Photo courtesy Techreo
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Techreo is expanding.
The fintech startup based in Mexico is now operating in Bolivia, where serving the underbanked is just one of the priorities. Techreo has brought its wide range of financial services to Bolivia, while keeping an eye on likely future expansion in Peru, Ecuador and the U.S.
For now, Techreo is taking Bolivia by storm, which carries a great deal of significance. For starters, this marks Techreo’s first venture outside of Mexico.
“This is a big deal for many reasons,” said Techreo co-founder Iliana de Silva. “Bolivia is an icon in Latin America, in microfinance. For many years, Bolivia was the leader in microfinance technology, and everyone in Latin America copied the methodology of Bolivia. So Bolivia is very famous in microfinance.”
But Bolivia has fallen behind in the use of technology.
“There are no fintechs, there is no opening of accounts in a virtual way,” Iliana continued. “What Techreo is doing is starting a digital revolution in Bolivia. For the finance world, this is very, very important. We’re going to change the market there.”
Buoyed by momentum from its growth in Mexico, Techreo has harnessed its innovative spirit to reposition finance in Latin America with its platform. At the same time, Techreo is leveling the playing field for populations that have been traditionally left out of modern, digital banking.
Techreo provides a one-stop destination for financial transactions in Mexico and Bolivia. With just a mobile phone and valid ID, Techreo’s users can:
- Set up accounts.
- Pay utility bills.
- Pay for phone data usage.
- Transfer funds between accounts.
- Apply for a small business loan.
- Open a savings account.
- Buy insurance.
In Mexico, Techreo works with a regulated financial institution, which provides financial services for users of the app. Techreo serves as a gateway for those services. The operation will work the same way in Bolivia, with minor adjustments to allow for that country’s use of QR codes rather than debit cards.
Techreo also offers a “Digital Marketplace,” which allows merchants to expand customer bases beyond their local communities. The startup is also building apps for financial companies and co-branding the endeavor.
In Bolivia, to start, Techreo has hired two new employees. These employees handle marketing duties, with an emphasis on social media and capturing the flair of Bolivian culture in social media posts.
“It’s important for us to have people who speak the local Spanish,” Iliana said.
Techreo’s expansion into Bolivia is just one more achievement that is propelling this platform to consistent success.
The app launched in January 2022 and has already established a user-base of 300,000. Remarkably, Techreo is profitable after little more than 18 months of operation.
Another achievement is the reputation that Techreo has built for itself, so much so that financial partners needed to operate the app have been approaching Iliana and her team. That’s what happened in Bolivia, Peru and Ecuador.
“We’re not not even going into the other countries, knocking on doors, to see if they want to grow,” Iliana said. “They’re coming to us.”
Visit techreo.mx to learn more.
