Fintra

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Partner description:

Fintra is a microfinance institution that first saw the light in 2003, in the Colombian city of Barranquilla, on the Caribbean Coast. It first started offering factoring services for freight companies in the country, service that rapidly escalated and succeeded all around the country, becoming its own separate company.

However, after years of close work with trailer drivers, Fintra realized that workers that are constantly worrying about their finances are less productive and happy. Desiring to attend this dire call, endorsed by the largest businesspeople network in the country, the institution launched its first loan product in 2020: payroll loans. This product has proven highly successful, reaching some multinational companies and even the public sector. Not long after, they launched their microcredit product, which is meant to support small business owners and entrepreneurs in high economic vulnerability positions. Aside from a wide demographic and gender representation, Fintra demonstrates commitment to social mobility through a number of unprecedented complementary services:

Attending flagged borrowers

Very often, people get a negative first approach with the credit industry, and in some cases can even get flagged in credit bureaus. Fintra developed a sustainable credit methodology that enables them to serve these people, and give them a second chance in the formal loan market. It even offers portfolio purchases for people that are struggling to keep up with their current loan. By serving people that almost no other institution is willing to attend in Colombia, Fintra actively diminishes the need among vulnerable people to resort to illegal loan providers.

Financial education

Fintra implemented a learning platform that offers courses in a wide range of financial topics, ranging from personal finances to business financial management. Even though this courses are mandatory for certain borrowers, every customer can access them, and even get a certificate that may result in lower interest rates and even facilitate endorsement from employers for payroll loans.

Networking for women

Fintra hosts breakfast, in which women borrowers are invited to share business experiences and strengthen their personal and business networks. This service is meant to encourage, motivate and cultivate women that are entangled in the everyday hustle.