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Ecuadorian market attracts Chilean Fintech companies that take Ecuador’s first ‘unicorn’ as an example for their expansion

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Nine Chilean companies of technological solutions for banking (Fintech) had a meeting with more than 30 Ecuadorian companies in order to present their offer and identify business opportunities.

The appointment took place during the business meeting Commercial Pitch Fintech Ecuador 2022, last Thursday; organized by the Commercial Office of ProChile in Ecuador, which is part of an initiative in which Chile has developed a series of meetings of networking between Chilean, Ecuadorian and other Latin American countries belonging to the Fintech sector and the financial sector.

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Within the offer of the exhibiting Chilean companies, specialized services such as development and management of means of payment, automated management of processes and digitization, mobile banking, insurance, Big Data and predictive models, including Percus, Alfi Latam, Ginko, Indexa , Rocket Bot, Solem Engineering, MZZO Chile, Adelacu and Irislab.

Ecuador, seventh among 17 countries in number of ‘fintech’, grew 77% in this new market in three years

On the part of Ecuador, with the support of the Ecuadorian Chamber of Innovation and Technology (CITEC) and the Association of Banks of Ecuador (Asobanca), the main private banks in the country and companies in the area of ​​innovation, software and information.

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Within the internationalization plan, there is great interest on the part of Chilean companies from all sectors to land in Ecuadorian territory, mainly Fintech companies.

The growth prospects of this market show a considerable evolution, taking as an example kushky, the first company in Ecuador to become a unicorn -valued at $1,000 million-, according to ProChile.

Kushki was founded in 2016 by Ecuadorians Aron Schwarzkopf and Sebastian Castro. Its mission is to connect Latin America through digital payments and enable entry into the new era of monetary flow.

The expansion of the company, according to Javier Castro, as vice president of Ecuador and Colombia for Kushki, began in June 2017 with the company’s entry into the Colombian market. Later, in June 2019, it landed in Peru, and by August of the same year it began operations in Chile. In May 2020, it began its presence in Mexico and some time later, in December 2021, it announced the opening of Kushki Mundial.

“In this way, Kushki has established itself as a key player in the consolidation of the e-commerce ecosystem for Latin America,” Castro stressed.

As specified by ProChile, the ecosystem of startup Fintech has become relevant in recent years worldwide. Currently, Chile is in fifth place in Latin America, behind Brazil, Mexico, Colombia and Argentina, regarding the number of companies within this sector, with 170 to date.

According to the Fintech Radar of Chile carried out by Finnovista and the Inter-American Development Bank (IDB), from June 2016 to June 2019, there has been a growth of 114%.

startup such as Fintual, Chipax and OnmiBnk are just some examples of the success stories of Chilean Fintechs, highlighted ProChile, noting that the startup Chilean companies have a significant presence of operations outside their country, compared to their Latin American peers.

This is reflected at the regional level, the rate of internationalization of startup Fintech is 32%, while in Chile it is 53%.

Nearly 200 companies related to the sector that exist in Chile, 70% of them had an expected growth of more than 30% in 2020 and of these, 93% intend to expand internationally, their main destination preferences being markets such as Ecuador, Mexico, Peru and Columbia.

The Ecuadorian company Kushki is already a technological giant, after conquering the capital market

Meanwhile, according to the Radar Tech Startup 15.0 of the technology startup incubator BuenTrip Hub, Fintech companies represent 21% of the 298 startup or emerging companies with a high technological component in the country, Altscore, Authority and Luzverde are some of them.

“It is clear that these types of companies contribute enormously to the diversification and sophistication of the sector and of an exportable supply, for which they have the support of the institution to accompany and support their internationalization process through initiatives such as this one that seek to generate new rapprochements between both parties and increasingly promote this sector”, he said. María Alexandra Maldonado, commercial director of the Economic Department of the Embassy of Chile in Ecuador – ProChile, who assured that Chile has the most developed and solid banking system in Latin America, compared to the rest of the region, it is one of the countries with the greatest financial inclusion. (YO)

Source: Eluniverso

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