MYTIC has secured funding from private equity firm GITP Ventures. No financial terms were disclosed. Based in Columbia, MYTIC is a maker of Finaxion, a software product that helps consumers connect with lenders.
MEDELLIN, Colombia, April 24, 2014 /PRNewswire/ — GITP Ventures, an international private equity firm led by serial entrepreneur and investor Michael Puscar, announced today its investment in MYTIC SAS. MYTIC’s innovative software product, Finaxion, reduces the barrier to obtaining a loan by connecting consumers with multiple, reputable lenders quickly and easily.
“The existing paradigm fails the consumer,” said Adrien Battistolo, co-founder of MYTIC. “Our technology connects those consumers directly with banks to facilitate more loans for both.”
In Colombia, where MYTIC is headquartered, inflation has remained near historic lows while interest rates for loans remain extraordinarily high. The official Colombian inflation rate in February 2014 was 2.32%, while the average loan rates for 60-month loans was over 20%.
“Banks want to lend more money,” said Juan Rafael Ospina, one of the principals of MYTIC. “Our application vets and connects consumers with banks so that they can make more loans without the obstacles that exist in the current process.”
In many Latin American countries, including Colombia, applicants must go directly to bank branches to apply for loans. It is a time-consuming process that often results in frustration for the consumer.
Finaxion, MYTIC’s flagship product, allows consumers to apply for loans at the point of sale. In only a few minutes, consumers can submit their applications on-line and receive solicitations from a myriad of different financial institutions, selecting the loan that best meets their needs. For banks, Finaxion provides detailed information about the consumer and a vetting process, enabling lending in higher volumes with better results.
“We view an extraordinary opportunity in the marketplace,” said Michael Puscar, the founder of GITP Ventures. “Finaxion will fundamentally change how loans are made in Latin America. MYTIC is a perfect fit for our portfolio of companies that aggressively challenge industry paradigms through disruptive, innovative technology”.
Finaxion is currently in a limited beta. Puscar said that he expects the product to be available to the general public by July 2014.
“When banks make more loans, consumers borrow more. When consumers borrow, they spend that capital to create and grow businesses, consume products and take vacations. In the end, everybody wins,” said Puscar.
For GITP Ventures, this marks the second investment in 2014, and the second in as many months. This follows three successful portfolio exists in the second half of 2013.
About GITP Ventures
Founded in 2012 by Michael Puscar, Grupo Internacional de Tecnologia de Punta S.A. (GITP Ventures) is a private equity group that invests in dynamic, scalable companies with an international focus. GITP’s portfolio spans a wide array of verticals including technology, media, retail and fashion. GITP’s companies are challenging the paradigms of their respective industries by embracing and deploying adaptive, innovative technologies.
For more information about GITP Ventures, please visit http://www.gitp.com.co/.
About MYTIC SAS
MYTIC’s flagship product, Finaxion, is an innovative technological solution strategically designed to connect supply and demand for credit. Finaxion facilitates and optimizes the application process for loans, allowing applicants to obtain credit financing options that match their creditworthiness, and empowering consumers to select the loan that best suits their needs.
For more information about Finaxion, please visit http://finaxion.com/