Julio Lavalle for MiBolsillo App

At MiBolsillo we help financial institutions in LATAM by providing them with lots of low risk clients through an AI-Powered Financial Advisor that gives, to the formerly unbanked, access to the financial services they need.

👋🏽Hola/Oi/Hello from breezy Lima, Peru as we wrap up our in-person strategy meeting with all of our leads to plan an ambitious 2022. Definitely work with a team you want to go surfing with! the last days have shown the real connection we've built even across Zoom windows in the last year. Very excited about the evolution of our team and what we're accomplishing. Here the hot stuff since our last update:

• We made it to the Construtec Hub in Peru! this is a massive construction conglomerate facilitated by Utec and Habitat for Humanity that aims to provide construction solutions for the unbanked and underbanked in Peru. MiBolsillo will play a key role by using its alternative credit score and digital financial advisor to originate loans and financial assessment.

• We were also chosen as one of the 7 fintech for financial inclusion to join the CAF (Latin America's Development Bank) Lab to work on projects with key partners in Chile, Uruguay, Paraguay and Argentina, together with Endeavor.

• Still raising our seed round, let's chat (Calendly) sometime early next year so that we don't miss out on this potential opportunity to work together.

• Engagement/retention KPIs keep trending upwards: 72% 🔼of users who download the app finish their account set-up and register a financial goal. 90%+ users are interacting with the financial advisor in the app.

• We reached our goal to validate the effectiveness of our financial advisor by lending S/16k ($4k) in nano-loans with non-performing loans standing at 5,8%. Current NPLs for this segment in Peru accounts for 7,6%. We're validating that v.2 of our AI-PFA (AI Powered Financial Advisor for micro/small business owners) is having an impact on loan repayment and are making the right tweaks to our model to be more accurate. User stories on how we've helped them to grow their businesses is what's more powerful about.

• Just migrated our app to Flutter 2, this will help to create a more robust and scalable product taking advantage of the new framework ecosystem as well as to consume easily third-party providers. First providers to come onboard are ID validation with biometrics and digital signatures for loans taken in the app.

• We keep building the team to reach our 1 million user mark and we've just onboarded Giacomo Brambilla, fintech entrepreneur and digital commercial wizard to massively bring our solution to the doors of all financial institutions.

• This year we validated that our white label offering is solving the pain of a specific segment in micro finance and will tackle this market by offering the first mobile banking app for the 85% of micro finance institutions in the region that still don't have a digital interface to originate and interact with their clients.

• 6 paying clients, 4 of them have renewed contracts for 2022
• 3 PoCs to be implemented in January 2022, and 6 in total in Q1.
• Sales increased by 121% YoY compared to 2020.

• Looking for an AI-Powered Financial Advisor PO [LATAM based preferably] to keep building with us the next stage of prediction based on machine learning. Someone who loves product and has data modeling skills is key for us. Check out the job description here and please help us by socializing it.

• For all the support we've received from Luis Enrique from the Constructech Hub for all the support to navigate massive corporations and land a pilot with them.
• Evelyn, Melissa and Rob for the feedback and who introduced us to great partners at Caja Piura.
• Josef and Elle @ Techstars for the multiple intros these last weeks.
• And of course to our mentors and everyone who has taken the time to listen and provide feedback.

• As we deepen the conversation on culture and the requirements of our team members increase, our question is: when is the right time to hire an HR person, and should this investment be a priority compared to let's say a product manager? Thanks for the advice in advance.

Hope this update was helpful. Please do feel free to reach to [email protected] with feedback, ideas and more.

Abrazos/ abraços /hugs! and happy holidays, it's been a wonderful year thanks to you.

Julio Lavalle