- Through technological implementations, Tappoyo conducts alternative analyses of the credit profiles of its users.
- More than 70% of women receiving these loans are single mothers, and 3 out of 10 have started a new venture after receiving financing.
- It became the first fintech in Latin America to disburse group loans to women in rural areas.
Access to formal financing has historically been a challenge for many people in Peru, especially for women living in rural areas. In this context, the inspiring story of Fiorella Contreras emerges. This entrepreneur decided to found Tappoyo, the Peruvian fintech that is revolutionizing the lives of thousands of women in the country.
A powerful idea
Fiorella Contreras was born in a small town in the heart of the Peruvian Andes. From a young age, she witnessed the economic difficulties her mother, an artisan, faced in keeping her small business afloat. Despite working tirelessly, the informality of her venture prevented her from accessing credit, limiting her potential for growth and progress.
This scenario of exclusion deeply affected Fiorella, who, at 17, decided to move to Lima to study banking administration. There, her interest in finance grew, motivated by the need to change the financial landscape for people like her mother. After more than a decade of work experience in the sector, she felt it was time to do something different and meaningful for her community.
The birth of Tappoyo
In 2018, Fiorella founded Tappoyo, a fintech specifically designed to provide group loans to rural women. This innovative model focuses on offering an accessible alternative for women whose economic activities are not recognized by traditional banks, primarily due to the informality of their businesses.
With over 2,500 women financed, Tappoyo became the first fintech in Latin America to disburse group loans to women in rural areas.
The name Tappoyo comes from a Quechua word meaning “support” reflecting the company’s goal: to empower entrepreneurial women in rural areas by providing them with the necessary tools to improve their economic conditions and, consequently, those of their families and communities.
Innovation and financial inclusion
What sets Tappoyo apart from other financial institutions is its intensive use of technology to assess the credit profiles of its applicants. Through artificial intelligence and data analysis, the fintech can create detailed profiles of entrepreneurs, even when they lack formal financial histories. This approach allows for a more accurate risk assessment, reducing barriers to accessing credit.
The collective credit model, called “Mujeres Pro” groups together 8 to 15 women from the same community, who register on the Tappoyo platform. Within days, the credit is evaluated and disbursed, allowing entrepreneurs to access capital to grow their businesses. This system not only promotes entrepreneurship but also creates support networks among the beneficiaries, strengthening social ties in rural areas.
Impact and expansion
Since its founding, Tappoyo has had a notable impact on the lives of its beneficiaries. More than 70% of the women receiving these loans are single mothers, and three out of ten have started a new venture after receiving financing. This success has allowed the fintech to continue expanding, with plans to increase its number of beneficiaries from 3,200 to 18,000 by 2024.
Additionally, Tappoyo aims to expand to other countries in Latin America, starting with Colombia in 2025. This growth reflects the effectiveness of its model and the need to replicate similar initiatives in other contexts where rural women face similar challenges.
Breaking barriers
The COVID-19 pandemic did not halt Tappoyo’s progress. During that time, the company participated in startup acceleration programs and established key partnerships with international institutions, such as the U.S. Agency for International Development (USAID). In 2021, Tappoyo became the first fintech in Latin America to disburse group loans to women in rural areas, marking the beginning of a new era for financial inclusion in the region.
Recognition for these achievements came quickly. In 2022, the fintech was awarded the “Gran Desafío Kunan,” a prize that provided capital to continue expanding its operations. A year later, they were also recognized at the ODS Awards for Sustainable Peru in the category of Business Creativity.
The future of Tappoyo
With sustained growth, Tappoyo has not only changed the lives of thousands of women but has also demonstrated that innovation and technology can be powerful tools to combat financial exclusion. In a country where many entrepreneurs still struggle to access formal financing, this fintech has become a beacon of hope and transformation.