Startup News

Chilean fintech startup Facturedo expands to Peru and Mexico

Facturedo brings liquidity to small- and medium-sized businesses in Chile through online invoicing and e-factoring. Earlier this year, the Chilean startup expanded into the Peruvian and Mexican markets to continue helping SMEs across the region through its crowdlending platform.

Facturedo was founded in 2015 by Álvaro Echeverría and Héctor García to allow small businesses to sell electronic invoices and receive liquidity in advance. Since 2015, Facturedo has processed over US$3M in invoices to over 200 SMEs. Earlier this year, Facturedo was chosen to participate in Startupbootcamp’s first Fintech Scale Program in Mexico City. The founders are looking to triple sales this year to process over US$10M by the end of 2018.

The expansion into the Peruvian and Mexican markets is a part of that plan. The founders claim that reaching the new markets has been challenging; Chile has very little regulation for fintech companies, while Mexico and Peru offer more rigorous regulatory environments. Nonetheless, the co-founders emphasize that they have followed all the rules necessary to adhere to Mexico’s new Fintech Law.

The Latin American e-invoicing market reached US$120B last year, and is predicted to double to US$250B in the next five years.

Read more about Facturedo’s expansion in the original story for El Mercurio.

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