This comes after a decade of successful operations in Colombia, where the company has significantly contributed to financial inclusion, reaching over 620,000 previously unbanked individuals with more than 3.2 million loans.

CEO Daniel Materón expressed enthusiasm about transferring their fintech expertise to Peru, aiming to bolster both economic and social development in the region. RapiCredit plans to offer flexible loans that provide liquidity to local consumers at competitive rates, mirroring the successful model they established in Colombia.

The fintech landscape in Peru shows promising growth, with the number of fintech firms increasing by approximately 24% year-over-year, totaling 203 companies by October last year, according to the EY Law FinTech Business Guide 2023/2024.