OmniBnk launches in Colombia to finance SMEs

Using Big Data and Machine Learning, OmniBnk (previously Portal Finance) analyses electronic invoices to provide SMEs factoring services. OmniBnk’s technology runs risk analysis tests that allow them to provide lines of credit to struggling businesses. After starting in Chile, OmniBnk launched in Colombia in May 2020 through the acquisition of local factoring provider, Capital Logistic, in 2018. 

Seven out of 10 small businesses fail in their first five years due to lack of financing. OmniBnk manages a network of lenders and companies, mostly SMEs, looking for funding. The bank now has over 100 employees in Colombia and Chile. They provide their financial services to SMEs and corporates across the region to help them access working capital through a risk analysis platform, according to latamlist.com.