December 26, 2021
Colombian company Juancho Te Presta SAS was established in 2019 and addresses the needs of thousands of middle-class employees and gig workers, who have been under-served by Colombian banks or turned to loan sharks to borrow money. Theompany provides instalment loans for up to 2 times the salary/income with a maturity of up to 24 months. Juancho Te Presta uses its own fine-tuned credit algorithms to minimize delays in the lending process but maintains a thorough KYC. They were the 1st fintech in the country to use video streaming for checking the identity of its customers and employ bank screen scraping tools to assess and validate its customers. The company was also the 1st fintech in the market to have a product tailored for women, with special scorecards for a better assessment of their risks and setting the price accordingly. Juancho Te Presta uses alternative data from the social security system and other databases which enables it to filter 4 out of 5 applications that fail to meet its standards. Since its launch in December 2019, the company has issued more than 10,000 loans worth over 4m usd, processed over 100 thousand applications and has more than 100 thousand visits to its website every month. The team is comprised of over 20 professionals with rich experience in retail, fintech and finance. Through its partnership with Rapicredit.com (leading short-term lender in Colombia with more than 750 thousand issued loans), Juancho Te Presta shares experience, processes and best practices. The company is based in Medellin.
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