Colombian CIVICO lands investment round from NGO, Accion

Contxto – Colombian fintech startup, CIVICO, just received an undisclosed investment from an international nonprofit, Accion. Not only will the global agency provide financial support but also consulting to ensure the firm’s expansion throughout Colombia, Mexico and Chile.

In summary

Under the guidance of CEO and Co-founder Ricardo Pombo, CIVICO helps enterprises connect with customers, quality information and fintech services. Specialties range from electronic payments, e-commerce, digital marketing, coupons, loyalty programs and bookkeeping.

“We’re excited to bring on Accion as our newest partner,” said Pombo.

“With its decades of experience supporting financial services innovation in Latin America and around the world, we know Accion’s investment and advisory support will be critical as we scale our services and reach in the region.”

– Ricardo Pombo, CIVICO’s CEO and co-founder

New funds will improve CIVICO’s technology and analytics program, as well as enlarge partner networks and strength financial services. Current estimates show the company having over 600,000 registered merchants with more than 4 million clients.

In-depth

Micro, small and medium enterprises (MSME) in Bogotá, Mexico City, and Santiago, de Chile are prime candidates for CIVICO partnership. More established financial service providers also use the startup to establish electronic payment systems for credit and debit card purchases.

Part of CIVICO’s vendor acquisition strategy involves an innovative crowdsourcing model centered around validating MSME information and expanding consumer profiles. Special attention goes to confirm the company’s name, contact information, hours of operation and services.

This data allows CIVICO to better connect partners with local customers as well as identify community needs.

Conclusion

Tailored financial services for entrepreneurs sounds like music to my ears. How can we expect companies to have the same needs, client profiles or pain points to solve? Rather than making sweeping generalizations, CIVICO seems to be using hard data to come up with customized digital solutions. I respect that.

-JA