Photo - Expediente Azul
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Expediente Azul

3x faster KYC for loans, leases and claims

Mexico
Market: Insurance, Financial services
Stage of the project: Operating business

Date of last change: 18.02.2022
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Idea

Automating the document gathering process for loans that require the customer sending 15-30 documents by reducing friction, speeding up KYC 3X and reducing abandonment 2X

Current Status

The company works with over 90 financial institutions including UNIFIN (14b market cap) and Financiera Independencia (1.5b market cap) in Mexico, BMG Bank and Banco Inter in Brazil, Coltefinanciera in Colombia, Blue Bank in Curaçao, among others.

We have processed thousands of loans and claims with close to 500,000 documents.

Market

Financial brokers
Insurance brokers
Financial institutions (traditional, alternate and new Fintechs)
Insurance institutions

Problem or Opportunity

Large loans, leases, mortgages and insurance claims require the customer sending 15-30 documents to the financial institution. The same thing always happens, some documents are wrong, missing, incomplete, outdated, caught in spam filters or just too big. This creates a back and forth of communications to get everything right, very slow, unscalable and a horrible customer experience as well as a follow up nightmare for the loan/claims officer.

The technology used today by the large loan market ($7.4B WW revenue) to gather the tens of documents from the customer is email, post-its and pen drives.

Solution (product or service)

Expediente Azul speeds up the time it takes for a business or individual to send all the correct documentation by 3x, thus speeding up the loan approval and reducing customer abandonment 2.5x. It results in a faster time to money for not only the customer but also for the financial institution. Financial institutions are able to collect the origination revenue faster which in developed markets is usually more profitable than the actual money from interest.

Competitors

Google Drive
Ezidox
Floifly

Advantages or differentiators

We are the only solution designed for Latin cultures that require an intense followup to put all the documentation together and have adapted to local communication channels like Whatsapp (vs. SMS used by our competitors focused in the US).

Business model

SaaS+ based on usage and additional plugins

Money will be spent on

60% commercial activities
10% customer success
30% product development

Offer for investor

5% SAFE

Team or Management

Incubation/Acceleration programs accomplishment

Parallel 18
StartupBootCamp Scale Fintech Mexico City
SEED, Belo Horizonte, Brazil

Won the competition and other awards

Forbes 2020 promise:
https://www.forbes.com.mx/30-promesas-2020-expediente-azul-dice-adios-al-exceso-de-documentos/

AWS Success Story:
https://aws.amazon.com/es/solutions/case-studies/expedienteazul/

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video