Citibanamex, Village Capital, BlackRock, and PayPal have announced the eleven startup semi-finalists for Village Capital Fintech: Latinoamerica 2017.
The program is aimed at Latin American fintech startups that provide financial services to individuals without bank accounts.
Village Capital notes that 61% of Mexican citizens do not have bank account. The venture capital firm took a broader look at the region analyzing World Bank data and found that in Mexico, Chile, Colombia, and Argentina less than 63% of the population have bank accounts. Additionally, less than 16% have access to both formal savings and loans.
The participating startups from Argentina, Chile, Colombia, and Mexico will have the opportunity to receive three months of mentorship from Village Capital to grow their business, improve value proportions and raise capital.
In the end, Village Capital will award the two companies with the highest score with a $75,000 investment. Citibanamex will award an additional $7,445 to the company that provides the best solution to incorporate financial education in the financial decisions of its users.
The participating startups include:
Argentina
Pago Rural allows farmers to have access to financing to buy inputs such as seeds, agrochemicals, fertilizers and others in a simple, agile and safe way.
Chile
Finciero seeks to eliminate digital payment barriers for the unbanked in Latin America; their first mass product is virtual prepaid cards.
Fintual is an online advisor for savings management; it shows users in a simple way the best options for their saved money across different investments.
Colombia
Escala Educacio offers formal workers in Colombia savings plans and other benefits to facilitate access to education.
EPayco is an online payment processor that allows individuals or businesses in Colombia to make and collect payments in a user-friendly and safe platform. Their offering comprises the required tools to market products and services in social networks.
RapiCredit provides online credits of up to $250, payable in under 30 days. Its purpose is the development of products and services that promote financial inclusion and social access.
Mexico
Bayonet is a credit score alternative that qualifies people for a credit risk assessment based on collective intelligence, allowing fintech companies to make better decisions regarding risk management.
Contalisto, the first online platform in Mexico that makes it easy for individuals to file their taxes quickly and easily.
Doopla is a person-to-person loan platform where applicants can repay their loans, with direct deductions from their payroll. It offers attractive interest rates and high returns to investors.
FINV is a factoring platform that integrates financial and corporate social responsibility algorithms to connect the demand for SME financing with the capital offer of companies.
Mutuo Financiera – focusing on financial solutions for the supply chain of SMBs.
The workshops will take place over three months on the following dates:
Workshop 1: September 6-9 – Bogota, Colombia
Workshop 2: October 11-14 – Mexico City, Mexico
Workshop 3: November 14-17 – Mexico City, Mexico