Colombian tech company receives major investment for loan platform

Posted on Apr 26 2014 - 7:08pm by Today News

A tech company aiming to help connect people seeking personal loans with financial institutions has received a major investment, the company, MYTIC said Thursday.MYTIC, based in Colombia’s second largest city of Medellin, received an undisclosed investment from GITP Ventures, an international venture capital firm led by entrepreneur and investor Michael Puscar who invested in Colombia Reports earlier this year.

MORE: Colombia Reports Raises Funding From GITP Ventures’ Michael Puscar

The flagship product of MYTIC is a financial software platform called Finaxion, which the company says is designed to connect people needing a loan with a financial institution.

“Banks want to lend more money,” said Juan Rafael Ospina, one of the principals of MYTIC. “Our application vets and connects consumers with banks so that they can make more loans without the obstacles that exist in the current process.”

In many Latin American countries, including Colombia, applicants must go directly to bank branches to apply for loans.

With Finaxion, people can apply for a loan appropriate for their credit rating from the showroom floor, the cosmetic surgeon’s office or other participating point of sale.

Finaxion is currently in limited testing, with the product expected to be available to the general public by July 2014.

MYTIC is among a growing stable of technology companies in Colombia gaining regional and international investor interest.

MORE: Colombia needs to find alternative to Silicon Valley model: Tech entrepreneur


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