Contxto – Money goes the world go round, but often inefficient and expensive financial services trip up that movement. This is why Latin America has become a hub for fintech startups with massive agglomerations in Mexico City and São Paulo. But, smaller markets have much to offer.
Just look at fintechs from Ecuador.
Fintech in Ecuador
Fintech for individuals
Fintech in Ecuador is a sector that seeks to facilitate the most essential transactions in people’s lives, from the most basic to the most technical.
Fintech’s claim to be a democratizing force is at its best when its apps help every day, normal people with stuff like payments, insurance, loans, or getting seed capital for a company.
This last crowdfunding facet of fintech has a great protagonist in Ecuador: HazVaca, which in English would be something like “Do a whip-around” or “Pitch in”, but in Spanish translates to “Make a cow”. Unfortunately, I exhausted by cow puns in the last Market Map. Have a look.
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Ecuador adds remittances to the fintech essential equation, given that it is highly dependent on outside streams of revenue. But, overall, keeping it easy and quick is key: In and out, simple.
Fintech for companies
On the other hand, finance can be fiddly and can get rather complex. This is why some fintechs in Ecuador exists to help even those who are experts in finance. This is where the likes of Enterprise technologies come in to sort through tons of data and variables with high-end analytics, and making payments and invoices much easier to manage.
Sometimes, the technical and the basic mix due to the complicated nature of international financial flows and regulations. Insurance, personal finance management, and cryptocurrencies feature in this category.
However, some of the financial difficulties are socially engendered. So, startups, like MujeresWOW, fill an important gap in the market. Its AI-platform helps them access credit to start their own businesses.
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