More than 90% of the total fintech that report their information to the risk center focus their activity on the offer of credits. This was announced by the most recent Financial Inclusion Report (RIF) 2021, of the Financial Superintendence of Colombia and the Bank of Opportunities.
As of December 2021, the results of this analysis showed that the number of adults with at least a credit product with fintech companies it rose to 379,519. Of these, 27.9% are in Bogotá and 15.3% in Antioquia. Likewise, of the Colombia Fintech affiliated companies, at least 110 offer digital credits.
Now, more and more companies are facing the traditional banking and bet on debit or credit cards with different benefits. Ualá, FinZi, Dale!, Clara, Tribal, RappiPay, Nu, Sempli, Mono, Movii and Coink are some of the offers that you will find in the market with these plastics, whose main characteristic is that they do not charge a handling fee.
“The goal as a country must be the financial inclusion through digital products
“Every day fintechs grow in number of clients, they optimize themselves, they have solutions for users in real time, they offer a better experience to clients with transnational products such as payments, credits and insurance. As a strength, they have agility in responding to users, which saves them time and costs that they do incur with traditional channels”, said Wilson Triana, banking and insurance consultant.
In March of this year and with an investment of $10 million dollars, the Mexican fintech Clara arrived in Colombia to offer small, medium and large companies a comprehensive expense control platform accompanied by a business credit card at no cost and without commissions.
Similarly, Tribal joined the corporate cards for international use, and without charging fees for basic products or services, except if there are delays in payments. While Sempli facilitates the request for this product as it is done 100% digitally.
Aware that Colombia is a strategic market as it is one of the main hubs for business development and growth in the region, we aim to strengthen our role as allies of companies in this process, while contributing to financial inclusion through of digital products”, said Leonardo Ramos, country manager of Clara in Colombia.
Regarding the debit offer, Dale!, backed by Visa, does not charge a handling fee; for its part, FinZi, is exempt from 4X1,000 and has no minimum deposit; while Ualá, backed by Mastercard, does not charge issuance or delivery costs.
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“We are a fintech that was born in Medellín with the aim of raising awareness and empowering young people in managing their personal finances, through education and inclusion; and, in addition, we give them access to their first banking products. We are a wallet focused on Generation Z“, said Juan Zavala, co-founder and CEO of FinZi.
Nu makes up the offer of credit cards with no management fee and 0% interest if you pay for purchases in a single installment. Additionally, NanoPay announced the launch of this product in Colombia from the second week of August, with a digital request.
RappiPay is also in this group, a company that has already delivered more than 215,000 Credit cards in the country, through which it has delivered close to $25,000 million in cashback.
“In addition to not charging a handling fee, the RappiCard offers the best benefits on the market, such as a 1% cashback return on each purchase. Thanks to this, in a few months we have delivered more than $25,000 million to our users in Colombia,” said Gabriel Migowski, CEO of RappiPay in Colombia.
It is noteworthy that Colombia is the third economy in Latin America in the fintech segment after Brazil and Mexico. The pandemic caused the ecosystem to mature and grow rapidly.
