Fintech is, in the words of a certain fictional fashion guru, “so hot right now.” Mint, Personal Capital, Betterment, Acorns, Digit — people in the United States have a dizzying array of digital services to choose from to help manage their finances.
So much so, it’s easy to take our ability to quickly and easily check in on our finances with just the tap of a smartphone screen for granted, and forget that folks in other parts of the world don’t have the same luxury.
Enter Paybook. The up-and-coming company has set its sights on bringing the best that fintech has to offer to an as-yet untapped market: Latin America.
The complexity of integrating SaaS solutions with banks and other financial institutions has stymied the growth of the fintech sector in Latin America for years. Developers in those countries may want to build tech-forward financial solutions, but the fact is the infrastructure to allow them to tap into banks and other financial institutions just isn’t there.
That’s where Paybook’s first product, Sync, comes into play. Sync enables third-party applications to integrate directly with Latin American financial services, delivering “a continuous flow of end-user data” that developers can then use to build products for everything from financial monitoring to automatic bill pay. The Sync platform also provides a host of other services, including anti-fraud protection, identity and income verification, and automatic transaction reconciliation — making it an essentially turnkey product that any developer can use to make financial integration a reality.
Bringing back-end financial integration capabilities to Latin America is a huge disruption in and of itself, but Paybook isn’t stopping there. They’re also building their own front-end financial management solution, Glass: a “data aggregation and expense management platform” that lets people and businesses track their finances from a single, streamlined dashboard. With Glass, Paybook is focused on automating and customizing users’ finances “so that users can save time, make smart decisions, and have the freedom to focus on what matters most.”
Building better financial solutions for the Latin American market isn’t just business for Paybook founder Gerry Treviño — it’s personal. A Mexico native, Gerry knows firsthand how frustrating the lack of fintech infrastructure in his home country can be, and how it’s holding financial innovation across the region back. So, having sold his first line of code at 16 and his first company at 25, he set his sights on his most ambitious project yet: building the infrastructure needed to bring the fintech revolution to Mexico and beyond, and the vision for Paybook was born.
The company has made some impressive progress. Sync is already launched and live in the market, and connected to more than 25 institutions across Mexico. The Glass platform is also launched and in the process of ramping up marketing efforts.
The post Cómo se dice “Financial Innovation” en Español? Paybook Brings the Fintech Revolution to Mexico appeared first on KillerStartups.