Fintech startup business looks attractive for investing in Latin America.
The investments systems by banks in Latin America has been focused on the implementation of technologies that provide greater access to customers. This is a similar form of reference which can be taken as in Europe where there are already up a system of competition which recognizes the new digital Banking. But back to the new continent the issue that gains strength is the Startup Fintech business.
A startup can be defined as an emerging company that refers to new business ideas that are supported by technologies. Linking Fintech (“financial” and “technology”) is that if we develop an emerging business we are in need of a financial base and is where the Fintech strengthens the team, respecting of course the margins of traditional companies.
Entering in context the BBVA bank is committed to buying startups that help enrich its wallet of products and services, highlights the website Expansion. “We are in the spotlight with companies in Mexico, Chile and anywhere in Latin America” confirmed to Expansion the leader of New Business of BBVA Latin America, Alan Colmenares.
Although there is still no budget allocated for purchases and an estimated year to the first purchase in Mexico or the region. The specialist said that the financial institution conducted its first digital acquisitions in previous years. The first was in February 2014 in the US market. It is about, a simple application designed for the user to meet their savings goals through analytical tools.
“We saw Simple as something interesting and a new way to reach the customer, (because maybe) instead of wanting a bank account requires only help with its personal finances goals” said Colmenares, who participated as a panelist on Tuesday in Finnosummit, a forum that promotes progress in the Fintech sector in Mexico.
According to information from BBVA; since 2011 it has made 15 investments and acquisitions in the digital field in order to create value and lead the transformation of the industry. Five of these were purchases among which Simple and other startups like the spanish Madiva. The finnish Holvi and the british Atom Bank. The fifth purchase was Spring Studios, a digital design company founded in 2001.
As for the features that should have a startup to draw attention to the bank; the BBVA manager explained that there are none specifically, since the key is to find a business model proven to provide the needs of the group and vice versa. In the case of Simple, yet have no concrete results about the purchase, as they are at the stage of trial and error. In addition the specialist added they are in the process of defining the places where the platform is launched.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.