kubo.financiero disrupting microfinance (online financial community)

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kubo.financiero disrupting microfinance (online financial community)

Mexico City, MéxicoMexico City, México
Tipo de organización: 
Híbrida
Etapa del Proyecto:
Crecimiento
Presupuesto: 
$1 million - $5 million
Resumen del Proyecto
Presentación del Proyecto!

Resumen conciso: Ayúdenos a presentar esta solución! Proporcione una explicación en 3 o 4 frases cortas.

Kubo.financiero is an online financial community that links creditworthy borrowers with savvy investors. We reduce intermediation costs by operating a model without branches, using banking infrastructure, leveraging technology and credit information systems. With our peer-to-peer lending model we offer a faster, smarter way to borrow and invest. We aim to significantly reduce the interest rates charged to microentrepreneurs and create a new asset class for retail investors seeking higher returns. We will have alliances and curated projects with NGOs, green loans and social entrepreneurs.

Sobre ti
Organización:
kubo.financiero
Sobre ti
Nombre

vicente

Apellido

fenoll

Título

CEO

Sobre tu organización
Nombre de la organización

kubo.financiero

País de la organización

, DIF, Mexico City

Países en donde este proyecto está creando impacto social

, DIF, Mexico City

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Project description
What are your organization's top three priorities in the next year?

1) Reduce customer acquisition costs by developing a digital media strategy
2) validated risk models,
3) develop and test new products for existing clients.

Your project
Project Support
Need #1

Digital Marketing Strategy

Need #2

Consumer/Audience Acquisition

Based on your first choice of the eight technical categories you selected above, what is your specific project need? Please be specific!

During our 2013 we want to fund between 2000-3000 loans (US$20MM). We hope that at least 70% of the credit applications will come from people that find Kubo’s value proposition through the internet. We expect to reject 75%-80% of loan applications.
We need to develop a marketing strategy that focuses on middle-income microentrepreneurs, with good credit history, currently served by microfinance institutions and consumer lenders and that are paying extremely high interest rates.
Mexico has one of the fastest internet and mobile penetration in the world, Facebook has 42 Millions users in Mexico and other social networks are growing exponentially. Different sources like marketer, milliard brown, com score; shows that Mexico new e-users are increasing on their use of technology to search products and services and buying them through the web. We have been validating our model for more than 6 months, and most of our clients use the internet. However, we need to find a cheaper way to reach them.

What three characteristics or qualities do you prioritize in working relationships/partnerships?
1.

ttrust We seek to build alliances orientated to work in an open, transparent environment and willing to share knowledge.

2.

innovation-disruption. Open to make proposals, question status quo, to constantly look for ways to improve our value proposition

3.

Client driven. Focus on generating high value to our customers. Transferring the efficiencies to the final client.

Will support from American Express be focused on your organization overall or a specific product/service? Please describe.

Focus on designing the customer acquisition process for both borrowers and retail investors through Internet and mobile devices. Our objective is to develop strategies; policies and process that will help implement a strong marketing process and reduce customer acquisition costs.

Have you focused on the above area previously? If so, please explain, including whether you have worked with outside consultants before.

We are in the process to defining and implementing our online strategy; we have a community manager and presence in both Facebook and twitter. We have had contact with some consultants but haven´t started a formal relationship with anyone.

Are you able to commit 3-5 hours/wk over 10-12 weeks?

Are you able to meet virtually or at a convenient in-person location?

Are you able to meet in the city where your organization is based?

Impacto
Rank your three intended outcomes of this project:
1.

Get 5000+ credit applications through the internet.

2.

Significantly reduce customer acquisition costs.

3.

Develop a social media strategy.

¿Cuál ha sido el impacto de la solución hasta la fecha?

We have received close to 500 loan applications; after applying our credit score process we approved and disbursed 80 loans (16%). Most of our borrowers were paying an average interest rate of 100% annually, with kubo they are paying between 32 and 52%. We have provided personalized financial education to our borrowers; several of them began to understand that they are subjects of lower rates if they have a good credit history and the need to create a plan to get out of over indebtedness. Many feel empowered of telling the story of their business in our internet platform.

What is your project future impact after receiving professional support from American Express?

We want to position our brand and improve our social marketing. We want to learn ways to better target our potential clients, scale our operation and significantly reduce our customer acquisition costs.