GITP Ventures invests in MYTIC
GITP Ventures, an international private equity firm led by serial entrepreneur and investor Michael Puscar, has invested in MYTIC SAS.
MYTIC's software product, Finaxion, reduces the barrier to obtaining a loan by connecting consumers with multiple lenders quickly and easily.
"The existing paradigm fails the consumer," says 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 per cent, while the average loan rates for 60-month loans was over 20 per cent.
"Banks want to lend more money," says 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," says 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".
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.
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