Latin American fintech, Trii has raised a $3 million investment from Bancolombia, a financial institution that offers a broad range of banking products and services in Colombia.

Although the terms of the round were not disclosed, the bank said that it became a shareholder of the company, which suggests the funding (or a good part of it) was for equity.

The CEO and co-founder of Trii, Esteban Peñaloza, said that adding Bancolombia as an investor fills them with pride. “It reinforces our commitment and mission to democratize access to the stock and financial markets in Latin America,” he added.

Trii, is a mobile application that allows users to buy and sell shares in the Colombian, Peruvian and Chilean stock exchanges through their smartphones. The platform also allows retail investors to buy both US and local equities in LatAm.

Founded in 2020 by Carlos Guayara, Esteban Peñaloza, and Luis Patt, the fintech has raised close to $8 million in funding since its launch. Its most notable round of investment was a $4.5 million seed round led by Global Founders Capital. It also participated in the YC combinator accelerator round in 2021.

According to data from the startup, it has managed to triple its user base during 2022, currently has 150,000 users in its three markets; Colombia, Peru, and Chile, and has processed close to 500,000 transactions since its launch in March 2020.

With a standout feature that it charges lower commissions than what stockbrokers typically charge, the startup says it wants to democratize access to the stock market in a friendly, easy-to-understand, and inexpensive way.