Fintech helps SMEs in the crisis, but they also put them into debt

“Much of the commitment that fintechs must have is to inform about the rates that are managed in their companies, in order that the users who impact have a positive experience, learning in the use of credits and not end up in debt” , Juan Carlos López, founder of Moyo AI, a startup that seeks to have just over 25 million Mexicans have a financial history to later be part of the banking system, told Expansión.

According to the Fintech Radar of Mexico, in 2020 there were 441 registered fintechs, and many of them have been used to capitalize on these types of companies. .

“Based on technologies such as Blockchain, Big Data and Artificial Intelligence, the fintech industry offers solutions to improve, personalize, and automate the delivery and use of financial services, evolving services such as online payment, loan granting, investments and collective funding, among others. This has allowed financing options for MSMEs to grow and diversify ”, said Marcelo de Fuentes, CEO and general director of Fundary.

According to Fundary, until November 2020, it achieved average returns of 17.2% for more than 3,000 registered investors, which demonstrates the effectiveness of this disruptive form of business financing, where the loan that was given was mostly to SMEs.

Companies such as Prestadero have managed to be successful in the loans that have been made to SMEs, however López, from Moyo AI, indicates that although these types of mechanisms exist, financial technology companies must take into account that many companies are far away of the metropolis and therefore of a banking infrastructure.