As part of its expansion strategy and thus solidifying its position as the largest digital account in Chile - with more than 2.2 million customers to date - Tenpo officially launched its credit card. This milestone comes after being authorized as non-bank credit card issuers by Chile's Financial Market Commission (CMF).
The new card will be 100% online, allowing for the control of limits, blocks, and automatic payments, among others, directly from the app. With this launch, the startup consolidates itself as the most important digital account in Chile, offering a full range of financial products and services, competing directly with traditional banking. This new payment method will be available both as a virtual and physical card and will be issued 100% online.
According to data from the Financial Market Commission (CMF), Tenpo is currently the non-bank payment card with the largest number of active customers per month, reaching more than 453,000 in the latest review published by the regulatory entity in May 2023.
"This milestone represents the result of the hard work of the entire Tenpo team and the consolidation of our company as a relevant player within the Chilean financial market. With the new credit card, we aim to fulfill our disruptive goal in banking and compete head-on with traditional institutions. Today in Chile, there is no digital account that offers a range of financial products and services in such a personalized, secure and 100% digital way as we do,” -Fernando Araya, Co-Founder & CEO of Tenpo
ABOUT TENPO: Tenpo was born with the aim to democratize finance through technology, regulated by the Financial Market Commission (CMF), the same entity that oversees traditional banks in Chile. Tenpo seeks to transform the financial system into a more inclusive and fair one. The application allows you to manage your money from your cellphone in an easy, fast, and secure way. Through the platform, it is possible to make purchases abroad, top-up mobile phones, and pay bills for all types of basic services.