Blue File (Expediente Azul)

Large loans, leases, mortgages and some insurance claims require the customer sending 15-30 documents to the financial or insurance institution. 

The same thing always happens, some documents are wrong, missing, incomplete, outdated, caught in spam filters or just too big. This creates a back and forth of communications to get everything right, very slow, unscalable and a horrible customer experience as well as a follow up nightmare for the loan/claims officer who has biases on what accounts to place more follow-up on to achieve his own job goals (eg. help out customers more likely to get him to his bonus).

Our tool by reduces the friction caused by missing, incorrect or outdated documents sent by the customer speeding up the KYC process 3X and reducing abandonment 2X. More money lent improves GDP but it is until you simplify the loan process that poverty gets reduced.

Challenge: Provide tools and opportunities for equitable access to credit in communities of color. 

In Mexico 37% of companies never ask for a loan because they just feel the process is too hard for them and they have no help; it is not due to them not having the assets or projects for growth. They just don't have a chance and because of biases no one helps them.

NPR reported (minute 6+) how government aid in the pandemic first ended up in the hands of companies that already knew their banker. Turns out (with real data analyzed) it was the "wealthier" neighborhoods that got money first because bankers have only 8 hours in their work day so they help out whom they think have a better chance according to their own biases. 

This unfair access to money was evident during the pandemic but this is just another day at any financial institution where people in black and brown neighborhoods just give up.

Expediente Azul automates the document gathering process for large loans, leases, mortgages or claims that require the customer sending 15-30 documents to the financial or insurance institution by reducing the friction caused by missing, incorrect or outdated documents sent by the customer speeding up the KYC process 3X, reducing abandonment 2X and increasing the overall user experience during this process.

Expediente Azul is the only FinTech web and mobile tool designed for financial and insurance institutions to easily capture (including through the customer's phone's camera), receive, validate automatically (with OCR AI) and store the many documents sent by a particular customer that requests a loan, lease, mortgage or files a claim and manages the complex communications interaction with the customer.

Small business owners just really need an easy system for their to submit all their information to have their loan analyzed, this is what we do. We don't really say we go out to target underprivileged groups but our technology just makes it fair and easier for everyone who doesn't have a banker on speed dial.

My co-founder previously owned a financial institution where he helped hundreds of small business owners get loans financed by the Mexican Stock Market so he understands perfectly the pains and together we are building technology to ease this pain.

We are currently working in an initiative with the World Economic Forum to actually scale the impact of our technology to even more countries and more institutions to give everyone that wants a loan a fair chance at getting it because they have good projects and can backup their loan, they just need help in putting the loan package together.

Our solution addresses SDG 8 and 10. Access to loans is what reduces poverty (proven by World Bank), inequality is reduced by having a platform that can offer service to those who otherwise human loan officers wouldn't invest allot of time with follow-up because loan officers only have 8 hours in the day so they service customers that are more likely to be approved (in their opinion) and that will grant them a better commission, leaving smaller businesses and minorities without proper help or follow-up in putting together the documents for a large loan like a mortgage or business loan.

We work with 70+ financial and insurance institutions en LATAM, Brazil and the Caribbean.