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Colombian fintech Finsocial eyeing banking license

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Colombian fintech Finsocial eyeing banking license

Finsocial SAS, a Colombian credit financial technology firm, is looking to gain approval to operate as a bank or regulated financing company in 2020, CEO Santiago Botero told La República in an interview.

Finsocial has hired a financial structuring company to help it through the process with Colombia's financial superintendent.

At present, Finsocial's focus is on lending to public sector teachers and pensioners. Earlier in the week, Morgan Stanley made an investment of US$125 million in Finsocial, to be used for new loans. Following that investment, the company aims to boost its credit portfolio to 700 billion Colombian pesos in 2020 from 450 billion pesos currently.

According to Botero, the company has made loans of 30 billion pesos each month during 2019, and expects monthly placements will surpass 40 billion pesos per month next year.

As of Dec. 18, US$1 was equivalent to 3,324 Colombian pesos.