Don't worry, we speak : Español (Spanish), too!
The company – previously backed by Angel Ventures – needed to raise a subsequent round in order to scale operations, deploy new products and venture into balance sheet lending services.
How does Yotepresto work?
Yotepresto.com is an interestingly sustainable model built to connect people’s financial goals.
Performing as an online marketplace platform, it matches people looking for credit with people willing to lend their money in order to obtain attractive returns. This model is also known as crowdlending.
By directly connecting creditors and debtors online, as well as eliminating traditional banking operational costs, yotepresto.com is able to reduce some margins and commissions, compared to several banking institutions.
With the crowdfunded money, debtors have the opportunity to reduce payment interests and creditors to earn a better-than-average interest rate.
Micro-creditors can pick who and how much money they’re going to lend – starting from USD $10 (around $200.00 MXN)-.
While debtors have access to a wide array of people willing to lend them money for a specific purpose. That way, they can fund their loans from multiple creditors.
Cool. But how are they performing so far?
Well, not too bad. Quite great, honestly.
Around 98% of debtors pay their loans on time.
Over 500K signed up users.
Processed over MXN $270M in loans.
The interest rate for debtors starts at 8.7%.
Average annual rate of 17% for creditors.
Although investing always involves a certain degree of risk, Yotepresto.com proves their effectiveness through their carefully designed credit profiling methods and procedures.