MOVii, a Colombian fintech and currently the third largest wallet in that country, has begun its international expansion with Peru as its first destination. The company arrives determined to energize a payment system that is going through an accelerated opening process.
Founded in 2018 by Hernando Rubio and Julian Montejo, it went from operating correspondent banking networks to becoming a pioneer in digital wallets and a central player in electronic commerce, processing 60% of e-commerce in just three years.
This growth allowed it to consolidate a portfolio that today includes cards, cross-border payments, digital wallets and more than 20 technological solutions aimed at simplifying the movement of money.
MOVii: Peru as a starting point for expansion
The opening of the ecosystem, the need for greater competition and the growth of electronic commerce were decisive factors in choosing the Peruvian country as the first step in its regional strategy, contemplating Chile and Mexico in a few years.
“The Peruvian market offers conditions very similar to those that allowed the success of fintech in Colombia,” comments Hernando Rubio, co-founder of MOVii.
To stabilize its arrival, the company will invest more than US$2.2 million in the next two years, resources financed by its own income. The medium-term goal is to conquer at least 8% of the Peruvian market in a period of five years, which is equivalent to more than 192 million processed transactions.
Strategic alliances to integrate into the payments ecosystem
The fintech considers it essential to build relationships with local actors to offer a comprehensive acquisition service, which is why they have started conversations with Peruvian banks and the Central Reserve Bank of Peru, with the aim of actively joining digital payment initiatives. In addition, it is considering integrating with massive solutions such as Yape and Plin.
The company is also looking closely at the development of large-scale payment infrastructure and seeks to contribute the experience accumulated in Colombia, where it has participated in projects that have promoted the modernization of the financial system. Its commitment is aligned with the vision of open banking and open finance, which it considers essential to build a more competitive and connected ecosystem.
