Chilean fintech Fintoc is expanding its role in the country’s payments ecosystem after receiving regulatory approval to operate as a non-bank issuer of prepaid payment cards with funds provision. The authorization allows the company to operate more directly within Chile’s payment infrastructure while introducing business accounts designed for companies handling large volumes of transactions. Fintoc currently operates in Chile and Mexico, processing approximately 14 million payments per month with a combined value of about US$700 million.
Regulatory Approval Strengthens Fintoc’s Position
Chile’s Financial Market Commission, or CMF, authorized Fintoc Pagos SA to operate as a non-bank payment card issuer, marking an important step in the fintech’s expansion beyond payment initiation services. The company was registered in the Single Registry of Issuers under code 764 following technical testing, independent audits, and regulatory inspections. Since August 22, Fintoc has also been able to process transfers originating from banks more directly rather than relying on accounts and connections provided by other financial institutions.
The authorization is particularly significant because Fintoc Pagos is positioned to operate under new Central Bank rules that allow prepaid card issuers with funds provision to process payments between their own accounts without depending on traditional card networks. This gives Fintoc greater control over the infrastructure supporting transfers, reconciliations, and other financial flows for corporate customers. Ignacio Fernández, Country Manager and General Manager of Fintoc Pagos, described the approval as an important component of the company’s transition from a payment method into broader financial infrastructure for businesses.
Business Accounts Target High-Volume Payments
Alongside its regulatory expansion, Fintoc is introducing accounts specifically designed for businesses that receive large numbers of transfers and need more efficient reconciliation tools. The accounts are intended to help companies automatically identify incoming payments and associate them with customers, purchase orders, cost centers, or other internal records. Fintoc expects this functionality to address limitations associated with conventional bank accounts when businesses process thousands of transactions each day.
Co-founder and CEO Cristóbal Griffero said traditional bank accounts are generally structured around transaction volumes that can still be managed manually, making them less suitable for large-scale payment operations. Fintoc instead plans to offer programmable accounts capable of receiving payments, automating reconciliation processes, and managing financial flows through integrated infrastructure. The rollout is expected to begin gradually, initially targeting companies that already use Fintoc’s existing services.
Focus Remains on Business Infrastructure
Fintoc has emphasized that its strategy is centered on corporate financial infrastructure rather than competing for individual consumer accounts. The new regulatory framework gives the company the capabilities needed to provide business accounts while continuing to develop payment and treasury-related infrastructure for enterprises. Management sees this model as a foundation for building a broader financial operating system for companies across Latin America.
The fintech already works with organizations including Mercado Pago, Bci, CMR Falabella, and Tenpo, reflecting its existing presence within the region’s financial services ecosystem. Across Chile and Mexico, the company handles approximately US$700 million in payments each month, with each market representing roughly half of its transaction volume. In Mexico, Fintoc is connected to the Interbank Electronic Payment System, known as SPEI, and operates within the country’s regulated electronic payments framework.
Regional Expansion Plans
Fintoc’s longer-term strategy extends beyond its two existing markets as the company seeks to build financial infrastructure across Latin America. According to Griffero, Colombia and Brazil are among the next countries under consideration, with expansion into those markets planned between 2027 and 2028. The company expects to consider additional smaller Latin American markets by 2029 before evaluating opportunities outside the region from 2030 onward.
The CMF authorization represents a significant expansion of Fintoc’s capabilities in Chile, giving the fintech greater control over payments while enabling it to launch programmable business accounts. By combining regulated payment infrastructure with automated reconciliation and financial management tools, the company is positioning itself as a technology layer for businesses rather than a conventional consumer banking provider. Its planned expansion into additional Latin American markets could further extend that model as Fintoc develops a regional financial infrastructure platform.