Goldfinch Borrower Spotlight: ALMA provides Juancho Te Presta with $10M financing to double down on women-first lending initiatives in Colombia
Juancho Te Presta (JTP) is a Colombian fintech lender that provides loans to middle-class employees and gig workers. Juancho Te Presta has sourced $10 million in debt from the Goldfinch protocol via the sustainable investment firm, ALMA.
Website
Geography
Colombia
Borrower Pool
$10M, Pool Link (Included in a basket of deals funded by ALMA)
Description
Juancho Te Presta (JTP) is one of Colombia ́s fastest growing lending fintechs. The company‘s aim is to increase the availability of credit in Colombia by offering a 100% digital credit solution that gives middle-class workers access to financing.
JTP’s customers represent employees, pensioners, students, and gig workers in Colombia that are underserved by traditional banks. Through JTP’s product, these customers are able to access up to two times their salary, with loan tenures up to 24 months.
With 40% of loans used to meet urgent family needs, by extending credit to these underserved customers, JTP helps them meet these needs without resorting to the predatory lenders that have plagued their communities. This is also while giving the customers the ability to build a credit history.
JTP’s Focus on Women
It is harder for women to access credit in Colombia than it is for men. This is primarily because the scorecards used by banks to assess creditworthiness are skewed in favor of men. To combat this, JTP created special financing lines for women and plans to extend over $5M in credit to women customers in 2022.
So far, 60% of JTP’s lending has been to women, and they have found that non-performing loans for women are 2% lower than for men. Also, about 50% of all loans provided by JTP have gone to young women between the ages of 18 and 37 years old.
Below are some other key facts on JTP:
- JTP has over 220,000 registered users on its platform
- JTP is one of the first fintechs in Colombia to offer a Buy Now Pay Later product to its customers, allowing customers to use their approved credit lines in over 50 retailers
- JTP promises responsible use of loans by only granting loans with installments that are less than 12% of a person’s income to avoid over-indebtedness
You can learn more about Juancho Te Presta here
