FINSOCIAL, FOUR FORCES COME TOGETHER WITH A FINTECH VISION
In June 2012, a dream was born, which became a reality not just as a productive business model, but also as a contribution to society, seeking to improve the quality of life of public teachers and pensioners in Colombia. At that time, 15 professionals decided to make a difference and started the FINSOCIAL operating engine to offer technology-backed low-risk financial solutions under the modality of payroll deduction loans and consumer loans, seeking to protect the integrity of our customers, help them achieve their goals, support them in their and their family’s difficulties. The first task was to tear down the informal credit practices that bring unease and reduce the quality of life of those who often resort to microcredits for not having access to traditional banking.
True to our values, our cornerstone is the social purpose of including financially and positively impacting the life of our customers by providing fast, agile loans without codebtor. To build the brand, the four founding partners spent days structuring the business model and it was just at that moment that they realized that our target audience was being neglected by traditional banks. The reason? Many were reported in credit bureaus, others due to their repayment capacity, level of indebtedness or simply for being unbanked, and 50% of our customers are in that range. At FINSOCIAL, we guarantee their security and give them a second chance to improve their credit score. Public teachers and pensioners: two low-risk niches in a huge market; their source of
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