Paisa

Paisa, a fintech company headquartered in Mexico City, was founded in June 2021 by Ryan Newton to address the financial, gender, and digital gaps in traditional financial services. The company targets the substantial remittance market in Latin America, which sees over $135 billion annually. Paisa's core insight is that while remittances are a crucial lifeline, over 85% are received in cash, predominantly by women, which limits their potential for building long-term financial security. The company aims to transform remittances into a gateway for broader financial services, enabling recipients to manage emergencies, improve cash flow, and invest in small businesses.

Paisa's primary offering is remittance-backed loans, allowing clients with thin credit files to qualify for loans based on their history of receiving remittances. The company employs a distinctive "tech-touch" model, combining digital and human interaction to build trust. Loans are offered through a user-friendly WhatsApp bot, acknowledging that while mobile phone penetration is high, trust in purely digital solutions can be low. Customer acquisition occurs offline at independent remittance agencies, which are a key part of the cash economy but often operate with low margins. By providing these agencies with business-to-business (B2B) lines of credit to manage their liquidity, Paisa creates a symbiotic relationship, offering value to both the agencies and the end-users.

In March 2022, the company successfully closed an oversubscribed pre-seed funding round of $600,000. The round saw participation from notable venture capital firms such as Magma Partners, Precursor Ventures, Latitud, Forum VC, and Gaingels, alongside prominent angel investors. This capital was earmarked for expanding its agency network beyond its initial presence in Michoacán and Guanajuato, refining its product-market fit, enhancing its technology, and hiring key personnel.

Keywords: remittance-backed loans, financial inclusion, fintech Mexico, digital lending, WhatsApp bot, Latin America remittances, financial services for unbanked, microloans, B2B credit lines, emerging markets finance, cash-based economy, women's financial health, mobile financial services, tech-touch model, agent network, pre-seed funding, Ryan Newton, Magma Partners, Precursor Ventures, Latitud