Updated Mar 30, 2019

Julio Lavalle

An AI-based financial personal trainer that educates to bank by promoting digital financial identity and best-fit FinServs access.

We digitize day-to-day behaviors, making it easier and friendlier for the user to lead healthier financial lives and empower our users with solutions that are superiorly designed, remarkably efficient, and wonderfully personalized. In concrete we innovate by: 1. Executing positive financial history tokens, which means, leading healthier financial lives and making financially-savvy decisions a...
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We digitize day-to-day behaviors, making it easier and friendlier for the user to lead healthier financial lives and empower our users with solutions that are superiorly designed, remarkably efficient, and wonderfully personalized. In concrete we innovate by: 1. Executing positive financial history tokens, which means, leading healthier financial lives and making financially-savvy decisions adds to your internal positive financial score. 2. We shift away from only increasing financial access and toward improving financial health. 3. Providing standardised, international solutions. Currently, credit scores and the associated history for an individual are limited to the country where that particular person is applying for credit. Given the rise in migration influx, we're leading the change in cross-border financial inclusion. 4. By using machine learning, we are creating algorithms that reduce all types of bias whether it is gender or class-based that are truly equal to all ages and nationalities. 5. We are creating innovative ways to ‘social’-ize financial products and services. While finance is still seen as a personal matter by many, we’ve also seen now how some want to engage in a social way around their money and creating the way for those users to do so.
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Stage 5: Scaling

We've helped improved the financial lives of 11,000 users in Brazil, promoting financial wellness for employees In 2018, we expanded to Peru so far 2000 users and is expected to reach around 70,0000 by the end of 2019 for micro/small entrepreneurs.

Focus Areas:

Digital Finance, Social & Micro Finance and Financial Sector & Investment

Digital Finance, Social & Micro Finance and Financial Sector & InvestmentSEE LESS

Implemented In:

Brazil and Peru

Brazil and PeruSEE LESS

13,000
Lives Impacted to Date
2
Key Partners
2
Countries Implemented In
9
Customers
7
Employees
$85,000
Funds Raised to Date

Problem

26% of MSMEs in the region are credit-constrained, this means that around 7mi of them have difficulties to access FinServs, amounting a finance gap of US$1,9 trillion [US$ 25 billion in Peru only] since around 70% don't keep records of sales and financials. This situation is due to the high degree of informality (80%) and low use of Finservs (6,5%). No access to FinServs sets a barrier to grow businesses.

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Solution

The digitalization of daily behaviors, making it easier and friendlier for the user to be part of the the formal economy by: (i) Automating financial organization with a safe integration to their bank accounts or providing them with their first digital account; (iii) Offering a financial decision-making tool to set our users for success to achieve financial goals on a fast track; (iv) Executing an AI-based credit scoring indicator to increase trustworthiness.

Target Beneficiaries

Men and women 22 -55 yo of classes C,D and E that are part of the >50% of adults excluded from the formal financial system Latin America and that are in their majority leaders of the 28mi MSMEs have difficulties to access credit, largely because they cannot prove their income to financial institutions and that have the challenge to separate the company's money versus the family's money (and viceversa).

Mission and Vision

Mission: Strive to give all individuals and businesses the access to the financial services and tools they need, regardless of income. Vision: Include 1 million of Latin Americans into the formal financial system leading healthy financial lives.

Competitive Advantage

Whereas existing solutions focus on one specific delivery in the financial inclusion funnel, MiBolsillo educates to bank; which means that it builds up financial capacity through an intuitive and friendly journey that starts with the organization of finances, savings/debt-reduction goal achievement to finally access Finservs. In this sense we are not a financial education app given that it has been proven its limited impact in people’s decision-making. We are a financial-decision making personal trainer that antecipates users behaviors and leverages data to set our users for success to lead healthier financial lives that improve their quality of living and to increase access to financial services as a consequence of this.

Planned Goals and Milestones

AI-based mobile financial scoring to provide MFI partners with a more robust and agile decision-making tool. Currently leading a pilot on lending our own funds to 25 users.
Funding Goal250,000
Projected Cumulative Lives Impacted72,000
New Implemented CountriesPeru

The Team Behind the Innovation

Julio, expert in developing digital user-centered solutions . MIT D-Lab Fellow studying behavioral theory and scalable technologies towards finclusion. Cynthia, founder of Green Octopus, marketer & innovation specialist. Gabriel, founder of Redar Peru and ORG to improve financial inclusion in Peru's rural areas. Cesar, over 35 years in the Peruvian financial sector. Pedro Rodrigues, experienced in technology-based projects for large companies that go from retail to the financial sector.

EXECUTIVE TEAM INCLUDES WOMEN

Milestone

Mar 2019
Recognition ReceivedPENDING
Mar 2019
Lives Impacted
13,000
Mar 2019
Key Partnership
 
as part of
 Acceleration Program Emprende UP
Mar 2018
Recognition ReceivedPENDING
 
as part of
 Startup Peru
May 2017
New Country Implemented In
Brazil
Nov 2016
Created

Supporting Materials

Deck-PoupaCerto-2019-Seed-LP.pdf