Read the interview in Spanish on Diario Financiero.
OmniLatam, a Latin American fintech co-founded by Chilean Andrés Abumohor, was caught in the spotlight after the acquisition of the company by the British bank Greensill, which is supported by SoftBank.
OmniLatam is a fintech startup dedicated to providing financial solutions for SMEs in Chile and Colombia. Abumohor and co-founders Diego Caicedo and Charlie A. Cliff founded the company in 2019.
In an interview with Diario Financiero, Abumohor explained that the acquisition by Greensill will facilitate the expansion of their business into Brazil and Mexico.
“In Latin America there is a market gap for SME financial technology, which still remains significantly underdeveloped, due to a lack of funding for SMEs. Greensill has focused on this issue and found the opportunity in Omni. The aim is to combine Greensill’s global foundations and Omni’s technology to expand,” commented Abumohor.
What are the plans for Chile?
Chile is one of the most developed markets in Latin America for SME finance, yet we believe there is still room for further development. Chile is two things: it is a launchpad with significant competition and little space to make mistakes, and it is a market where we also want to grow significantly. However, it will not be our principal market for the company in five years’ time.
Which will be the main market?
Brazil and Mexico are two economies significantly larger than Chile, yet with underserved markets. Proportionally, Chile has as much, if not more, importance as Brazil and Mexico in the finance sector, but the latter have more space for growth.
Do you aim to end this year with foundations in both countries?
Our aim is to develop on-the-ground technology and a network of local data in the region. We will also be making certain adaptations to our platform and establish local teams in these countries. These two projects are currently in motion to be fully functioning by the end of the year.
What new products will OmniLatam offer in conjunction with the Greensill acquisition?
[…] Greensill currently has a product that allows employees to access their salaries day-to-day, instead of waiting until the end of the month. This product could have a huge positive impact in Latin America.Many SMEs in Chile are on the brink of liquidation. Can OmniLatam provide a solution?
OmniLatam has a white paper business plan in regards to the current crisis. Even in normal times, there is a need for attention to detail so that finances are fair, company agreements are clearer and more transparent, and that each side is aware of the risks of the transaction.
Can OmniLatam make use of the current crisis?
In truth, we are in a better position than other competitors in the market. As we are a digital company, we have the ability to work from home for as long as is needed. Also, offering all our products online so that our clients can access them from wherever is a significant benefit.
Greensill: “It gives us the ability to continue growing”
According to Lex Greensill, Director and founder of Greensill, the acquisition of OmniLatam provides a gateway into the Latin American market. Latin America is a region largely unexplored by Greensill, although it has great potential for growth.
“Greensill has a global presence. We want to continue to work to serve our existing clients as well as new clients in Latin America. With our combined skills, we have the ability to build a collective franchise in the region,” commented GreenSill.
