Colombian Fintech Company FinMaq Receives Investment in Acceleration Program

The Colombian fintech company FinMaq won an important international award when it was chosen, among more than 100 companies from all over Latin America, as the winner of the ‘International Soft Landing’ program, organized by the Cambridge Innovation Center (CIC) and the Chilean investment fund, Manutara Ventures.

This program, designed to support ‘startups’ that operate through technology, allowed Finmaq to obtain an investment of $500,000, after a very demanding selection process, in which there was a six-week training, to then take part in the well-known ‘Scale Global Manutara Challenge’, in which presentations were made and the different companies interacted with each other, to finally deliver the prize.

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FinMaq finances productive assets to individuals and SMEs in Colombia, seeking to generate positive social impact through financial inclusion

They focus on productive assets, financing trade so that people can generate income, and pre-approving and approving credits in a maximum of ten minutes, to make disbursements in two days.

“For us, this program and that win in the ‘Challenge’ was key, as this allows us to continue with the main objective that we set out from the first minute: to generate financial inclusion and positive social impact through the financing of SMEs or individuals in which it is not easy for traditional banking to believe,” said Diego Sanz de Santamaría, co-founder of the company.

In 2022, FinMaq reached disbursements of close to $10 million, and in 2023, with constant growth, the goal is to reach $20 million, with an average of $5 million per month, allowing more people and companies to improve their situation with these credits.

“The two sectors of the economy that we finance the most are the medical and construction sectors, from which we have quite a few requests and which are not, normally, taken into account by traditional banking. In that line, our purpose is to believe in them so that they have a good development over time,” added Sanz.

The company currently has 35 employees directly linked and the goal, by the end of the year, is to reach 45, while continuing to strengthen small businesses in the country and individuals seeking an opportunity to enter the productive sector.

Finally, by December, FinMaq plans to expand outside Colombia, particularly to Chile and Peru, where it has good alliances to implement its operations and continue strengthening its model in Latin America.

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(Featured image by GRAPHICALBRAIN via Pixabay)

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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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