Spain-based software vendor and financial technology (fintech) investor Latinia recently announced it has invested an unspecified amount of funds in Ábaco, a fintech active in Colombia and Mexico. Based in Colombia, Ábaco makes lending decisions using software that “identifies the behavior of delivery platform workers and freelancers using an innovative analysis of their financial profile to build a credit report.” Based on this analysis, the firm issues microloans in Colombia that vary from COP 300,000 (USD 84) to COP 2,000,000 (USD 560) and in Mexico from USD 80 to USD 600 “with low rates or no interest.” Ábaco accesses data from the following delivery services: Denario, Mensajeros Urbanos, Picap and Rappi.
Latinia Corporate Director Oriol Ross stated, “We believe in Ábaco’s model – and find it interesting – because it is a project with a purpose: to make a market of hundreds of millions of people, who have never had access to bank credit, visible to traditional banking.”
Founded in 1999, Latinia specializes in real-time event processing for financial institutions. It has customers in Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, México, Nicaragua, Panama, Perú, Portugal, Spain and the UK. Latinia is also an investor in Startupbootcamp, a Denmark-based program promoting “innovation focused on fintech in Latin America.”
Financial data on Ábaco and Latinia are unavailable.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Direct contact with Ábaco
Latinia press release
https://www.latinia.com/latinia-invests-in-fintech-company-abaco-to-boost-financial-inclusion-in-the-region/
Latinia homepage
https://www.latinia.com/
Colombia Fintech homepage
https://www.colombiafintech.co/
Startupbootcamp homepage
https://www.startupbootcamp.org/
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