Colombia-based, short-term lending startup RapiCredit is now pushing for Caribbean and further Latin American expansion.

The company is now in talks with business groups in the Caribbean and Brazil about expanding into those regions.

RapiCredit CEO Daniel Materón told The Rio Times about the company’s expansion plans, pointing out that RapiCredit has proven that it is competitive enough to enter new markets.

He added that, ”in Colombia, the results are really satisfactory. We are the fifth-largest credit intermediary in the country, and we have doubled the number of loans in less than a year. These are the reasons why foreign markets are interested in us”.

LOAN VALUES BASED ON ABILITY TO PAY

RapiCredit recently raised US$3 million for working capital from a Japanese fund. The Columbian start-up also anticipates that it will extend close to 880,000 loans totaling $250 billion this year.

Launched in 2013 by Materón, RapiCredit offers immediate personal loans to help individuals micro-businesses and small- to medium-sized businesses (SMBs) cover unexpected expenses. The company strives to develop products and services that promote financial inclusion.

Loan values are based on the ability to pay. RapiCredit focuses on the people in the region that are underserved.

To apply for a loan, an applicant must have an active bank account, email address, and cellphone number. The entire process is done online.