Contxto – Fintech Pago Fácil had been eying the Peruvian market since mid-2019. However, the startup recently revealed it’s tagged US$350,000 to kick-start operations there for its first year.
The dough for this budget came from the startup’s own operations in its native Chile, as well as from an investment it raised for US$500,000 with Grupo Consorcio Financiero in June of 2019.
The startup estimates that by the second half of March it will be in full swing in Peru. And by the third quarter of 2020, Pago Fácil hopes to reach Colombia too.
Related article: Startup hub “Chilecon Valley” shows major potential
Fintech for SMEs
The fintech from Santiago offers startups as well as small and medium-sized enterprises (SMEs) an online payment platform.
Through it, transactions via credit and debit cards, transfers, and even cash are doable.
Like its namesake, Pago Fácil wants to make managing payments well, easy.
Not to mention, it is secure. Because the startup also announced this week that its system is compliant with the Payment Card Industry Data Security Standard (PCI DSS). Meaning they take the necessary precautions to ensure that card data entered into their system is safeguarded.
A much-needed assurance in a region where many users deter from online payments due to concerns with data security and theft.
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Buddying up for Peru
In order to let Peruvians know that Pago Fácil is in and ready to rumble, it’s made a few friends. Specifically, its staff has teamed up with government authorities that arrange public programs for SMEs.
Luis José Giove, the startup’s Country Manager in Peru, stated that they intend to give these emerging businesses the tech they lack.
“The low degree of digitization of SMEs in Peru,” explained the Executive, “in addition to the considerable market size and macroeconomic stability, convinced Pago Fácil of the big opportunity Peru held as the first country in which to expand.”
There is a lot of truth to his words.
The social, political, and economic instability in Chile probably isn’t the best for business. Moreover, when compared to places like Colombia, Mexico, and Brazil, Peru’s fintech ecosystem is less robust. So, Pago Fácil may find it can generate bigger waves there.
In the end, it sounds like a good way for the startup to get its sea legs under it prior to further expanding.
Related articles: Tech and startups in Peru!
-ML
