest loans. Monto's solution directly addresses this need, offering immediate access to earned wages between paychecks with transparent fees, reducing dependence on predatory loans and improving financial control.

HR Employee Benefits Gaining Widespread Adoption

Covid has accelerated digital transformation among companies in Latin America and HR software companies or startups are taking advantage with different product offerings to help companies automate their HR processes. 

Absenteeism, turnover and productivity are increasingly a bigger focus for Human Resource departments as nearshoring has brought a higher supply of jobs to the region, especially Mexico.

According to Forbes, 9 of 10 companies in the industrial sector in Mexico have had shortages of labor in their plants and employee turnover remains between 50 and 70%. Improved digitalization coupled with a tight labor market, has made employee benefits a central part of HR´s strategies to attract and retain talent (Forbes).

Latin America's Fintech Boom

Latin America's fintech boom is thriving! In just six years, the market went from tiny ($50 million) to huge ($2.1 billion). Experts predict it will keep growing at an impressive 26% YOY, reaching almost $42 billion by 2028 (marketforecastdata).

Monto's SaaS lending platform capitalizes on this trend, providing an easy to use platform for financial institutions to expand reach by offering additional services and increasing revenue streams.

Advice for Aspiring Entrepreneurs

"Just get started, it's okay if you haven't fully fleshed out your idea and that your product isn't ready. Talk to potential customers, ask the right questions and you will find the answers to create a successful business." - Andres Quintanilla

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