The local innovation ecosystem in Colombia is a rapidly growing one, made up of some 1,100 startups that employ more than 25,200 people. And although a burgeoning startup scene has established itself in the country, it is also presently experiencing some extreme growing pains.
According to an article by Bloomberg Línea, high-interest rates and lower availability of venture capital have led at least 20 startups to start issuing layoffs in the early stages of their companies.
Even still, hope remains. Both the capital city of Bogotá, with its 190 startup companies, and Medellin with its 56 startups have become increasingly popular locations for foreigners and digital nomads to locate their startups. This, among other factors, helped Colombia to be ranked in the top five Latin American countries for startups in 2022’s Startup Ecosystem report.
In order for the country to continue to promote growth for young businesses, it will need to better integrate this international boost into the local economic ecosystem—ensuring that they have constructed a sustainable infrastructure for both parties.
Let’s take a look at 20 startups that are trailblazing new opportunities in Colombia’s market in 2022, working to provide value to the country and its niche within the international entrepreneurship ecosystem.
Digital Lending Platform with flexible and innovative solutions that drastically reduces time-to-market—improving the lending customer experience, are some of the core products included in their portfolio.
In addition, the platform offers alternative scoring and analysis capabilities based on its proprietary models leveraged on ML and AI.
The app has more than 25 current partners in countries such as Colombia, the United States, Mexico, the Dominican Republic, Ecuador, Peru, and Myanmar.
Their CEO Veronica Crisafulli believes that their investment in innovation is one of the keys to their good results. As proof of this, they have five patented technologies to offer pre-approved and instant credit services, bad debt prediction, disposable income, a digital and credit management platform (using open data & open banking), and overdraft in real-time.
To date, more than 30,000 loans have been issued by MO’s partners in the region and more than 210 million credit scores have been performed.
The company hopes to open offices in Brazil, Argentina, Spain, and Singapore in the near future.
Read entire article here: https://thebogotapost.com/the-bogota-post-presents-the-top-20-colombian-startups-of-2022/50409/