Fintoc

Fintoc is a Santiago, Chile-based fintech that sells payments infrastructure through an API. Its current commercial focus is SPEI transfers in Mexico, where the platform covers two product lines: payins, in which customers generate CLABE account numbers so incoming transfers are automatically identified and reconciled and balances across multiple accounts can be monitored in real time; and payouts, in which businesses disperse mass SPEI payments via API or by uploading batch files, sending funds to SPEI accounts, debit cards or mobile numbers for uses such as payroll, supplier and customer payments. The payout flow includes CLABE validation before transfer as a fraud-prevention control. The API is designed to connect to a company's existing payment methods, ERP, CRM and internal systems.

The company also markets a bank-data product: an API through which businesses can retrieve the balance and movements of their own or their users' bank accounts, used for automating bank reconciliation, credit assessment and personal finance products. Developer tooling includes a front-end widget (distributed as an ES module via the @fintoc/fintoc-js npm package), official SDKs for Python, Node.js and Ruby, a command-line tool, a quickstart integration repository, and a Magento 2 payment module. The API exposes resources including payment intents, webhook endpoints and a v2 transfers namespace, with webhook signature validation and idempotency keys.

Fintoc participated in Y Combinator's Winter 2021 batch and is classified there under developer tools, fintech, SaaS and payments, with its positioning stated as account-to-account payments in Mexico and Chile.

Founding story

Co-founder Lukas Zorich, a software engineer from Chile, has said the idea came from a previous startup in which he spent significant time manually verifying bank transfer payments; the frustration of not being able to write a program that could report how much money was in a bank account led the founders to build a banking API themselves.

Business model

Fintoc sells API-based payments and bank-data infrastructure to businesses, engaged through a sales-led process ("talk to sales" contact forms) and self-serve developer onboarding via a dashboard that issues public and secret API keys in test and live modes.

The company's sales messaging references reducing customers' per-transaction commission, indicating transaction-based pricing for payment processing, though specific rates are not disclosed in the sources.

Traction

The company's website states more than 1,200 companies use Fintoc. Y Combinator lists a team size of 60; an unverified org-chart listing shows an employee band of 11-50 with 96 catalogued positions and teams spanning software development, product operations, sales, payments, business development and customer support. Its open-source Python client has 82 GitHub stars, the Node library 40, and the Ruby library 26.

Latest developments

In April 2024 Fintoc announced a $7 million Series A to consolidate its presence in Chile and in Mexico, where it had expanded a year earlier. Its GitHub organization shows continued maintenance of client libraries and newer developer assets such as installable agent skills and a Homebrew tap for the CLI.