Only the top 5 startups rated by their colleagues receive a donation from the MetLife Foundation.
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Village Capital announced with the help of the MetLife Foundation, PayPal and Moody’s that 12 Fintech startups They were selected early on as part of Finance Forward Latin American 2020. As a result, these startups are waiting for a five-week training course to improve their business models and make their solutions accessible to those who currently need it. economic context.
Startups will work closely with mentors, customers and potential allies. To be able to scale effectively, they will work with investors. Tools generated for your self-assessment are used as Abaca by Village Capital.
Two fintechs are selected within the group to receive a $ 50,000 donation from the MetLife Foundation. Third and fifth places will also receive $ 16,000 to support their operations in these difficult times.
Consequences of the COVID-19 pandemic
With the limitations of the corona virus pandemic in mind, the initiative and rewards will be central to supporting early stage startups to develop and attract more consumers.
“The coronavirus pandemic has had a devastating impact on the low-income population in Latin America. More than ever, technological innovation is leading the way for small businesses to stay afloat, manage families’ income, and start the region in times of challenging recovery, ”said Daniel Cossío, Village Capital Regional Manager. Latin America. “We are happy to support these 12 startups, whose innovations offer solutions to some of the most important challenges in the region in 5 different countries.”
The challenges the accelerator faces due to COVID-19
As a result of the pandemic, many jobs have been lost, in contrast, the demand for delivery services and remote work has increased.
Finance Forward Latin America 2020 is part of a global alliance founded by the MetLife Foundation and PayPal with regional support from Moody’s. The aim is to help entrepreneurs who develop technological solutions around financial health.
Approximately 140 entrepreneurs from 11 Latin American countries have applied to be part of the accelerator. The finalists consist of 12 companies from 5 different countries, Colombia, Mexico, Chile, Brazil and Argentina. The participation of women as founders exceeds 80% of the companies, more than 40% work outside one of the most important fintech regions in the four sectors of financial health, financial management, alternative finance, electronic commerce and payments.
List of the 12 startups that make up the group that improves financial health in Latin America:
- Akredito (Brazil) pays, consolidates and refinances all debts of a debtor whose registration in the credit bureau does not allow him to find a job, and applies for another loan, among other things.
- shift (Mexico) Mexican consumers can split their online purchases into biweekly installments without the need for a credit card and avoiding the debt trap.
- CIGE Mexico (Mexico) provides an artificial intelligence solution that guarantees entrepreneurs management consultationsr their businesses because q80% of SMEs in Latin America fail in the first two years of operation.
- I grew up (Colombia) It is a platform for the social impact of investments and loans.
- Imix Digital Correspondents (Colombia) enables small local businesses to become bank correspondents, turn owners into service providers, and enable financial institutions to expand their reach at a lower price.
- DRUBER / ZIZU (Argentina) It is a card-to-card transfer service that enables Argentinian families to check transfers made in other countries and secure their income with as few cash transactions as possible.
- Factcil (Colombia) tries to provide liquidity freelanceror employees on their own account through financing services; since financial institutions hardly provide them with the resources they need for financial health because they lack job stability.
- Finerio (Mexico) helps fintechs, banks and financial institutions to update their services and process their data in order to obtain useful knowledge that catalyzes the financial well-being of their customers.
- Fundefir (Colombia) offers people outside the banking service the opportunity to access loans, insurance and other social benefits. The aim is to promote financial services in Segments that are used in instruments such as ROSCA (rotating savings and loan associations) and offer advantages for their digitization.
- Nilus (Argentina) It saves healthy food that would otherwise be thrown away and brings it to low-income areas with discounts.
- Quipu market (Colombia) is an online shop for informal micro businesses, where they can buy and sell on-site without cash without cash character Community.
- U-Zave (Chile) It helps Latin Americans save for the future (since 56% of them don’t) through a platform that stores a percentage of every purchase in a mutual fund.