Fynsa
Migrante is the first and only Fintech in Chile focused on migrants.. The company has an active social role, as it delivers value to migrants, providing them with real opportunities for integration and development opportunities through access to low-interest loans and close financial and financial advice so that they can make optimal decisions.
The great advantage of this company is the sector in which it is focused.In Latin America, 70% of the population is underbanked, that is, 70% of the people who can access a checking or savings account still rely on alternative services, such as check cashing centers, money orders or pawnshops. This results in a total addressable market of USD 9.6 trillion and 10 million immigrants in Latin America..
If you focus more on Chilespecifically in the niche you are targeting MigrantThe number of migrants is 1.4 million, which is equivalent to more than 7% of the population, a number that continues to rise, with Venezuelans leading the list.
63% of Venezuelan immigrants in Chile are professionals, according to the International Organization for Migration, and 51.2% work in services, commerce and industry.According to the International Organization for Migration, 51.2% work in services, commerce and industry.
An important point to address, and one that has directly affected the company, is that, the health crisis experienced in recent times, the use of delivery platforms has increased drastically, and these customs have become ingrained in the country's culture.These customs have become ingrained in the country's culture. Y, why is this point so important? This has a direct influence on the company, because the vast majority of the employees of these delivery platforms are immigrants, which has had a positive impact on the customer segment of Migrante: those who seek financing for the acquisition of motorcycles and cars to work on these platforms, in search of a first or second source of income..
Focusing more on banking, it can be seen that, to be able to acquire a loan, the requirements are often exorbitant.. Although it is an important point when it comes to lending money, not always all the requirements contribute to a good control over the payment of these credits.
Although this last point is important for the success of a company such as Migrantes results show that, despite not asking for so many entry requirements for obtaining a loan, Migrante's screening algorithm has been successful, its screening algorithm has borne fruit, as its delinquency rateThe company's 90-day delinquency rate is still lower than the banking average, at 0.64% versus 1.3% as of March 2022, respectively.
In other words, Migrante is a company that helps foreigners to have new opportunities in a simple way and without so much paperwork, all this with such an efficient algorithm that allows it to be with fees well below the market.All this with such an efficient algorithm that allows it to be with defaults well below the market, contributing to inclusion, development, and having a positive impact on society. This, added to its high yields and low risk, makes it a company with high expectations, make it a company with high growth expectations.It can reach a global and accelerated expansion with a stable model that allows it to achieve these objectives.
