Aflore brings financial products to the home of the underbanked in Latin America, a market of nearly 13 million people. Aflore distributes loans and insurance products
through an innovative channel: a network of Informal Advisors (“IAs”) that leverages the trust existing in personal networks.
A vast underserved market, ready for innovation
65% of Latin America remains unbanked. We believe that to solve the problem its is necessary to look at the hurdles that both consumers and financial institutions face. From the consumer side the key is trust. Currently, middle class consumers either distrust or fear financial institutions. They have chosen not to engage with banks and continue to solve their financial needs using informal financial services.
Financial institutions have not served this market properly, since providing small loans to the emerging middle class could actually be an operational nightmare. Industry focuses on high cost models of consumer engagement driven by outdated approaches to risk assessment, limiting their ability to serve the market.
Aflore leverages existing networks & technology to bring financial products to the home
Aflore creates a tech-enabled direct sales channel to bring simple financial products into the household, by people the community trusts. By building on existing informal networks, Aflore Informal Advisors (IAs) provide loans and sell insurance products.
Consumer behavior does not change, existing relationships are leveraged to bring back trust into formal financial services.
Aflore is scaling fast
Our model displays a superior performing portfolio through high-touch, low-cost interactions with customers.
6000+ Advisors to date
US$2.5M loans placed
4.2% unpaid loans
Spotlight on an Aflore Informal Adviser: Elizabeth Pabon
Elizabeth is an informal financial adviser who, with support from Aflore, has been able to tremendously improve the livelihood of others. Elizabeth is a true role model within her community of Rafael Uribe Uribe as she strives to educate others on money management and promote development opportunities for women. Since joining Aflore, Elizabeth has already connected six friends with Aflore loans to grow their own businesses or invest in home repairs. Each of the loans that Elizabeth has helped lend enables others to increase their own assets. Elizabeth’s involvement with Aflore has provided her with the tools to have a meaningful and enduring impact in her community.
Aflore is led by an experienced management team
Co-Founder y CEO
- 10+ years financial structuring experience in Colombia and London in major banking business (Lehman Brothers, Nomura), exiting banking sector as Executive Director.
- McNulty Fellowship 2014 recipient.
- Consumer loans operational experience in Colombia and Philippines, including former Director of “Housing for All” at Ashoka, delivering affordable housing solutions to the bottom of the pyramid.
Co-Founder y COO
- Former VP of Banco Falabella Colombia, Head of Sales Channels: leading branch network, remote and online channels, customer service.
- 12 years of experience in international financial institutions, roles including finance, O&T, business analysis, credit scoring, product management, BD, and sales and distribution.
An additional team of 50 people covering operations, product management, business development, and technology
Aflore is a Polymath Ventures company. Polymath Ventures launches high-growth startups to scale massively throughout Latin America and provides continued support.
Aflore has been widely recognised as an innovation to promote financial inclusion
Selected as one of the 30 most promising social companies from Latin America in 2014.
McNulty Fellowship 2014 recipient for social enterprising women.
Guest speaker in Social Capital Markets (SOCAP) 2014.
Selected by Innpulsa (Government initiative to promote high-impact innovative entrepreneurship) for the portfolio: "Colombian hottest startups to invest".
Cherie Blair foundation nominee for the program: Women in Business.
"Enterprising Women" contest finalist, organized by the Dutch organization Bid Network.
Rated by GIIRS – Global Impact Investment Ratings System.
BBVA Open Talent prize nominee, Latin America level.
Selected as the company with the greatest potential for disruption in the Fintech area in South America by Finnosummit Challenge.