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Peruvian startup Latin Fintech eyes 2020 LatAm expansion

Peruvian personal loan startup Latin Fintech plans to start expanding its business to other Latin American countries, including Mexico and Colombia, SEMANAeconómica reported.

Juan Cabanas and Javier Castro, the founders of the startup, said Latin Fintech may start its foray into the international market by next year.

By the end of 2019, the financial technology firm also plans to launch a new credit line for small businesses.

Cabanas added that Latin Fintech is willing to partner with any bank or financial firm, provided the tie-up will fit with the fintech firm's business strategy.

The fintech has placed about 50 million Peruvian soles to nearly 50,000 customers, and plans to issue credit to up to 55,000 clients by the end of the year.

As of Oct. 11, US$1 was equivalent to 3.36 Peruvian soles.