Latinia invests in fintech company Ábaco to boost financial inclusion in the region
Summary
In the words of Latinias Corporate Development Director Oriol Ros, “We believe in Ábacos model, and find it interesting, because it is a project with a purpose: to make a market of hundreds of millions of people, who have never had access to bank credit, visible to traditional banking.” According to McKinsey, last year approximately 70 percent of the population over 15 years old lacked full or partial access to banking services. Ábaco is a start-up with high social impact focused on the gig economy, which identifies the behavior of delivery platform workers and freelancers using an innovative analysis of their financial profile to build a credit report. The software studies their conduct to refine and optimize different indicators like the default rate, and then projects these to wider segments based on sociodemographic groups and behavior. Reaching this segment of the population means serving the heart of many countries economies," explains Ábaco CEO and founder Victoria Blanco Alegría. Financial inclusion will only be possible with personalized scoring that adapts to peoples actual labor models and economic activities, to be able to understand their needs,” Blanco Alegría concluded.
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