Income welcomes another Loan Originator on its marketplace!
Juancho Te Presta is one of Colombia’s fastest-growing leading fintech. They use state-of-the-art technology like biometric verification through video calls and the integration of bank accounts to validate income to allow employees, pensioners, students, and especially gig workers to apply for a loan. They aim to provide loans to help people finance their progress on high-cost tickets.
When applying for personal loans, the person can request the credit with disbursement to his bank account or receive it in cash in an ally network if the amount to disburse is not greater than US$500. They aim to increase financial inclusion and promote credit deepening through a 100% digital credit solution. Juancho praises itself for serving the under-served female community in Colombia. They have different scorecards and price skews to attract more women.
Juancho te Presta offers installment loans with yields payable up to 12% p.a. to investors on the Income marketplace. Buyback obligation and cashflow buffer cover all the listed loans. Junior Share for JTP loans is 15-30%. Expected maturity for listed loans is up to 24 months, making their loans attractive, high-yielding investments.
Colombia has +20M financially underserved adults, where approximately 87% of the population has a bank account, but about 50% of those are abandoned or unused. Of the 36M population, 14M own credit cards, and 30% have a loan with a formal Financial Institution. The covid-19 crisis has destroyed the incomes of the middle class, hitting women and young adults the hardest, while Colombia’s financial institutions are known historically to be gender-biased towards women. Considering those factors, Juancho te Presta has created different underwriting algorithms for men and women – favoring women. They also managed a controlled scaleup amid covid and redesigned their products to accommodate other external pressures to ensure they were profitable.
