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Floid: Solving the data availability problem for Latin America with Open Finance

Floid is a chilean Open Finance fintech that powers financial inclusion and expands

the data availability in Latin America. It focuses on offering tools for quality

onboardings, risk assessments, and bank conciliations. Merchants plug into Floid, so

they can reach a wider range of customers and have a new way to interact with

them. Floid promote financial inclusion through easy-to-use evaluation flows, giving

users the alternative to share their financial information digitally.

A little bit of history

It all started in 2020 when Alfonso Maira (current CEO of Floid) who at the time was

working at Creditú, a fintech that provides mortgage loans, met with John

Grundstrom, founder and CEO of Instantor, a Swedish open banking company for

risk assessment, which in those years operated in 10 European countries. Thanks to

a mutual friend who introduces them, they bump into each other in Chile and start

talking about replicating the Instantor model in Latin America.

Sweden is a small country, with approximately 10 million inhabitants, so it is

customary in Sweden to make startups that integrate collaborators from different

countries. And this is how, since its inception, Floid incorporates multiculturalism as

part of its essence, looking for talent from anywhere in the world.

The rest of the founders join spontaneously in the same line. Delfina Peña (current

CRO), of Argentine nationality, who worked at Truora (Colombian company in the

world onboarding); and Tomás Contreras (current CTO) who incorporates his

knowledge in technology, and who had experience in companies such as Larraín

Vial and BCI.

Floid was the first fintech to achieve an official connection with Banco Estado in 2021

in Chile, and today they actively collaborate with FinteChile and government

institutions to promote Fintech laws and help with its configuration. They do the

same in the financial ecosystem of Peru and Colombia, where they were the first

Open Finance company to operate locally in both countries.

The pain points they solve

Only 24% of the population in Latin America can access financial products online

because of different scenarios: frictionated digital channels, there is no strategy from

governments in data availability, lack of Open Finance and consumer/data protection

laws, and lenders relying on negative data and credit bureaus to deliver products


With Floid and Open Finance, 62% of the population could access financial products

online. This means 500 million people and 2 million businesses that are currently

segregated from the financial ecosystem.

Floid has more than 70 clients in Chile, Peru, Colombia and Mexico. Its clients are

mainly banks in the region, and some of them report on average, a 15% increase in

their channels of transactions, 25% increase in their addressable markets and 50%

increase in funnel conversion.

Expansion and growth

Floid recently became the first Latin American fintech to be selected by Mastercard

StartPath, an incubation program for the development of services and products for

Open Finance.

Through the program, the startup gains access to a mix of hands-on mentorship and

innovation opportunities to scale its products.

“Mastercard and Floid share a commitment to broaden the availability of data for

decision-making through innovation,” said Alfonso Maira, CEO and Co-Founder of

Floid. “There are millions of people in Latin America waiting to access financial

products and process payments online. With the opportunity to join Mastercard’s

program, we can co-create an inclusive digital economy, empowering consumers

and businesses in decision-making,” he says.

On the other hand, Floid has just finished its participation in an incubation program

with Google, which gave them USD $100,000 in credits to use in company products.

In addition, they were able to count on important mentoring to learn from Google

experts about the best practices in machine learning, cybersecurity, growth and


Financial institutions trust Floid because of its safeguards in cybersecurity and data

processing. They have just been certified with the international certificate ISO 27001,

which gives them the support to ensure the highest standards in information


This year the idea is to double the team and be even more robust in Peru and


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