Floid launches in Colombia

Thursday 13 May 2021 13:16 CET | News

Open Banking fintech Floid has launched in Colombia to include and bring people closer to the financial system, according to

Colombia is working on an Open Banking regulation that would be ready in 2022 and plans to start incorporating massive savings and credit products to the architecture of APIs, according to the Normative Projection Unit and Financial Regulation Studies (URF). Open Banking was born in Europe with the PSD2 regulation and what it seeks is that financial consumers can manage their information and share it with whoever they want, giving them autonomy over said data and probably the possibility of acquiring better and more personalised financial services.

In the future, all banks, savings cooperatives, compensation funds, and other financial companies will use this method. Which is much more secure, inclusive, and fast to be evaluated (for a financial product) and will also be used to validate identity, do anti-fraud checks, even to vote (as they do in Sweden, the so-called Bank ID).

Flöid is a fintech that dreams of being the largest Open Banking platform in Latin America. Its main objective is to help people who today are marginalised by the conditions of the same system. Another of Flöid's objectives in the country is to help companies digitise by offering integration through its APIs, which can be used in a simple way.

The concept proposed by its creators is that anyone who is banked can share their bank information with a third party, to demonstrate that they are a good tenant, a good credit subject, a hard-working person, even if it is informal, or a student or an immigrant. Their first investment of USD 600.000 was made in early 2020. So far in 2021 they have raised another USD 900.000 to promote outsourcing in (Peru, Colombia and Mexico). And it is expected that by 2022, USD 3 million will be obtained for its expansion.

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Keywords: Open Banking, digitalisation, fintech
Categories: Banking & Fintech
Countries: Colombia
This article is part of category

Banking & Fintech

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