The fintech ecosystem in LATAM needs more success stories so that entrepreneurs have inspiring examples and say: “I can too”. What Finnovista is looking for with Startupbootcamp Scale FinTech is to create role models for finance and insurance startups. Meet the five chosen to participate in the second generation of this escalation program!
Advanced, even consolidated fintech startups from Mexico, Colombia and the United States participated in Startupbootcamp Scale FinTech Mexico City, because they want to work or make an alliance with the sponsors of this event and see if they are really at the right time to climb.
The partners of Startupbootcamp Scale FinTech Mexico City are Visa, Fiinlab powered by Gentera, Banregio, HSBC Mexico, EY Mexico, IGNIA, Latinia and White & Case. The type of startups that enter this fintech specialized escalation program in Latin America already have clients, a time operating and growing. But they seek to grow even more, exponentially, from 4 or 5% per year or 10 or more per month.
Only the best entrepreneurs can come to Selection Days in Mexico City to meet the sponsors of the program, the Finnovista team and the mentoring community. There were 100 applications and 11 were pre-selected (six of them Mexican) to be in Selection Days. In the end, five are chosen to form the second generation.
Christine Chang, director of Startupbootcamp Scale FinTech in Mexico City, points out that the selection committee is made up of Finnovista and the partners. “What I’m most passionate about for Fintech entrepreneurs is that they see a problem and set out to create solutions instead of complaining and saying: this does not work.”
The executive says that in the world of entrepreneurship fintech most people think that entrepreneurs are very young, however, they are usually executives who already have experience in banking or financial institutions. “They identified a problem and decided to create an efficient and scalable technology platform that can really offer financial services to more people,” says Christine.
The five startups chosen will participate in the second generation of Startupbootcamp Scale FinTech Mexico City. It is a six-month program (semi-face-to-face) and begins in March 2019. They offer workshops, sessions with mentors and potential clients such as corporate partners. “What we are doing with all that is to encourage them to grow in a scalable way.”
Last year Startupbootcamp Scale FinTech worked with four startups and all achieved triple-digit growth. Pagamobil increased its number of users by 100%. Blue File increased its income 400%. Facturedo increased 500% the amounts financed through factoring in the last quarter and Quotanda increased 350% in the amount of loans generated monthly.
From 2017 to 2018 the number of fintech startups in Latin America grew 66%. Mexico is the second country with the most fintech startups behind Brazil (380 against 273).
The new generation
These are very experienced entrepreneurs with super powerful business models. They offer the population of Latin America financial services. What these companies do is really financial inclusion – says Christine Chang, director of Startupbootcamp Scale FinTech in Mexico City.
Life Mango
It is a digital platform for quotation, contracting and automation of life insurance. The entrepreneur is German, but he launched his project in Mexico in the city of Guanajuato.
Mosabi
It is an American fintech that provides low-income populations with education and financial inclusion through a mobile learning platform.
Prestanomic
Mexican online platform for affordable and accessible personal loans.
Ualet
Robo-advisor that allows anyone to invest in the stock market without being an expert. Is from Colombia.
Vexi
They are the first 100% Mexican credit card managed completely from your own app. Easy and fast to use, and without checking income!
Upon completion of the training, these scale-ups will present their projects to more than 400 investors and industry experts to raise capital and grow their business in the Demo Day, an event that will take place in the month of July. After graduating, startups will continue to be supported by the Startupbootcamp Global Alumni growth program.
Also published on Medium.