FinTech Banca.me, which uses Open Finance technology to offer financing, has recently announced the raising of USD $3 million to continue accelerating its business model in Chile.
During 2024, the company has managed to consolidate its operation, becoming profitable, in addition to adding the incorporation of new investors, a debt raising for $2 million, a new equity financing for $1 million, and advancing to a new stage in the renowned Start-Up Chile program.
The platform, which uses machine learning technology to develop predictive models that make it possible to assess the credit risk of individuals in seconds, will use the funds raised to continue growing in placements and financing its users.
“Banca.me is agnostic to different industry types. In our B2C vertical, we seek to serve the 80% of the country that is without access to financial solutions from traditional banking,” Cristóbal Sekler, Head of Growth at Banca.me, told Contxto.
Growth
The fintech has experienced accelerated growth in its placements, exceeding USD 4 million originated in more than 6,000 credits. In addition, the company has expanded its range of services with a new vertical of SaaS products, strengthening its offering for partners such as real estate, banks and non-bank financial institutions. “Regarding the real estate industry, we serve 10% of the total industry in Chile,” Sekler adds.
“We have managed to include thousands of excluded people in the financial system through the use of artificial intelligence models, consolidating us as leaders in financial inclusion. This is just the beginning of a new stage for Banca.me,” Cristian Eing, CEO and co-founder of Banca.me, said in a statement.
The company has also developed an advanced methodology to assess the credit risk of individuals, with a portfolio delinquency rate of 2.14% over 90 days, exceeding banking standards, even in traditionally excluded segments.
This has allowed more than 6,000 people to finance themselves regularly through the platform, opening new opportunities to almost 30% of the country who previously had no access to banking products.
Currently they have achieved around 200,000 credit evaluations, more than 6,000 loans originated for a total of USD $4 million and 60 partners and 170 companies in agreement, generating an inclusive ecosystem, democratizing access to financial services for all people.
The fintech market
The fintech market in Chile is a sector that is becoming very mature and is evolving rapidly. In 2024, there were 348 active fintech startups in the country, an increase of 16% compared to 2023, according to the recently released annual Fintech Radar Chile report.
The report also evidences another notable sign of advanced market maturation, where there is a high level of diversity in various fintech segments. Among Chile’s fintechs, 17.8% specialized in providing corporate financial management, while 15.8% focused on payment and remittance services.
The B2B market, payments and remittances, as well as industry-friendly regulators, are the three main trends that shape Chile’s fintech landscape and are making this ecosystem grow more and more every day.
Future projections
Banca.me’s projections for 2025 are focused on diversifying its offering with new products such as Buy Now Pay Later (BNPL), and strengthening its previous real estate footprint and credit assessment SaaS products, reinforcing its commitment to financial inclusion.
In addition, the company celebrates its alliances with organizations from different sectors and industries, reaching more than 60 partners and 170 companies in agreement, who already trust in the solution they offer.
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