Plurall is a new Colombian fintech company, focused on improving the financial inclusion of microenterprises in the country. The company has recently launched the Plurall Pioneers project, a trial period that seeks to help entrepreneurs. With this initiative, the platform will offer the opportunity to 250 microentrepreneurs to be the first beneficiaries of its entire portfolio.
According to Federico Gómez, one of the founders, the fintech company will work to optimize its portfolio of services, perfecting its technological tools, taking into account the concerns and experience of the first microentrepreneurs who believed in the company, to offer solutions with support.
Plurall’s ecosystem is mainly composed of microcredit for working capital with which entrepreneurs can startup and support the growth of their businesses.
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Microcredits initially go up to $2,000,000
This amount will grow progressively as the user has continuous use of the company’s products, making payments on time, and gives correct management of the financed resources.
To promote a correct inclusion, for those high-risk profiles, Plurall has the Graduation Program, a low-amount credit plan with special support for those who are starting their financial life and have been outside the system and need the advice to improve their credit history.
Microcredits with Plurall have an interest rate of 45% effective annual interest and the possibility of determining the payment term from three months onwards.
The ‘fintech’ says that by encouraging financial inclusion, the risk of loss on each loan is higher and that is why the rate is initially high. “However, through a gradual approach, we will reward our clients for good performance with increasingly lower interest rates, larger loans and longer repayment periods,” says Federico Gómez.
Plurall users will be able to access an app with which they can create and manage their account that will allow them to receive credit disbursement and have some additional functions such as bill payments, top-ups, transfers to other banks in the country and cash withdrawals.
As a tool designed to provide financial freedom to micro-entrepreneurs, the small deposits developed by Plurall are free of charge and are exempt from the four per thousand tax for up to 8 minimum monthly salaries, or $8 million per month. Any of the clients will be able to use their money without any kind of surcharge, withdraw their money in cash and send it to other financial entities.
Federico Gómez says that it was identified that a sector among microentrepreneurs was underserved and good practices were adopted to offer services.
The company was created a year and a half ago by Goldman, which has been providing loans to small entrepreneurs in the United States and Mexico for more than 20 years, “and I was one of the first to expand Pagatodo in Mexico,” says Gómez.
The founder of the fintech company says that for its creation they did a pre-seed round in the United Kingdom, Spain, United States, Mexico, and Colombia and obtained $1.5 million and later an institutional fund that has US$3,000 million lent them $10 million, so they are considered “the first to obtain an institutional credit line”, reaffirms Gómez.
He also recalled that the heart of Colombia’s economy is micro-enterprises, which represent 90% of the business base and generate more than 40% of GDP and 60% of employment.
“This niche does not have access to credit and a large percentage of them have to resort to drip to drip, which generates stress and it is not fair that for their importance we cannot solve their access to credit”, emphasized Federico Gómez.
He also pointed out that fintech companies are capable of “articulating public policies with technologies”.
Regarding the accounts that clients will be able to have for access to credit, since the two products are integrated, he said that Plurall makes the electronic authorization and the Sociedad Especializada en Depósitos y Pagos Electrónicos Powii, which is supervised by the Superintendencia Financiera and is in charge of authorizing the accounts. He also assured that the interest rates of the loans “are perfectly competitive”.
Plurall’s founder says that they have the capital to grow, with the UK fund line and the growth process is expected to reach 25,000 accounts with 14,000 credits for $11.6 million. He emphasized that the deposit account is opened in one minute and the next day the client has the credit in the account disbursed.
Federico Gómez said that Plurall has a fully digital growth strategy, but the plan to attract users will be carried out at bus stations, on television, and on the radio.
The pioneers that are being recruited are natural persons with Chamber of Commerce registration who have been invited to participate, after registering on Plurall’s web page.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
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