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Tyba reaches 100,000 users in Colombia despite the crisis

Tyba, a digital platform that offers investment and savings services, exceeded 100,000 users in Colombia, a goal that was accelerated in the context of the pandemic. The outlook for the fintech sector in Latin America is expected to continue to grow rapidly over the next few years. A study by Mercado Libre shows that 70% of Colombians will continue to use digital payments after the pandemic.

Sharon Harris

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This picture show the city of Bogota.

The fintech sector, which brings together startups dedicated to financial services, is one of the most promising for the coming years. The case of Tyba, a digital platform for investment and savings, shows that the atypical context derived from the pandemic accelerated the consumption of digital financial services among more and more users.

Recently, the Colombian company Tyba, focused on personal finance management, surpassed 100,000 users nationwide, a goal the company had set for the end of the current year and managed to achieve it despite the economic crisis.

Find out more details about the development of the fintech sector in Colombia and be the first to read the most important economic news in the world, with our companion app, Born2Invest.

The coronavirus pandemic has accelerated the growth of the fintech company

“We have been able to reach our growth goals much earlier than budgeted. A fact that motivates us to keep working to bring to Colombians products and services that allow them to organize their finances and have additional income,” said Tyba co-founder Juan Pablo Garcia.

While the current panorama in the national and global financial sector generates uncertainty, the accelerated growth of fintech startups seems to have posed a new business scenario that will not stop. Tyba, which was launched in late 2019, has not yet completed its first year of operations and has already positioned itself as an alternative for investment and savings in the digital financial ecosystem.

“The support of the Credicorp Group and the development of an innovative model to optimize the return on money have been decisive elements in achieving their growth goals,” they say from the company.

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In addition, the fact that the platform does not require permanence clauses or transaction costs has facilitated its adoption in the Colombian market.

The fintech sector in Colombia is growing

The outlook for the fintech sector in Latin America is expected to continue to grow rapidly over the next few years. One of the characteristics that the situation has shown is that the activities or procedures, which traditionally had to be carried out in person, will be carried out by many users in a digital way.

According to a study by Mercado Libre, 70% of Colombians will continue to use digital payments after the pandemic. The study added that this trend is also evident in countries such as Argentina, Brazil, Mexico and Chile, as these payment options are perceived as safe, fast, easy to use and, above all, guarantee distance and avoid contact between people. 

For his part, the expert from the multinational Red Hat, Elias Molina, recently assured during Financial Services Week that “the pandemic brought technological changes that would have taken 10 years” to be implemented in another context.

The fintech company ePayco, for example, was selected as one of the two Colombian startups that will be part of the Summer 2020 version of Google for Startups Accelerator Latin America, Google’s accelerator for the region. 

ePayco, dedicated to online payment processing, providing the opportunity for individuals and companies to make payments, collections and recharges digitally, currently operates with the main payment networks and banks in Colombia. 

“Organizations need to identify customer demands, accelerate processes and promote innovation to adjust to changes in the financial landscape and volatile markets,” said the Red Hat expert, who noted that the fintech sector has had exponential growth and is incorporating many changes in the financial sector.

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(Featured image by bergslay via Pixabay)

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First published in Dinero, 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.

Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.