The Fintech was the winner of the 'International Soft Landing' program | Photo: FinMaq
FinMaq, an emerging Colombian fintech, has successfully marked its presence internationally by being named the winner of the ‘International Soft Landing’ program. Jointly organized by the Cambridge Innovation Center (CIC) and the Chilean investment fund Manutara Ventures, this program distinguished FinMaq among over 100 companies from all over Latin America.
The ‘International Soft Landing’ was conceived to boost tech startups. Through it, FinMaq secured a financial injection of USD $500,000. The journey was complex; they first underwent a rigorous selection process, followed by a six-week training program. The challenge culminated in the ‘Scale Global Manutara Challenge,’ an event where startups could pitch their ideas and network with other companies. After this challenge, FinMaq was awarded the prize.
FinMaq’s unique approach focuses on providing funding for productive assets to individuals and SMEs in Colombia. Their primary mission is to promote financial inclusion and create a substantial social impact. They stand out for their efficiency; they can pre-approve and approve loans in under ten minutes and disburse funds in two days.
Diego Sanz de Santamaría, FinMaq’s co-founder, emphasized the significance of the award and the program:
“This recognition drives us to persist with our foundational pledge to champion financial inclusion and social impact. We focus on those often overlooked by traditional banking institutions.”
FinMaq’s Journey
2022 saw FinMaq’s commendable performance, achieving disbursements close to 10 million dollars. With a steady growth trajectory, they aim to double this amount in 2023, averaging 5 million dollars monthly. This funding seeks to aid more individuals and businesses elevate their financial status. Diego Sanz noted:
“We’ve zeroed in on sectors like healthcare and construction, traditionally bypassed by conventional banking. Our vision is to support them and ensure they flourish over time.”
With a current workforce of 35 employees, FinMaq envisions expansion both in personnel and markets. By the end of the year, they plan to boost their team to 45 members. Their aspirations continue; by December, they aim to extend their services beyond Colombian borders, specifically targeting Chile and Peru, thanks to strategic alliances in those nations.
Their triumph in the ‘International Soft Landing’ is a lucid indicator of FinMaq’s potential and its dedication to financial inclusion. With expansion plans and a robust model, the company is poised to make a mark not just in Colombia but throughout Latin America.
Worth noting is that according to a study published by Finnovista in collaboration with the Inter-American Development Bank (IDB) in 2021, Latin America and the Caribbean already boast 2,482 fintech companies, which accounted for 23% of all fintechs globally, with Brazil and Mexico emerging as leading proponents in the sector, closely followed by fast-growing countries like Colombia, Argentina, and Chile.
