Fintech has placed more than $7 million in loans

LA EMPRESA has become the formal solution for more than 25,000 people, including entrepreneurs and small businessmen.

DiiMO, a Salvadoran fintech startup that began attracting users in 2021, offers financial inclusion for entrepreneurs, workers and people who can demonstrate a fixed income, access to capital advances to move forward with day-to-day business and personal projects.

DiiMo is part of the Impct Hub and its Delta Accelerator initiative, where the most outstanding startups with the greatest growth potential in the country are grouped together.

According to Juan David Hernández, co-founder and director of DiiMO Technologies, it is an app hosted on the Android platform where users register with their personal data securely and truthfully, then the company evaluates the profiles to determine if they apply for an initial loan. Financing ranges from $25 to $375.

This innovative service, according to Hernández, has experienced positive growth figures, disbursing more than 70,000 loans as of last June, which in economic terms amount to $7 million to more than 25,000 clients.

“When you launch a project like this what you are looking for is to solve a problem, what we found on the street is what options people have when it comes to making loans, and the only option there was were informal lenders,” he said.

He added that DiiMo, for example, resolved through the use of innovative technologies the issue of immediacy (24 hours maximum for new clients and immediately for established clients), and also generates trust due to the transparency in the details of costs, commissions and interest.

Another outstanding detail of the fintech is that clients are provided with a credit history and record that can be reported to the credit bureau or credit bureau with their consent. “Our loans are focused on the day-to-day life of the clients and to be able to create that record so that they are included in the financial system,” he said.

TECHNOLOGICAL AND COMMERCIAL FOCUS

Juan David Hernández affirmed that, at a technological level, DiiMo continues to be a pioneer and spearhead in technological issues. “We have just signed an agreement with Google to enter the Google for Startups program through which it provides more than $200,000 in credits. We are constantly integrating artificial intelligence technologies and machine learning processes,” he said.

This commitment, according to the spokesperson, is in line with the strategies of President Nayib Bukele’s government, which, through a series of legal provisions and investment attraction, is turning the country into a regional center for startups.

“El Salvador is becoming the regional center for “startups”, it is taking giant steps towards the development of new technologies with technology law projects and financial inclusion. The current government is spearheading these issues,” he said.

Meanwhile, at a commercial level, important growth objectives have been set in the country. In that sense, this year DiiMo plans to triple the disbursements accumulated up to last year.

“This year alone we aim to disburse more than $4.5 million, and by 2025 to reach $8 million. In addition, next year we plan to open operations in Honduras as part of our expansion process,” remarked the co-founder.

Source: Diario El Salvador