Contxto – Do you know what biologists say about ecosystems? That the more biodiversity there is, the healthier the ecosystem? Well, if fintech in Chile was one big lush tropical rainforest, it would be booming with diversity. Not necessarily insects, plants or mammals but financial technology startups.
The following 18 startups are some shining examples of a robust fintech ecosystem. From the looks of it, I would say that Chileans have an unprecedented amount of options in terms of how they want to spend, save, or invest their money.
Top 18 Fintech in Chile
Fintual is the first “roboadvisor” in Chile using algorithms to help investors organize portfolios. The platform’s simple interface first prompts users to answer questions about the desired investment, whether it be retirement, home purchase, interest, etc. From there, Fintual generates a digital contract certified by Chile’s Commission for the Financial Market.
Administration and control of your small company, SME or big business are guaranteed with CFOremoto and its fintech SaaS. Combined with cloud storage and machine learning algorithms, its software is capable of generating real-time customized reports, statements, and even recommendations for partners.
Pago 46 (Santiago)
Chilean startup, Pago 46 allows users to make internet purchases using cash. Everything revolves around agents, businesses, and consumers. Specifically, the agent uses the app to receive cash payments, becoming the payment terminal and earning a commission for each transaction. Merchants profit by reaching more clients while consumers benefit by being able to shop online without needing a debit or credit card.
Detect, alert, prevent – this is what the Chilean startup, Ceptinel tries to achieve using “regtech,” also known as regulatory technology. Specifically, it processes and combines big amounts of data from various sources to identify any sort of anomaly in a company system.
It began in 2016 as a means to provide financial institutions with monitory tools as well as support to comply with certain regulatory requirements. Ultimately, partners minimize risks when working with Ceptinel.
Becual primarily works with SMEs in obtaining credit as a crowdfunder. Once an SME applies, this fintech Chilean startup reviews the application and chooses only those of the highest quality. From there, investors select which company to support to diversify their portfolio.
When everything is completely financed, the money goes back to Becual. Following this, the loan is paid to Becual that also ends up distributing funds back to the investors based on their contributions.
Destacame allows SMEs to review financial reports, earn discounts, and increase the likelihood of obtaining credits. In Chile, it provides SMEs with “debt certificates” to verify that they don’t have any delinquent past payments. This is something people need to verify to be eligible for credit applications or leases.
Smartcob has three entities – Smartcob Finance, Smartcob Legal, as well as a Monitor Legal Bot. Within its financial branch, Smartcob aids SMEs in earning money faster. That’s to say, it automates the payment collection process for companies working with people who owe them money. Soon enough, partners’ financial data is also stored on the company’s secured cloud-space.
With over 1,000 customers, this platform helps partners with automatic debt collection processes. It has a 96 percent successful reachability rate plus an average recovery rate time of 10.2 days.
Recharge cellphones, pay light bills, sign up for cable. There’s a lot of things customers can buy, sell, or trade over the Chilean startup, Uanbai. Some of the cellular companies it works with include Entel, Movistar, Claro, VTR, as well as Virgin Mob. Others include BBVA, BCI Bank, and even Twitter.
The mission behind Ruvix is simple – help people make wiser financial decisions. Due to financial planning and technology, this Chilean fintech startup assembles data from various sources to create Wellness Scores for customers.
This way, it effectively evaluates customers’ financial situation and providing relevant financial plans for them to follow. Uses range from portfolio optimization, debt consolidation, taxes, in addition to retirement planning.
Red Capital (Santiago)
RedCapital is one of the fintechs in Chile that brings together investors to finance SMEs with the best rates, quickly, not to mention safely. Based on RedCapital’s activities, these SMEs can improve their day to day operations.
What this Chilean startup provides is a semi-automatic transfer service. All the while, it is secure, fast and simple. More than 3 million Chileans use the platform to pay or charge things over the internet. It also allows users to fund leases, shared utilities, course fees, as well as other options.
La Plataforma (Santiago)
Determined to tackle low financial inclusion across Latin America, LaPlataforma allows users to transfer remittances with transparency, affordability and convenience. Targeted towards low-income Latin Americans, it allows users to send money through their smartphones without having to access a bank account while offering actually affordable rates.
Aspiring entrepreneurs can learn about optimal business practices over this financial education game platform. This means that you can become familiar with profitability, inflation, risks and interests rates in an entertaining manner rather than hunched over textbooks. The app works closely with universities and financial institutions in making customers more financially literate.
“Decentralized savings for everybody” is what viewers see when entering TradeLayer’s website. Upon entering, visitors learn how this startup uses disruptive fintech to reinvent the crypto-financial world. First, assets are moved to a “reserve status” to match margin requirements. From there, users can trade with different parties, creating chains in the process, followed by a settlement phase.
OrganizaMe (Viña del Mar)
Invoicing and automatic processes aren’t so cumbersome with OrganizaMe. The startup specializes in cash flow management over its mobile application developed for businesses. Users can record, manage, analyze, and identify cash flows on any given basis, whether that be daily, monthly, or annually. There are also features to help with accounts receivables, accounts payables, collection, etc.
This startup from Chile dedicates itself to developing products and services that reduce friction in various processes or industries via blockchain technology. One of its products is Godzillion, which is a decentralized crowdfunding system. Similar is its criptopago.io platform for selling or receiving pesos. It also organizes the largest blockchain event in Latin America, the Blockchain Summit Latam.
Paygol is a payment system and solution designed to monetize online businesses. To ensure good results, it provides an assortment of local and international payment options. The variety of methods is what helps companies reduce the likelihood of shoppers abandoning a purchase at checkout. In the end, this promotes partners to increase sales.
Related articles: Technology and startups in Chile.