Apr 29, 2020

Ombú Tech Services + CredoLab: Experts Come Together to Provide Technological Solutions to the Financial Business

CredoLab and Ombú Tech Services partnership to provide banking solutions in Latin America. Read more here.

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They offer a "white label" platform that adapts to different strategies. They have just signed an agreement with Credolab, a revolutionary credit scoring service. What renowned names are behind this project?

They started last year as a Fintech company to make loans online, but the business quickly turned around. As the weeks passed, they realized that the “expertise” of most of its members was required by many companies in the financial sector to add value to their products. And in this way, Ombú Tech Services became a service company that aims to provide all kinds of solutions for companies in the business, but also to others who want to start venturing into the financial business leveraged in the intelligent use of technology.

In a few months the company already has 40 people distributed in Argentina and Miami, but the expansion is rapid. Behind are names that support the proposal.

The Chairman and co-founder of Ombú is Mariano Zadeh, a Wharton graduate who has been venturing into the world of Fintech since 2011, which positions him as a true pioneer in the business. Along with him is María Paula Stock, better known as “Mapi” in the financial world, who works as Country Manager and General Operations Manager. The two have already worked together on 4Finance. And now they decided to capitalize on the knowledge acquired in recent years and move forward with the dream of their own business. The company installed a technological “hub” in Gualeguaychú, Entre Ríos, where the laboratory in charge of exploring different technological options for clients works.

But in addition to those responsible for carrying out the venture, there are also important names that invested in this initiative. Among them Mariano Zadeh himself, along with Jorge Domínguez (ex BAF Capital and JP Morgan), Hernán Yellati (ex Barclays and HSBC) and Marcelo Berenstein (formerly Morgan Stanley and Deutsche Bank).

“Although we focus on financial entities, we have also been approached by companies from other areas interested in granting loans or placing cards. The key in all cases is to have a valuable database and from there a range of options opens up to exploit them using technology, ”explains María Paula Stock.

The basic concept is to offer an end-to-end “white label” online lending platform that allows you to provide loans. It works as a kind of gondola in which the customer defines which modules he wants to integrate into it and which best adapt to his business strategy. "We rely on the intensive use of technology and the need for financial inclusion when offering solutions," added the executive. Ombú is already providing services in several countries in Latin America and Central America.

One of the company's big announcements is an exclusive agreement with Credolab to the region. It is a completely new credit scoring program in Latin America, targeting banks, the digital credit market and insurers. "This service," explains Stock, "is not nourished by the credit history of the clients, but through an algorithm of artificial intelligence seeks to determine the credit quality of the potential client. The algorithm is applied when the applicant is uploading their data from any digital device. It is a true revolution in the region, and more for these moments where people's credit history will change in these times ”

“The Latin American region has a population of 356 million people, and internet penetration reaches 61%. However, even though smartphone penetration is expected to increase to 79% by 2025, 70% of the population remains without bank access. This region is a hotbed for a digital scorecard solution system like CredoLab, which has already been adopted by more than 50 companies worldwide, said Peter Barcak, CEO and co-founder of CredoLab. Explaining more about the partnership, Barcak said: “After our initial success with 3 registered clients in LATAM, we are excited to accelerate expansion in the region with a partner like Ombu, who has a strong reputation and an innovative set of products that perfectly integrate our solution in yours "

Read this coverage on Road Show.