Throughout Latin America and especially in Chile, cash is very popular. This is because lots of retailers don’t take credit cards on account of the associated costs, and because card operators don’t want to install POS systems in remote locations.
Sendme is a Chilean FinTech company that decided to tackle the problem of access to cash, and developed the SendMe! app so that anyone can get it when they need it.
According to Fernando Viego, one of the company’s founders, “SendMe! stems from one key idea – everyone is a potential ATM or transaction mechanism.”
He adds, “The model is based on three pillars: the option for people to withdraw money without needing an ATM, whether from another person or from a retailer; the need for traders to dispense of accumulated cash without having to go and deposit it at a bank, reducing the risk of being robbed; and preventing suppliers from having to come back from deliveries with huge sums of cash. The idea is to create a virtuous circle where everyone benefits.”
The application is now fully developed and digital platforms are being used to raise awareness of how to find and download it free from Play Store.
Another of the founders, Luis Lombardo, notes “We’re in the process of looking for capital so that we can finance the operation in Chile and explore markets to scale up as quickly as possible, because there may only be two or three applications of this kind at the moment and we believe it’s an excellent opportunity for investors.”