Colombian Fintech Kuadra Expands To Ecuador To Support Microbusinesses With Ai
CEO Daniel Acevedo, along with Milton Fernández (CTO), Yeison Arroyave (COO), and Nilton Vélez (CIO), developed Kuadra to offer administrative tools, access to microcredits, and growth solutions for small businesses.
Kuadra provides a dual approach: operational support through an AI core for comprehensive business management and a customer relationship management (CRM) system to analyze business performance.
The platform captures around 300 real-time data points per user, enabling precise financial services including proprietary microcredits ranging from $500 to $1,500 and partnerships with financial allies for real-time data-based financing.
Launched in Colombia in September 2022, Kuadra saw rapid user growth, supported by a $120,000 investment from Techstars powered by JP Morgan and a $50,000 investment from Credicorp.
Now Forbes reports that the company is expanding to the Ecuadorian market in March 2024 with pilot customers, Kuadra also eyes expansion into Peru through banking partnerships. The fintech, offering services like cash closing, real-time inventory tracking, and customer promotions, plans to reach 40,000 users by the end of 2024, with a projected revenue of $780,000, $320,000 of which will come from Ecuador.
Kuadra’s subscription model ranges from $5 to $15, catering to varying client needs. The choice of Ecuador for internationalization was influenced by its dollarized economy and cultural similarities with Colombian businesses.
Despite emerging security challenges, Kuadra aims to be a resilient ally for businesses, offering competitive financing rates in a region where credit access is a significant issue. With a current full-time staff of 14, Kuadra’s presence is expected to solidify in Colombia, Ecuador, and Peru, further bolstered by winning a Google For Startups program, providing an additional $200,000 in AI solution funding.
