The startup offers an open banking cloud platform that enables rapid interbank transactions, mobile wallet support, online tax collection, and digital currency transfers. This technology allows financial institutions to process transactions efficiently and launch new financial products while minimizing operational costs.
Funding
$28.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional interbank payment systems often involve delays, high costs, and limited interoperability, hindering efficient money movement. Existing systems struggle to support the demands of real-time transactions and innovative financial products, creating friction for businesses and consumers.
Solution
Minka provides a Platform-as-a-Service (PaaS) that enables real-time interbank payments and programmable money transfers. The platform connects financial institutions through an open network, allowing for secure and instant money movement. Minka's technology supports use cases such as real-time payments, alias directories (replacing account numbers with simpler identifiers), and ledger-as-a-service for managing and tracking value transfers. The platform uses digital intents and signatures to abstract real-world money, ensuring secure transaction processing and unlimited scalability across various ledgers.
Target Audience
Minka's primary customers are financial institutions and enterprises seeking to modernize their payment infrastructure and enable real-time money movement.
Features
- Real-time payment processing, enabling transactions in seconds
- Alias directory integration, replacing complex banking details with relatable information
- Ledger-as-a-Service for managing and tracking money movements
- Bridge protocol for connecting financial institutions to the cloud
- Studio tool for real-time monitoring, analytics, and troubleshooting
- Support for digital signatures for secure transaction authorization
- Flexible rules engine for customizing how money is used, shared, and transformed
- Claims-based architecture for representing transaction requests and driving state transitions