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: 28.05.2020
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Idea

Expediente Azul automates the document gathering process for large loans and insurance claims that require the customer sending 15-30 documents by reducing the friction caused by missing, incorrect or outdated documents sent by the customer speeding up the KYC process 3X and reducing abandonment 2X.

Current Status

The company works with over 60 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 some 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 The same thing always happens, some documents are wrong, missing, incomplete, outdated, caught in spam filters or just too big.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.

Expediente Azul automates the document gathering process for large loans, leases, mortgages or claims that require the customer sending 15-30 documents to the financial or insurance institution by reducing the friction caused by missing, incorrect or outdated documents sent by the customer speeding up the KYC process 3X, reducing abandonment 2X and increasing the overall user experience during this process.

Expediente Azul is the only FinTech web and mobile tool designed for financial and insurance institutions to easily capture (including through the customer's phone's camera), receive, validate automatically (with OCR AI) and store the many documents sent by a particular customer that requests a loan, lease, mortgage or files a claim and manages the complex communications interaction with the customer.

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. 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.

It reduces customer abandonment 2x (customers that began the origination process but didn't complete it so these are customers that the financial institution had already paid to acquire but never submitted all the correct documentation)

And increase the amount of loan case files a loan officer can follow-up on 6x without losing control of the status of each document of each individual case file.

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).

Money will be spent on

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

Offer for investor

10%

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/

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