Fintech market: a new startup reached one million dollars in sales

In Colombia’s competitive fintech market, more and more startups are managing to break the barriers that arise every day due to the challenges, not only of the local context, but of the global economy, to position themselves. as attractive alternatives for people, thus marking a difference with respect to competitors.

Just as it happens with YouTubers who establish benchmarks such as 10,000 subscribers or one million followers; One of the first objectives of those who set up ventures of this type is to exceed one million dollars in sales, since beyond moving towards financial stability, this reference is taken as a point of reference that separates those who start from those who They project themselves as great.

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That said, recently in the market it was news that the startup MejorCDT reached this milestone, after exceeding one million dollars in annual sales, while its heads highlight that in just three years, the company has achieved consolidate in the financial sector, facilitating the opening of Term Deposit Certificates (CDTs).

Carlos Correa, CEO and co-founder of MejorCDT, maintained that this growth reflects how technological adoption is transforming the dynamics of the financial market, traditionally dominated by banks.

“MejorCDT has stood out for offering a platform that eliminates traditional banking procedures, allowing users to access competitive interest rates without commissions. In an environment where technology is allowing the migration of users towards more agile and efficient solutions, the startup has captured the attention of more than 300,000 people, generating returns of more than $55 billion,” he explained.

This fintech industry expert stated that the growth they have been showing, as well as other developments, not only benefits users, but also financial entities. In this sense, he pointed out that they currently work with eight banks in Colombia, and are in talks with five more, which allows them to offer greater diversification of investment options.

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“It is important to highlight that the platform, backed by some of the most recognized investment funds globally, such as Y Combinator, Latin Leap, Daedalus and VU Ventures, had already managed to triple the number of users on its platform in 2023, as well as also the returns they are obtaining, compared to the previous year,” Correa added.

On the other hand, he indicated that despite the fall in inflation and the reduction in interest rates, CDTs continue to be a profitable option for many Colombians and highlighted data from the Superfinanciera, which shows that there is interest in this financial product. and that it has grown significantly in recent years.

“Any bank in the market that wants to offer CDT to new customers, Through MejorCDT you can find a more effective alternative than your traditional offices and with lower operating costs,” he explained.

Dollars.

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Among the features that have allowed them to make a difference, Carlos Correa maintained that the commission-free model is one of the pillars of the startup’s strategy, differentiating itself from other investment platforms that charge users for the management of their funds and He said that in this case, it is the banks that cover the operating costs, which helps make them a more accessible and competitive option for small and medium-sized investors in Colombia.

“With expansion plans to Mexico in the medium term and the announcement of a new investment round underway, MejorCDT continues to consolidate itself as a key reference in the Colombian fintech ecosystem. The combination of technology, flexibility and accessibility has been key for the startup to continue attracting users and investors, and expanding their participation in the local financial market,” they concluded.