4 FinTechs in the Peruvian region boosting the financial sector

By Edlyn Cardoza

FinTech’s role in society is becoming more vital than ever, mainly due to Covid-19. FinTech can be used anywhere, by anyone meaning it becomes accessible to people who may never have taken advantage of financial services before. Through access to essential financial services such as mobile money and e-wallets, FinTech companies are helping lift people out of poverty and create a more financially inclusive world.

A clear example in the Latin American region is the Peruvian market. The advancement of smartphone penetration and the use of digital services by a rising number of populations is pushing for technological entrepreneurship that provides innovative financial products and services.

Unlike other developing countries, FinTech startups in Peru are equally distributed along with different segments. Below are 4 FinTechs in the Peruvian region boosting the financial services platform:

• Apurata

Apurata provides better credit to 200 million underbanked middle-class Latin Americans. Through proprietary technology and origination procedures, they provide credit to unbanked and underbanked Latin Americans ($25 billion), starting in Peru ($3 billion opportunity).

You can pay your loan from a single and simple instalment to 3 instalments with biweekly maturities. Apurata uses encrypted information with a very high level of security.

• Comparabien

Founded in 2010, Comparabien is the first price comparison site in Peru. Their free and easy-to-use service allows users to compare different products and services, saving them time and money. They cover several financial products such as credit cards, mortgages, loans and saving accounts. They also provide information about products in other areas such as insurance, internet, etc.

• Culqi

Culqi is a Peruvian company, part of the Credicorp group, which seeks to break the traditional barriers of payments to lead more businesses to discover a new world of possibilities.

Culqi offers its customers a digital ecosystem of flexible payments, where you can have the peace of mind of having the best tools to reinvent your business and evolve.

• Remesend

Remesend has bank accounts in different countries, allowing people to send money internationally without any extra cost. So, for example, if you want to send money from Peru to Chile, they will receive your money in their account in Peru and automatically transfer the equivalent from their account in Chile to your recipient. This way, they ensure that the money never leaves the country, allowing Remesend to give you the cheapest commissions in the market.

Besides, you can do all this completely online, from your laptop or smartphone. Just follow a few simple steps to send the money, and they will take care of the rest.

ALSO READ: Global FinTech Use Cases Report 2021