Listen to this articleFinTech startup Kueski uses machine learning, big data and advanced analytics to approve and deliver loans in a matter of minutes. The company has recently announced a $25 Million in new funding to grow number of employees and extend brand presence throughout the region. Below is our interview with Adalberto Flores, CEO at Kueski:
Q: Adal, what is Kueski? Could you tell us Kueski’s startup story?
A: Kueski is the leading micro-lending service in Mexico. We are disrupting the consumer loan industry in Mexico and changing the way credit risk is assessed using machine learning, big data, analytics and high-end technologies. Kueski is a startup headquartered in Guadalajara backed by investors from both USA and Mexico.
My co-founder and I started at work on Kueski in 2012 by ourselfs in my house actually. We have grown at an amazing 7X a year.
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Q: What makes Kueski unique in the market?
A: Kueski is fast, secure and has the best client satisfaction department. We use non conventional information to derteminate risk score, so we can provide loans to many people who are rejected by traditional banks.
Users are able to apply online(24/7) for a small loan specifying how much money they need and when would they like to pay it back. Kueski leverages user’s credit history, their social graph and other online information available to build a credit risk model that will approve or reject loan applications in a matter of minutes. If the loan is the approved, a wire transfer will be made immediately
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Q: What do you find most rewarding in terms of running Kueski?
– The satisfaction of creating something that can delivered fast and safely capital for people in emerging economies. We are a much better and safer alternative for many of our customers. We are empowering access to credit and credit history to the middle class of Mexico.
– Being able to prove our vision that we can build a nice business but at the same time make a positive change in the World.
– We are graduating users to better and better interest rates as they use Kueski. Our goal is that eventually these users can have access to any type of mainstream financial product.
– Provide an excellent and worthy service to our customers
– Satisfaction to see that we are building in kueski one of the best places to work in Mexico and the world.
Q: You’ve recently raised a $25 million funding round, what are your plans?
A: We are going to use this investemt to accelerate portfolio growth and probably increase loan amounts. We plan to grow 100% in employees for this year and extend its brand presence throughout the region.
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Q: What can we expect from you in the future?
A: After positioning ourselves as leaders in the Mexican market with the product we have now, we want to diversify its product portfolio and grow to other Latin American countries.
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