Though totally a product of Estonian FinTech entrepreneurs, askRobin has laser-focused on the markets of South America and Mexico. Their most up-to-date funding of $1.7 million is geared toward elevating monetary literacy and banking companies in Latin America.
askRobin Raises Practically $2 Million in Latin American Growth
As some large conventional banks write-off rising markets as too dangerous, FinTech startups proceed to fill that void with a set of companies that solely they may implement. The primary such main participant stepping up was Robinhood. Regardless of current technical hiccups, Robinhood continues to draw traders and offers commission-free buying and selling to its massive user-base.
Likewise, askRobin was based with an analogous purpose in thoughts simply three years in the past, in 2017, as an Estonian FinTech startup. At first, askRobin’s CEO and co-founder, Rain Sepp, lead the event of a Fb-based chatbot platform to sleuth by means of all of the out there loans and discover probably the most becoming ones for a dangerous credit score market. Though profitable, they quickly realized they should get precise lenders concerned to serve these markets.
In recent times, askRobin advanced right into a service much like UK’s Credit score Karma. Each make the most of machine studying so that every buyer has entry to probably the most acceptable loan for his or her wants and their functionality to pay it again. As of this writing, askRobin has gained the curiosity of the next traders:
- Change Ventures
- Vereeni Early Stage Fund
- Bene Asia Capital
- Lemonade Stand
Though minor traders on the worldwide stage, they’re crucial in launching concepts that instantly assist these in want. Alongside these funding funds, particular person FinTech lovers participated in elevating $1.7 million for askRobin. A few of them are established figures on the Baltic FinTech scene – Ragnar Sass of Pipedrive and Taavi Tamkivi of Salv, the anti-money laundering platform.
askRobin’s Path Throughout Latin America
Most Westerners take their banking companies without any consideration, however for many of the undeveloped world, it is a luxurious only some can entry. askRobin serves as an middleman in these markets. With the assistance of AI bots, they gather related information from potential clients after which create a credit score profile that’s viable on the loans market. The remainder is a matter of matching the suitable borrower to the suitable lender in order that their relationship can proceed with out rigidity.
Extra importantly, askRobin saves folks from predatory loan sharks. Undeveloped markets usually are not simply undeveloped as a result of the inhabitants is relatively poor. Living proof, a big portion of employed middle-class debtors in these markets usually are not capable of entry conventional financial institution credit score.
Due to this fact, askRobin’s activity is to additionally assist in build up the infrastructure for monetary literacy and companies. Thus far, this method appears to be working for askRobin, as they’ve already expanded from Mexico into Argentina, Colombia, and Peru.
Do you reside in one of many 4 international locations serviced by askRobin? What was your expertise in getting loans with out FinTech? We wish to know what you assume within the feedback part beneath.
Concerning the writer
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the College of Michigan, and an MBA from the College of Chicago Sales space College of Enterprise. Tim served as a Senior Affiliate on the funding crew at RW Baird’s US Non-public Fairness division, and can also be the co-founder of Protecting Applied sciences Capital, an funding corporations specializing in sensing, safety and management options (IoT).