Fineco is a Colombian fintech that provides immediate working‑capital to SMEs through digital factoring and confirming services, purchasing invoices or paying suppliers without requiring the client to assume default risk. It also offers fully online payroll‑linked libranza loans for pensioners and retirees, approving credit within 48 hours even for borrowers with adverse credit histories and disbursing funds directly to their accounts.
Funding
Funding not disclosed
Founders
Product
Problem
Many businesses and individuals in Colombia face cash‑flow constraints because traditional bank financing is slow, requires extensive documentation, and often excludes borrowers with limited credit history or those who are reported. This limits companies’ ability to fund operations and prevents pensioners from accessing affordable credit.
Solution
Fineco operates as a digital fintech platform that provides immediate liquidity to companies through factoring and confirming services, and offers fast, fully online payroll‑linked loans (libranza) to pensioners and retirees. By purchasing invoices or managing supplier payments, Fineco converts accounts receivable into cash without requiring the client to assume default risk. For individuals, the platform leverages payroll data to approve credit within 48 hours, even for borrowers with adverse credit records, and disburses funds directly to their accounts. All processes are conducted through a web‑based interface, eliminating the need for physical paperwork or a co‑debtor, while offering flexible terms and competitive rates.
Target Audience
Fineco serves small‑to‑medium enterprises seeking quick working‑capital solutions and pensioners or retirees in Colombia who need fast, unsecured personal loans.
Features
- Factoring without client liability: Fineco assumes the risk of invoice non‑payment, providing risk‑free working‑capital to businesses.
- Shared‑responsibility factoring: Option for clients to retain partial liability, allowing customized risk exposure.
- Confirming service: Fineco pays suppliers on behalf of corporate clients, streamlining accounts‑payable cycles.
- 100 % digital libranza loans: Online application, verification via payroll slips, and disbursement in under 48 hours.
- Credit approval for reported borrowers: Enables access to loans without a co‑debtor or perfect credit history.
- Flexible loan amounts from 1 million to 180 million COP and variable repayment terms.
- Integration with major regional pension and payroll entities (e.g., Colpensiones, FOMAG, Casur) for seamless data validation.