The startup BitPagos is making waves at the TechCrunch Disrupt 2016 event held in New York. The conference at the Brooklyn Cruise Terminal has highlighted the company’s achievements to enable credit within the online blockchain industry.
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The team has also made it as a finalist for the Battlefield contest that featured twenty entries, and is now down to six. Judges from Betaworks, Precursor Capital, TechCrunch, and Greycroft Ventures will evaluate the finalists for the final day of the Battlefield contest.
BitPagos Named a Finalist at Disrupt’s Battlefield Contest
The San Francisco-based BitPagos was founded in 2013 by Sebastian Serrano, Luciana Gruszeczka, and Mugur Marculescu. BitPagos says it is, “democratizing the access to financial services in emerging markets through the use of blockchain technology.” Currently, the startup is trying to enable a credit system for online payments in emerging markets. Citizens located in certain regions have a hard time getting credit cards and therefore typically cannot make an online purchase. The company wants to change this situation with a blockchain-based alternative so people can purchase items on the worldwide web.
During the Battlefield contest pitch, the company told the audience how it’s focused on the unbanked and those who cannot obtain credit cards. It will use the digital ledger to create a payment system that enables those with limited access to transact online.
For instance, only 20% of Latin America‘s citizens own credit cards and millions of people have never possessed a bank account. This poses a problem in the online commerce world for many people located all around the globe, and BitPagos wants to mend the situation.
Ripio is the blockchain-based credit system created by the BitPagos team. After verifying the user’s identity, the company says it can approve a person fairly quickly. The startup receives revenue from minor premiums for each payment plan, but the fees are reportedly much lower than typical credit card establishments. Those who use the BitPagos wallet get approved if they have a verified payment history using the application.
This company has been making its mark on the fintech industry and says it will continue to progress. The startup has raised over $2 million USD in funding from 11 investors, including Draper Associates and the Digital Currency Group. Ripio is launching first in Argentina, but the team plans to showcase its blockchain-based credit service in Brazil soon.
