Efinti is a software and technology development company founded in 2019 in Colombia by Andrés Tobón and Alejandra Gaviria. It offers financial services to enterprises in Latin America and the US. It promotes financial inclusion for companies by improving their economic conditions and access to capital.
“Our business is centered in helping businesses grow, eliminating the frequent barriers to access capital”, states Andrés Tobón. In a few words, they are a Fintech that guarantees liquidity without borders.
Just a year after its opening and expansion to the US, Efinti was experiencing accelerated growth, which required new personnel, an extension of the facility, and new equipment. When Andrés and Alejandra reached out to their bank to find the funding to do this, the answer was negative; they had to wait 3 more years to acquire an entrepreneurial credit line.
The difficulties they encountered made them realize something, they were not the only ones in this situation. Many small and medium enterprises in Colombia and the rest of Latin America did not have access to funding when they were in the early stages of growth and consolidation.
Alejandra and Andrés turned their necessity into an opportunity. In 2021, they launched Efinti’s business unit, which aims to eliminate this financial barrier. Currently, it is the only Fintech on the market that offers digital financial solutions in Fiat and Crypto to businesses in Latin America.
With their scoring algorithm based on artificial intelligence, Efinti analyzes socio political behavior and sectoral variables to establish the profiles, risk levels, and adequate products for every type of business, even without previous credit experience.
“Our objective is to help small and medium businesses find a financial ally that allows them to grow with different resources and different funding options adapted to the phase they are in. Also, the times we are living in and the economic crisis going on worldwide makes it the perfect time to provide this type of solutions to companies so they can keep growing” comments Andrés Tobón.
To Andrés, the biggest challenge an entrepreneur faces when starting a business is the same he is trying to counteract with Efinti: access to startup capital. When a company begins to do business and own a place in the market it normally requires capital resources, either to leverage working capital, improve acquisition prices with its suppliers without affecting its cash flow, or to count with an extra resource to expand its productive capacity.
Efinti’s solution also faced some restraints in the beginning. Andrés shares that in a traditional and bureaucratic industry as the finance world, entities tend to close doors when they see you as a competition. Nevertheless, Efinti is not meant to compete but to become an ally that positively impacts business people’s finances.
When things do not turn out the way we want and we face these challenges, Andrés’ advice for entrepreneurs is to plan, execute with the least investment possible, and pivot listening to the market before going out with your business.
As of now, Efinti is working on its entrepreneurial credit card, which will be launched in January 2023. The goal is to be present in more than 14 countries and impact more than a million businesses. Efinti is an inclusive Fintech, open and available for microbusiness to international companies. Learn more here.