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n1co, One of the Fintech Companies in Central America with a Good Growth Rate

n1co, a fast-growing Salvadoran fintech, aims for financial inclusion in Central America. Founded by Alejandro Argumedo, it plans to launch an app and card in 2024. n1co raised $23 million in pre-seed funding and processes over one million monthly transactions across 11,000 businesses in El Salvador, Honduras, and Guatemala. It emphasizes innovation, customer service, and social responsibility.




The Salvadoran n1co has positioned itself as one of the fastest growing fintech platforms in Central America, leveraged by the talent of a group of young visionaries who have in their portfolio the successful experience with the development of Hugo, the company that revolutionized the service.

Now, with n1co, the mission is to bring financial inclusion to all Central Americans, as it specializes in offering disruptive financial technology solutions for all types of businesses and individuals.

Alejandro Argumedo, founder and CEO of n1co, said that the company has big plans for 2024, which include the launch of an app and card, but they also plan the release of different financial solutions for different segments.

The objective of the fintech company is the development of innovations that will help it position itself as a relevant player in the sector in the region, an objective that is being consolidated in a short time.

Its business profile has attracted investments from business groups and investment funds, a position that has allowed it to have managed to raise US$23 million in its first round of pre-seed investment, while the company is already backed by large firms such as VISA, Mastercard and others. financial institutions. Currently, n1co has more than 11,000 registered businesses in El Salvador, Honduras and Guatemala, where – together – more than one million transactions are carried out monthly.

“Our philosophy is based on the belief that financial technology can be an engine of positive change in the Central American region,” highlights Argumedo.

The businessman adds that a great value behind n1co is supporting the project on principles of constant innovation, excellence in customer service and social responsibility.

“We firmly believe in the importance of offering accessible financial products and services that empower people and contribute to the sustainable economic development of the region,” he points out.

On the path of consolidation

Argumedo added that they are satisfied with the progress achieved in a short time, but recognizes that they are ready to strengthen their growth.

“For 2024, our outlook is optimistic. We will focus on consolidating our presence in El Salvador, and continuing to expand strategically in Honduras and Guatemala. Our goal is to continue growing sustainably, maintaining a balance between revenue, operational efficiency and customer retention, while we continue to innovate and offer exceptional service,” he adds.

“In intangible terms, our leadership has been a driver of inclusion, of positive change for the region. “We have cultivated strong relationships with clients, partners and regulators, allowing us to build a solid foundation for future growth,” he concludes.

Key data about n1co

In the last year, n1co has achieved important achievements such as raising pre-seed capital of US$23 million, more than 10 million transactions and 11,000 affiliated businesses. The company has also cultivated strong relationships with customers, partners and regulators, allowing them to build a solid foundation for future growth.


(Featured image by Mauricio Cuellar via Unsplash)

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First published in E&N. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.