Youth-focused fintech FinZi set to launch in Colombia
Colombian fintech FinZi is set to launch with a mission to teach financial literacy to the country’s youth.
FinZi wants to provide financial services products to a segment that historically has not been prioritised by traditional banks: teenagers.
The start-up’s main target audience will be children and teenagers between the ages of 10 and 17. It aims to provide them with a current account, contactless Visa debit card and an app that encourages sensible spending and saving.
In order to provide these banking services, FinZi plans to partner with a local Colombian bank.
FinZi also intends to provide the parents of this younger generation with financial literacy tools such as task rewards and spending and expense monitoring to help them teach their kids how to handle their money.
FinZi CEO and co-founder Juan Zavala says the company has already secured a pre-seed capital raise worth $350,000 from private equity funds such as Innopact and First Check Ventures and investors such as Allen Gannet, a technology entrepreneur. More funding rounds are planned in the future.
FinZi is now open for preregistration for Colombian citizens. The company has plans to expand into other Latin American countries.