Scotiabank invests in Colombian fintech Zinobe

LatAm List – This initiative comes from a partnership between Canadian bank, Scotiabank, and US venture capital firm, QED Investors. After coming together to invest in fintech startups across Latin America, the partners decided to support Zinobe, a Colombian startup that provides speedy loans through an online credit platform.

Founded in 2011 by Martin Schrimpff and Tarek El Sherif, Zinobe uses machine learning to automate decision-making in the credit market. Their most popular product, called Lineru, allows Colombians to loan COP$140K to COP$750K (US$46 – US$250) for up to 60 days.

Scotiabank chose Zinobe because of its scale potential and innovative approach to online credit. This investment, the last to come of the partnership, also helps Scotiabank consolidate its hold on the Peruvian, Chilean, Colombian, and Mexican markets.

Read more in PulsoSocial.

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