Plurall says it is applying technology, data science and a “hyper-focus on customers to deliver mission-critical financial services” to entrepreneurs and SMEs left out by digital-first banking and financial services.

It intends to provide micro and commercial lending products, mobile payments solutions and other financial services.

The challenger bank says: “Despite decades of product design, market presence and market dominance by incumbents, we believe the ideal financial services platform – one that is accessible, instantaneous, friendly and transparent – hasn’t been built yet.”

Plurall has the support of Visa and will leverage technology from well-established fintech suppliers in Latin America (LatAm), with a plan to launch its minimum viable product in Q1 2022.

The Bogota-based neobank intends to launch its SME-focused platform first in Colombia, and then across LatAm.

Plurall says its team of co-founders have collectively acquired over two million account holders in Colombia, expanded across eight countries and lent over $4 billion to SMEs and entrepreneurs in the US and Latin America.

One of the bank’s co-founders, serial CEO and fintech founder Glenn Goldman, says increasing digitisation, regulatory tailwinds and new technologies means “there’s a very real opportunity to reshape the global financial landscape and address the needs of the under-banked”.

Plurall was founded in August last year and has raised $1.3 million in pre-seed funding.