The FinTech that promotes the financial inclusion of micro businesses and neighborhood stores in Colombia

According to the Colombian National Federation of Merchants (Fenalco), there are almost 700,000 micro-businesses in Colombia. and in line with information offered by the retailers’ union, there are about 450,000 neighborhood shops that generate round 1.75 million jobs within the nation.

Super Pagos Fintech

While the nation is experiencing a growth in know-how startups, an answer to enhance the standard of lifetime of micro companies and neighborhood shops in Colombia is coming from the hand of Super Pagos; a technology-based firm that gives inclusive and digital monetary options for shopkeepers to acquire extra revenue by having the ability to provide their prospects different fee choices, not simply money.

Super Pagos , was born after its founders Baudoin Pineda and Miguel Giraldo , of their experiences within the totally different neighborhoods of Colombian cities as shopkeepers and distributors, recognized the wants of the nation’s micro-businesses, which in Colombia are greater than one million .

This section of the normal financial system, the place in line with a research 65% ​​of the meals that Colombians purchase remains to be purchased in neighborhood shops and the place 20% of those are greater than 20 years previous, from 5 to 10 years the 16%, from 2 to five years, 26% and 38% lower than 2 years, and that little by little has developed over time, allowed the founders of Super Payments to determine that this business didn’t have digital and technological instruments that might enable them to face the brand new challenges as market gamers, with an viewers that’s extra demanding daily, demanding new methods of shopping for, higher companies, digital technique of fee, know-how and new merchandise.

Today Super Payments generates 75 direct jobs, round 500 oblique jobs and is current in 750 municipalities of the nation’s 32 departments, reaching greater than 32 thousand linked micro-businesses that may use instruments corresponding to ”straightforward” and ”flip off ”, flagship merchandise of the corporate.

Founded in 2019, Super Pagos permits those that use its platform to have a progress of as much as 20% when it comes to gross sales utilizing, for instance, digital funds, or providing monetary companies, cellular phone recharges, funds, transfers, amongst others, thus permitting them to diversify the portfolio in a world the place shoppers search new and higher monetary companies daily.

In an interview with Cristian Gamboa, who owns a stationery retailer within the Las Violetas neighborhood in Dos Quebradas, Risaralda, Colombia, he states that since he began utilizing “refácil,” The platform has allowed him to extend the circulate of consumers in his enterprise by between 15 and 20%, since they discover all kinds of companies that they will purchase by this digital answer in his stationery retailer.

“Another benefit that I have validated since I have been using the platform is that, for example, customers cross-purchase me, that is, they come to buy pins or recharge their cell phones and leave with some other product that I sell. in my business” stated Mr. Gamboa to this medium.

”Refácil” and ”Apagar” is a utterly free platform for micro-businesses and neighborhood shops, the corporate doesn’t monetize for the usage of the platform, however they monetize every time a enterprise makes a transaction, it’s that’s, they monetize by third events.

According to Pineda, probably the most stunning factor about Super Pagos is that it has been a enterprise mannequin based mostly on a bootstrapping mannequin, the place they haven’t acquired funding, every little thing has been funded by the identical shoppers and the identical dividends that the corporate has left.

However, this doesn’t imply that the corporate isn’t in search of funding, actually, they’re at present beginning an funding spherical that they classify as their Series A. “It is an atypical series because it is our first round and once we go for a series A, but the numbers support it. We do not consider it to be a seed or pre-seed round because it would be giving the company the numbers and figures that we already have,” stated Pineda.

The platform constructed alliances with necessary banking entities corresponding to Bancolombia, one of many largest banks in Latin America, in order that shopkeepers can provide QR codes to their prospects with out the necessity for a dataphone, which helped them enhance competitiveness in opposition to massive supermarkets and hidden shops, in addition to develop your gross sales.

Figures to focus on

  • Since the launch three years in the past, they haven’t stopped rising at double digits.
  • They have greater than 30 thousand micro companies affiliated with their platform.
  • They aspire to shut 2022 with greater than 50 thousand micro companies affiliated with their answer.
  • They closed 2021 with greater than 100 million transactions.
  • Approximately greater than 4 million customers who work together with the merchandise go by its shops each month.
  • They had a gross sales closing in 2021 of 250 million {dollars}.

Beyond its good figures in simply three years of operation beneath a bootstrapping mannequin, Super Payments generates an entire social impression corresponding to: poverty discount, closing gaps, in gender equality, we discover that round 40% of companies they serve are led by girls.

One of the challenges that, in line with Pineda, they’ve needed to face, has been to have the ability to have an easy-to-use software, making an allowance for that the academic stage of the sector that impacts, there’s a nonetheless grownup inhabitants which might be the house owners of micro-businesses and shops , then the problem is to design a product that they don’t reject and that they will use simply and that they’ve executed fairly nicely.

enlargement plans

Observing that on the subject of micro-businesses, the corporate was in a position to observe that they behave in a really comparable means and the wants are similar to these of the Latin area, which makes it a product that matches and is simple. to export it in a easy method to different Latin American nations.

With the capital elevating plans of the funding spherical for its Series A, Super Pagos needs to achieve extra Latin nations and so they have already got advertising research to achieve Mexico, Ecuador, Peru and Brazil with their companies sooner or later.

(About the writer: Julian Tabares is editor of the Soy Emprendedor web site)

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