About Krece

Krece is a mobile application that enables Venezuelans to purchase smartphones through installment payments, using the device as collateral to secure credit. This model provides a solution to the limited access to traditional credit options, facilitating smartphone ownership and improving digital connectivity in a challenging economic environment.

```xml <problem> Many Venezuelans lack access to traditional credit options, making it difficult to afford essential devices like smartphones, which are crucial for digital connectivity and economic opportunities. The high upfront cost of smartphones presents a significant barrier for individuals with limited financial resources. </problem> <solution> Krece offers a mobile application that enables users to purchase Android smartphones through installment plans, utilizing the device itself as collateral. Users apply for a purchase line, make an initial payment at affiliated stores, and then pay the remaining balance in up to six bi-weekly installments. The app features a tiered system where responsible payment behavior leads to increased credit lines, lower initial payments, and access to a wider range of products, including tablets and smartwatches. To mitigate risk, Krece installs a security application on the phone that can disable the device if payments are not made on time, ensuring the phone remains functional once all payments are completed. </solution> <features> - Mobile application for applying and managing installment payments - Credit lines starting from $60, tailored to individual income and savings - Initial payments as low as 25% for higher-tier users - Up to 6 bi-weekly installment payment options - Tiered system with increasing benefits based on payment history - Security application to disable devices with delinquent payments - Wide network of affiliated stores for convenient access </features> <target_audience> Krece primarily targets Venezuelans with limited access to traditional credit who need a smartphone for communication, education, and economic activities. </target_audience> ```

What does Krece do?

Where is Krece located?

Krece is based in Miami, United States.

When was Krece founded?

Krece was founded in 2023.

Location

Miami, United States

Founded

2023

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Krece

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Executive Summary

krece.app

Founded 2023 – Miami, United States

Funding

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Company Description

Problem

Many Venezuelans lack access to traditional credit options, making it difficult to afford essential devices like smartphones, which are crucial for digital connectivity and economic opportunities. The high upfront cost of smartphones presents a significant barrier for individuals with limited financial resources.

Solution

Krece offers a mobile application that enables users to purchase Android smartphones through installment plans, utilizing the device itself as collateral. Users apply for a purchase line, make an initial payment at affiliated stores, and then pay the remaining balance in up to six bi-weekly installments. The app features a tiered system where responsible payment behavior leads to increased credit lines, lower initial payments, and access to a wider range of products, including tablets and smartwatches. To mitigate risk, Krece installs a security application on the phone that can disable the device if payments are not made on time, ensuring the phone remains functional once all payments are completed.

Features

Mobile application for applying and managing installment payments

Credit lines starting from $60, tailored to individual income and savings

Initial payments as low as 25% for higher-tier users

Up to 6 bi-weekly installment payment options

Tiered system with increasing benefits based on payment history

Security application to disable devices with delinquent payments

Wide network of affiliated stores for convenient access

Target Audience

Krece primarily targets Venezuelans with limited access to traditional credit who need a smartphone for communication, education, and economic activities.