Veriff and Juancho Te Presta: powering one of South America’s fastest-growing fintechs

Introduction to fintech in South America

The fintech industry in South America has experienced significant growth in recent years, driven by the need to increase financial inclusion and promote credit deepening in the region. Countries such as Colombia have become hubs for fintech innovation, with companies like Juancho Te Presta leading the way in providing digital credit solutions to underserved communities, including gig workers and the under-served female community. The use of biometric verification and other cutting-edge technologies has enabled these companies to improve the lending process and provide more secure and efficient services to their customers.

About Juancho Te Presta

Juancho Te Presta is one of Colombia’s fastest-growing and leading fintechs.

The company uses state-of-the-art technology to help people progress and fulfil their dreams using easy-to-request and quick-to-disburse financial products. This means they can help employees, pensioners, students, and especially gig workers and entrepreneurs apply for loans and other financial products.

Juancho Te Presta aims to increase financial inclusion and promote credit deepening through 100% digital credit solutions. The company prides itself on working closely with, and for, the under-served female community in Colombia. They also have different scorecards and price skews to attract more women and improve access to finance.

Juancho Te Presta belongs to the Colombia Fintech Association, which brings together more than 300 similar companies. What they all have in common is that they generate confidence and peace of mind for customers, because they know they are acquiring credit with a company with strong legal standards and principles.

Mission and goals

Juancho Te Presta’s mission is to increase financial inclusion, especially for gig workers, and promote credit deepening in Colombia. The company aims to achieve this by providing 100% digital credit solutions that cater to the needs of its customers, including women, students, and pensioners. To attract more women, Juancho Te Presta has developed special scorecards and price skews that offer better terms and conditions for female borrowers. The company’s goal is to become a leading provider of financial services in Colombia, and to make a positive impact on the lives of its customers.

What business problem did Veriff solve for Juancho Te Presta?

Juancho Te Presta started working with Veriff in November 2022. They were using a different provider to carry out electronic identification but found that their needs weren’t being met.

In particular, they were looking to solidify their IDV needs with an all-in-one provider that would help to better prevent and control potential fraud. They were looking to put in place face matching, biometric identification and fraud alerts, as well as the ability to verify the validity of the customer’s documents and ensure the security of customer data. They were also looking for a provider that could ensure the accuracy and quality of the information provided to clients. This combination was not something that their existing provider could offer.

As Juan Esteban Saldarriaga, founder and CEO of Juancho Te Presta, explained: “Previously, we were working with a different provider in order to help with our verification processes. But as our business grew, we realised we needed to be able to lean on a company that could offer an all-in-one solution.”

Their overall desire was to lower their number of fraud cases, meet compliance regulations and prevent lost revenue.

The company offers loans with a maturity period of up to 24 months, making them attractive options for various demographics. Juan Esteban Saldarriaga has been instrumental in driving the company’s mission to provide financial solutions to under-served communities in Colombia. The company’s focus on serving the under-served female community and gig workers, who often face more challenges compared to men, has enabled it to differentiate itself from its competitors and establish a niche in the market.

Market presence and competition

Juancho Te Presta has established a strong market presence in Colombia, with a large customer base and a reputation for providing innovative and secure financial services. The company operates in a competitive market, with other fintech companies and traditional banks vying for market share. However, Juancho Te Presta’s focus on serving the under-served female community and gig workers has enabled it to differentiate itself from its competitors and establish a niche in the market. The company’s partners, including investors and debt providers, have also played a crucial role in its success, providing the necessary expertise and security to support its growth.

What made the difference to Juancho Te Presta when choosing Veriff? 

When researching alternatives, Juancho Te Presta discovered that Veriff offered products with a much larger scope than others in the market. A strong website presence is vital for attracting users and processing loan applications efficiently. In particular, Juancho Te Presta opted to make the most of Veriff’s biometric offering and ability to verify identity documents in real time and detect fake and tampered documents using AI-powered ID verification software.

“Biometric authentication, which helps us to automatically check if a new user is already on our system under another account, is one of the most powerful Veriff tools that we use,” Saldarriaga said.

Today, every customer applying for a loan must now pass Veriff’s ID verification before their application is progressed. When a customer is flagged as a potential fraud case, their application is rejected.

When they’re approved but their application triggers certain flags at Veriff, those flags are reviewed by Juancho Te Presta’s operations team. They make the last call on whether to continue the review of the application.

This, for Juancho Te Presta, was the perfect balance of outsourcing the majority of the process but retaining control themselves, and made all of the difference when selecting a partner.

Juancho Te Presta is expanding its services to include more financial products and educational resources. The company also plans to launch a newsletter to keep customers informed about the latest updates and financial products. This growth strategy aims to provide comprehensive support to its users. Customers are encouraged to subscribe to the newsletter to stay updated on new offerings and important information. Juancho Te Presta is committed to helping individuals achieve financial stability and success.

Growth and expansion plans

Juancho Te Presta has ambitious growth and expansion plans, with a focus on increasing its customer base and expanding its product offerings. The company plans to continue to invest in new technologies, including biometric verification and artificial intelligence, to improve the lending process and provide more secure and efficient services to its customers. Juancho Te Presta also plans to expand its operations to other countries in South America, where there is a significant need for financial inclusion and credit deepening. The company’s CEO has stated that the goal is to become a leading provider of financial services in the region, and to make a positive impact on the lives of thousands of people.

What was the immediate impact of implementing Juancho Te Presta? 

The main problem that Juancho Te Presta had faced in the past was that many users were unable to progress in the identity verification process. Using Veriff’s tools, the numbers of those stuck in the system dropped almost 50% in the first week alone – from 29% of those approved daily to 18%. 

Their total fraud, meanwhile, dropped to below 1%, which is an enormous feat. This is in part thanks to the use of Veriff’s video recording feature, which helps to provide more insights about what is going on in the background during a customer verification.

Juancho Te Presta also reported that they were impressed with the speed of implementation and the support offered throughout the process of switching from their other provider.

“Just one month after onboarding us, Veriff’s products and offerings were fully implemented into our tech stack,” Saldarriaga said. “The switching process was painless and enabled us to realize value from Veriff’s products incredibly quickly.

This statement highlights the importance of security and verification in the lending process. Juancho Te Presta’s use of Veriff’s background video recording feature has enabled the company to reduce its fraud levels to below 1%, which is a significant achievement in the fintech industry. The company’s focus on security and verification has also helped to improve the overall customer experience, by providing a more efficient and secure lending process. As the company continues to grow and expand, it is likely that security and verification will remain a top priority, and that Juancho Te Presta will continue to invest in new technologies and features to support this goal.

About Veriff 

Veriff is the preferred identity verification partner for the world’s biggest and best digital companies, including pioneers in fintech, crypto, gaming, and the mobility sectors. We provide advanced technology, deep insights, and expertise from our foundation in digital-first Estonia and honed in leading the digital identity revolution. The partner of choice for businesses who need to rapidly and effortlessly verify online users from anywhere in the world, Veriff delivers the widest possible identity document coverage. Join the team.

By supporting government-issued IDs from more than 230 issuing countries and territories and with our intelligent decision engine which analyzes thousands of technological and behavioral variables Veriff enables trust from the first hello. With offices in the United States, São Paolo and Estonia, we are dedicated to helping businesses and individuals build a safer and more secure online world.

Veriff continues to demonstrate strong financial performance, reporting over 80% year-over-year profitable revenue growth. In Q1'25, the company saw a 335% increase in total verification volumes, and its customer base has grown by 71% compared to last year.