We are a mobile P2P payment service that also provides digital banking services.
Venconmi will combine social features with an easy to use transfer service that can be connected to our own digital bank or the online portal of a traditional bank.
Our digital bank will provide a convenient, secure, and transparent place for our clients to store, transfer, and view their accounts.
Cash is not only an archaic form of payment, but puts consumers at risk of losing it to misplacement or theft.
We hope to steer the Spanish speaking world away from its reliance on cash and show them the convenience and safety of digital currency.
As of 2020, only about 33% percent of LATAM adults have bank accounts or financial products.
There exist 3 main reasons for this statistic:
Unfamiliarity with the banking system; the economy has traditionally existed as cash driven
High fees for opening accounts and government visibility for taxes
Distrust of traditional banks; in short, transparency and control
Through proper education, marketing, and transparency we can dissolve most of the reservations citizens have about these traditional banks by presenting a new, convenient, and non-traditional institution.
LATAM is a market that is very susceptible to social growth. In short, if you have the attention of one Latin American, you have the attention of 20 Latin Americans.
A culture such as LATAM’s depends heavily on close-knit social circles and communities. This creates a very streamlined gateway into marketing a product to the masses, especially with the strong smartphone penetration within LATAM.
We can also utilize these communities in order to connect them not only socially but financially, creating a lower potential for risk by tapping into this link.
Starting with my own family and friends in Colombia, and those of our development and customer care teams, we can create an exponentially growing network of users within a very short spectrum of time and at virtually no cost.
Additional marketing would be done at the ground level, speaking with micro vendors and showing them the safety and transparency of having a digital bank and payment transfer system. By giving advertising materials to these vendors along with the education, they become free advertising as well. This is a market that should not be underestimated in LATAM as these microvendors make up most of the business in LATAM.
In order to monetize our product, we will initially follow a similar strategy as Venmo and charge an instant transfer fee in order to access funds almost instantly through your debit card if it belongs to a competing bank.
Venconmi will charge a minimum of 100 pesos per transaction and a maximum of 1,000 pesos in 1% increments based on transfer amount in order to generate revenue.
Other monetization strategies will come from future credit lines and loans, partnerships through vendors, and a personalized POS system.
Exit Options include potential buyers such as major banking institutions with existing digital wallets such as Bancolombia, BBVA, and Davivienda.
The Team
Hernan Echeverry - Co-Founder
Hernan is a proud Colombian-American with expertise in sales, marketing, and entrepreneurship. Co-founder of Kuddelmuddel Corp.
Ekaterina Romanovskaya - Co-Founder
Ekaterina is a PR specialist in both tech and finances, tech crisis specialist, communications specialist within the financial sector, and Co-Founder of Nimb.
Erick Rincon Cardenas - Advisor
Erick is the President of Fintech Colombia, Professor of Law at Universidad del Rosario in Bogota, and Founder of Rincon Cardenas & Moreno
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