Peru, Colombia - Galgo
Galgo, a Fintech that grants digital loans to low-income sectors to purchase motorcycles and vehicles signed an agreement with IFC to better identify client segments and increase conversion in their sales flow to better provide credit to vulnerable segments of the population, especially refugees and migrants and people without banking history. Through this Upstream collaboration, Galgo is developing and scaling digital and financial solutions that cater to the specific needs of vulnerable segments. The initiative aims to foster economic resilience by integrating them into the formal financial system, improving their financial literacy, and supporting their entrepreneurial ventures. IFC's advisory includes the identification of customer segments, a review of the customer journey, proposal of risk reduction models to serve the lower-income population, as well as the definition of roadmaps for product improvement in the short, medium and long term. The first phase of the collaboration was executed in Peru, however due to the company’s prioritization to other markets, the remainder of the project will be executed in Colombia. Findings will support Galgo operations in Mexico, Colombia, and Chile.
- IFC
Peru, Colombia,