Wolet offers an integrated loan solution to payment processors, POS systems, point of sale terminals and commercial chains, which allows them to analyze business transactions and understand their operational flow, to provide loan solutions for each profile.
They enable integrations with platforms to offer financing to SMEs and be their financial allies in their development, growth and consolidation. They are also developing BNPL (Buy now - pay later) technology so that their customers can increase their sales and generate more revenue. Wolet has partnered with Niubiz's VendeMás in Peru and is enabling integrations with other leading companies in Latam.
They recently anounced a USD $2M debt round led by the Acorde Private Fund Manager and a group of angel investors. Mario Cruz Aguilar, Co-Founder of Wolet said:
“We started our debt investment round three months ago and managed to raise a figure that allows us to help close the credit gap that exists in Peru and we are preparing to do so in Latin America as well; within the next 12 months we are very interested in scaling to Colombia, Chile, Ecuador and Bolivia hand in hand with top partners in Latam”
Wolet operates as a Loan-as-a-Service (LaaS) Fintech that enables Fintech-integrated platforms to provide capital to SMEs. The loan provided by the Fintech is based on income, supported by daily sales, transaction data, periodicity, among other data, and takes a percentage of their sales to collect payment fees.
"In 8 months of operations we have managed to empower about 1,000 SMEs and accompany them as their financial ally in their development and growth and we hope to exceed the figure of 1,500 SMEs with Wolet financing at the end of this year and in 5 years to 100,000 SMEs"
Before starting with Wolet, the founders started their first fintech in 2016 called Kontigo which was accelerated by NxtpLabs; and included founders and management staff who are top level experts in financial system, edtech, fintech, as well as team members coming from startups such as Uber, Global66, Diners, GMoney, Rímac Seguros, Esan, and Netzun. The team is made up of 20 professionals very hungry to make history in the fintech world.