Bulgarian online lender Credissimo AD-Sofia has initiated operations in the Latin American market with a hub in Colombia, La República reported.
According to CEO Sokol Lankop, the fintech will offer two short-term financing products. one of which is a salary loan of up to 850,000 Colombian pesos. The company's goal is to reach between 60,000 and 100,000 customers after the first year.
The executive reportedly said they picked Colombia due to the stability of income as well as economic growth that he deemed better than that in Mexico and Brazil, among other things.
As of Dec. 17, US$1 was equivalent to 3,188.90 Colombian pesos.