LatAm List – Seven out of 10 small businesses fail in their first five years due to lack of financing. OmniBnk, a “neobank” for small businesses, has set out to solve that problem.
Using Big Data and Machine Learning, OmniBnk (previously Portal Finance) analyzes electronic invoices to provide SMEs with faster, fairer, and more accurate factoring services. OmniBnk’s technology runs a rapid risk analysis test that allows them to provide lines of credit to businesses who are underserved by traditional lending services.
After starting in Chile, OmniBnk launched in Colombia this month through the acquisition of local factoring provider, Capital Logistic, in 2018. This fusion will allow OmniBnk to provide Colombian customers with the same services they have in Chile.
OmniBnk manages of network of over 150 lenders and 10,000 companies, mostly SMEs, looking for funding. In 2018, Capital Logistic oversaw over $100M in loans for SMEs; through their fusion with OmniBnk, they expect to reach $1B in loans by 2020.
“OmniBnk opened operations in Chile in 2016 building successful models to save Latin American SMEs from disappearing: the secret to success was analyzing companies through their data, known as their digital fingerprint; this technology integrates all the sources of information from these organizations and allows us to build strategies around them, through a series of products that resolve critical needs for the SME,” commented OmniBnk CEO, Diego Caicedo.
OmniBnk now has over 100 employees in Colombia and Chile. They provide their financial services to SMEs and corporates across the region to help them access working capital through a rapid and transparent risk analysis platform.
Read more in La Republica.
Previous coverage of OmniBnk:
Colombian fintech Portal Finance closes US$200M lending deal with BTG Pactual
