This interview is the sixth in a series spotlighting the ten winners of the WeXchange Women STEMpreneurs Competition 2024. WeXchange is an initiative of the IDB Lab, the innovation and venture arm of the Inter-American Development Bank, to unlock growth opportunities for women entrepreneurs in STEM in Latin America and the Caribbean.
Financial inclusion is a critical challenge in Latin America, where millions depend on informal savings and lending systems due to distrust of traditional banks. Yara Lewensztain Zelaya, co-founder and COO of Sommos, shares how the company bridges this gap by digitizing cultural traditions like rotating savings groups, providing underserved communities with access to credit and other financial services.
From business studies to entrepreneurship
I’m Bolivian, and my journey began with a passion for business. I earned degrees in business administration and commercial engineering at the Universidad Católica Boliviana and later completed a master’s in international business in Spain, specializing in project management. My early career in marketing consulting shaped my understanding of markets and customer needs.
Before the pandemic, I co-founded my first startup—a marketplace that became the first of its kind in Bolivia, offering around 15,000 products and partnering with nearly 100 companies. Despite raising $20,000 from friends and family, the startup closed during the pandemic. This experience, while challenging, introduced me to the startup ecosystem and confirmed my passion for entrepreneurship.
When I joined Sommos—then called PasanaQ— it was as an employee. Three months later, I was offered to transition to a co-founder status.
Digitizing financial traditions
At Sommos, I joined forces with Diego Rojas, our co-founder and CEO, and Jhonny Ventiades, our CTO. Diego had observed during his time in the U.S. how accessible and vocal people were about financing, which stood in stark contrast to Latin America, where many people distrust formal financial systems.
We saw that Latin Americans often rely on informal financial tools—saving individually or in groups—but this information is invisible to formal banks. For example, 70% of people in Peru build their homes entirely on savings That realization led to the creation of Sommos, inspired by the traditional “ROSCA” system present in 77 countries around the world, known as “tanda” in Mexico or “Pasanaku” in Bolivia, where people pool money and take turns.
Our goal was to digitize these systems and bring them into the formal financial ecosystem.
Addressing Financial Inclusion
Sommos operates as a white-label platform, providing software to banks, financial institutions, and businesses. End users interact with the platform through their financial provider, using it to save individually or in groups. Over time, their savings behavior creates a credit profile that banks can assess to offer loans or other financial products.
The platform is completely customizable to each institution’s needs, and we adapt it to reflect the traditions and cultures of users in different regions. This ensures that we create financial inclusion without forcing people into unfamiliar systems.
Adoption was initially a challenge because people are naturally cautious about formal banking systems. However, once they saw how savings through Sommos could help them achieve their goals—like qualifying for credit—the perception changed.
Sommos isn’t just a software provider—we’re partners. We work closely with banks and businesses to develop strategies for improving adoption. This includes conducting focus groups, interviews, and field visits to ensure the product meets the needs of end users.
Expanding impact across Latin America
Sommos started operations in Bolivia two years ago, and we’ve since expanded to Peru and Colombia. This year, our goal is to operate in five countries. Instead of physically moving to new markets, we partner with local institutions and work remotely with them, leveraging these relationships to establish a foothold.
This year, we’re focused on raising our Seed funding round. We also aim to double the number of active clients and expand to at least five countries. With a team of 18 people, we’re working hard to achieve these milestones.
What excites me most about Sommos is the impact we’re having on people’s lives. It’s not just about the software—it’s about the opportunities it creates for individuals and families who were previously excluded from the formal financial system.
Connect with Sommos
To learn more about Sommos, visit their website or reach out to Yara via email.
