December 26, 2021
The Colombian company Rapicredit.com (Compañía de Créditos Rápidos SAS) was established in 2014 as Colombia’s second online lender in the area of small loans. Rapicredit is owned by an American company Credimax LLC and offers its financial products online. It aims at the general public and promotes access to credit to drive financial inclusion, while its main focusis on Colombia´s middle class (about 20 million people) that has been underserved by traditional financial institutions. The company is based in Bogotá but its R&D team is in Medellin. Today, it has more than 80 internal and over 30 external employees. Rapicredit provides short-term consumer loans with repayment terms ranging from 5 to 150 days and principal amounts between €20-300. The company is planning to expand its product portfolio and launched instalment loans in mid-2020. The company uses a sophisticated automated system that assesses data from several external sources and combines them with the verified data from the clients’ applications,credit bureaus and social security databases. In 2019, Rapicredit provided more than 276 thousand loans in the total amount of EUR 18.7 million. The company’s growth has been doubling each year since its launch in April 2014, and reached half a million loans in the total amount exceeding EUR 40 million in December 2019.