The Latino entrepreneur who caught the eye of Twitter co-founder Jack Dorsey

the Fintech industry goes hand in hand with technology, daughter of the fourth industrial revolution resulting from digitization, and this because everyone has a mobile phone in their hand and is connected.

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Technology means the democratization of services for people who normally had none, and the financial sector is no exception. In the past, in almost all emerging markets, the banking model only worked for a minority population that adapted to the model it offered.

However, this model based on old technology and based on a very high cost structure due to the fact that physical spaces must be available, such as offices, branches, among others, make this model provide services based on monetization through invoicing. to users such as: management fees, billing for sending and receiving money, among other costs that prevent many people from easily accessing these financial services.

Following this problem, the the fintech movement is emerging and with this movement in Colombia and many other countries, technology-based companies provide financial services with better usability and with a different business model where the user is no longer charged and where the the main protagonist is technology and neobanks which are gaining more and more ground in the region.

Now what is sought is to provide good user-friendliness and free services, achieving exponential growth, which is happening all over the world and Latin America is no exception, as countless innovative companies emerge that democratize services. financial.


Recently, Filmii a Colombian digital wallet and fintech specializing in fully online banking, financial and mobile payment services, has reached an important milestone by becoming the first Latin fintech in which Square, a company founded by Jack Dorsey, made a significant investment of $17 million thus being the first investment made by Square in Latin America.

“The fact that Square is investing in Colombia and that this is their first investment in Latin America fills us with great pride and makes us feel very connected with what they have achieved in the United States and with what they want to achieve in the world, which is to use technology to allow individuals and businesses to pay or be paid digitally and we are doing the same with Movii in Colombia”, said Hernando Rubio, CEO and co-founder of Movii in an interview with Contractor .

According to Rubio, Movii was born because in Colombia, as in other emerging countries, there is a very low penetration of the acceptance of digital payments. According to Dane, in Colombia only 56.5% of households in Colombia have internet access and the percentage of people with access to online payment is very low, about 14% of people have a credit card. .

For these reasons, Movii was born to use technology so that people can pay and be paid digitally. Since its foundation in 2019, the fintech has managed to consolidate 2.2 million people who are already users and more than 60,000 companies that receive and pay digitally with Movii and are expected to end 2022 with more than 4 million users.

“It’s about understanding what the user needs, how they want to be treated and, through technology, being able to offer that service. We dedicate a lot of our resources to understanding the segment we lend to and understanding the needs and pain of users and from there to being able to create experiences so they can move their money and function better in the digital economy, said Rubio.


In three years of service, the fintech has managed to release 15 products that make them useful for people, such as opening an account in minutes in an easy and 100% digital way, until they can buy with the map anywhere in the world. , you can send and receive funds from the app to over 100 countries with easier usability and lower costs, you can even easily buy or sell crypto assets from the app, among many other services.

According to Hernando, his company is different because it creates an innovative way of provide targeted financial services focused on what the client wants and they do it with great agility, creating fast and useful products for users and based on a different business model. not like the traditional one which charges users for everything, but charges third parties instead so that users have good usability and are free.


Movii has already completed several rounds of investment such as Series A and Series B where very large funds have entered that are looking for the same thing the company is looking for, namely to seek financial inclusion through technology and to be able to democratize payments.

In round C, they did a preliminary investigation where Square came in, who is the company that in the United States managed to authorize small businesses to receive digital payments since they only receive cash payments, as is the case in Colombia and many countries in the Latin region.


According to Rubio, the main reason why Square has invested in its fintech is that they see great pain around the world, especially in emerging markets, that the vast majority of people are not using payment methods. current. and how they were excluded.

That’s why at Square they want to do what they’ve done in the United States, also in Latin America, and they’re looking for companies that do the same. Square has followed suit and invested in other regions like Europe and Asia. Now they have decided to do it in Latin America and the main reason to do it with Movii is that they are aligned with their goal, which is to help promote new technologies that break down barriers between countries so that anyone can move their money around the world in a simple, easy and fast way.


There’s no better time to start than now “Anyone who understands a pain that affects millions of people, and who understands how technology can solve it, will have very significant exponential growth.”

Be a regulated financial industry; According to Hernando, the biggest challenge is how to innovate in a regulated industry, because they would like to go faster, but in the end you have to keep pace with the regulators.

The other aspect is access to infrastructure, normally the banks own the infrastructure networks of all countries and Colombia is no exception and there is a conflict of interest because if the banks own the infrastructure, they don’t. want to activate this infrastructure so that new competitors can arrive.

The hurdles are regulatory, compliance, and infrastructure access hurdles, then others such as access to capital, but that’s something that’s less and less because there is more and more money available and more investment funds and venture capitalists, willing to allocate money to tech companies to solve problems that have historically gone unsolved


According to Hernando, the company plans to continue growing so that all businesses can pay and be paid digitally, in addition to continuing to introduce new products to make them more useful. The money from the last round of investment will be used to continue to grow and create new products, in addition to reaching new countries that are still studying their markets so that they can later venture into them and reach these places with new numerous financial and digital service solutions. .

(About the author: Julian Tabares is the editor of the Soy Emprendedor to place)

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