The Panamanian startup PayCaddy was selected by and Combinator, the most important accelerator in Silicon Valley, in its first application, a milestone that is only achieved by 30% of the selected companies.
Of a total of approximately 17,500 companies worldwide this 2021, only 2.3% were selected and only 8% are from Latin America.
Y Combinator offers a model for financing early-stage digital start-ups where the accelerator puts them to work intensely to refine their operations, product and pitch to investors, culminating in Demo Day where they present the pitch to a select audience. of potential investors.
Panama makes its way into the region’s fintech sector with a revolutionary value proposition through PayCaddy, a company that facilitates the way companies receive and deliver digital financial services through innovative products.
They seek to democratize access to cutting-edge financial technology by providing various services such as digital wallet management, smart payments and card issuance, under an alliance signed with Mastercard in 2020.
We seek that various organizations can launch their financial products in record time,” says its founder, Juan Diego Galvez.
The Latin American region has tough challenges for companies seeking to innovate with financial products due to the lack of accessible or available infrastructure. Panama has the advantage of having a robust financial sector, which serves as a platform for a company like PayCaddy to contribute new ideas to the future of the sector, protect it and promote it.
PayCaddy sees the development of Banking as a Service (BaaS) digital infrastructure as an essential step in enabling the new wave of financial products to come.
“Financial services are essential for the functioning of society, while other industries have been revolutionized thanks to technology, the financial sector in LATAM has stagnated. Businesses will increasingly offer innovative financial services directly to their customers, and it is crucial that the path is laid for them to do so with ease, security and in compliance with local regulations. Developing the infrastructure that will allow this revolution is the work with the greatest impact for the industry today, and this is our mission,” says Gálvez.
Juan Diego Galvez and Federico Benavides, who founded the company in 2018, have focused on developing innovative infrastructure, overcoming obstacles and now, with their participation in the Y Combinator accelerator, they are launching their banking as a service product, which promises to break down barriers and build the rails for the operation of other Fintech companies in Panama and the region.