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Cadena to Create its Own Fintech Subsidiary and Move into SME Services

Currently, Cadena has 500 corporate clients in its electronic payroll business. The business goal for this year is to grow between 7.5% and 8% compared to 2020, which, despite the pandemic, had a good performance for Cadena. In the last three years, the company has invested close to US$15 million to strengthen its service infrastructure.

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On the road to digital transformation, the company Cadena turns its business strategy around.

Now, the company emphasizes a focus on serving small and medium-sized companies and, as part of this plan, the creation of a fintech to serve this customer segment. That was announced by Juan Manuel del Corral, president of Cadena, stating that the company has focused on large companies, currently has 1,500 customers, but he also said that interesting opportunities are seen in SMEs.

The business goal for this year is to grow between 7.5% and 8% compared to 2020, which, despite the pandemic, had a good performance for Cadena. In the last three years, the company has invested close to US$15 million to strengthen its service infrastructure.

Electronic invoicing is one of the company’s most important fields of action. In fact, Juan Manuel del Corral highlights the Dian’s work in this area. It currently manages more than 100,000 users in its electronic invoicing platform. He estimated that it reaches 12 million transactions per month, equivalent to about $10 billion, and the aspiration is to reach 18 million by the end of this year.

According to its estimates, it expects that by the end of 2022, those 12 million transactions will increase to 35 million with the inclusion of equivalent documents that the Dian will also require in ticketing, bank statements, airline tickets, utility bills, among others.

In addition, after adopting the entire point-of-sale (POS) payment system, the company’s projection is to reach 100 million transactions in the electronic reporting business, which covers online invoicing and payroll.

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Cadena currently has 500 corporate clients in its electronic payroll business. In this type of service, Cadena expects to make a total of 500,000 monthly transactions starting in September when the service begins to operate. In this way, it expects to complete 2 million by the end of this year.

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Other changes the company plans to do

The company, which presented its new corporate image, announced that in its business plan it will maintain its three business lines: Risk Management, Financial and Marketing. However, its architecture, offer and communication will be configured by segments and modules to reach the market more efficiently and clearly.

“Within the transformation process, the technological platforms for small and medium-sized companies, as well as individuals and customized solutions for large organizations will be strengthened,” he explained.

For this company, the new corporate image is the result of a series of corporate and strategic changes it has undergone in recent years and is intended to accompany the future of the company in the changing conditions in which the business operates.

“Transformation has been a constant in Cadena for 40 years, and today we continue to do so inspired by accompanying those who also transform themselves to transcend, understanding the environment to innovate and impact the development of Colombia,” said Juan Manuel del Corral.

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(Featured image by rupixen via Pixabay)

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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Portafolio, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Andrew Ross is a features writer whose stories are centered on emerging economies and fast-growing companies. His articles often look at trade policies and practices, geopolitics, mining and commodities, as well as the exciting world of technology. He also covers industries that have piqued the interest of the stock market, such as cryptocurrency and cannabis. He is a certified gadget enthusiast.