Baubap Analysis: $3M Raised
What is Baubap?
Baubap is a Mexican SOFOM that offers instant personal loans through its mobile app. The company states that it lends between 500 and 9,000 Mexican pesos without checking credit bureau history or requiring income proof. It also says it is regulated by CONDUSEF and has served more than 1.5 million people.
Location
Plaza Villa de Madrid , Número 1, Piso 9 - “F”, Ciudad de México, Alcaldía Cuauhtémoc 06700, MX
Employees
51-200
Founded
2018
Revenue
$14.3-24.8M
Investors
- Six Point Capital Management
Product Features & Capabilities
- Préstamos al instante, sin buró de crédito, montos de $500 a $5,000 MXN, acceso rápido desde el celular, respuesta en menos de 10 minutos, beneficios por pago a tiempo, programa de recompensas, invitaciones para ganar dinero.
Pricing
- Préstamos desde $500 a $5,000 MXN.
- Periodo mínimo de repago: 90 días.
- Periodo máximo de repago: 24 meses.
- APR (Tasa de interés fija anual) máximo: 300%.
- CAT informativo: 1355.2% sin IVA, calculado a Junio 2024.
- Ejemplo representativo: Por $500 pagarías $874 + IVA de los intereses (Cálculo realizado con una tasa de interés diaria del 0.83% y un plazo de 90 días).
How much Baubap raised
Seed - $3 million
March 2021Lead Investor: Grupo Grameen
Who are the founders of Baubap
RS
Roberto Salcedo
Founder, CEO
LV
Luis Villarreal
Co-Founder, CTO
HQ Full Address
Plaza Villa de Madrid , Número 1, Piso 9 - “F”, Ciudad de México, Alcaldía Cuauhtémoc 06700, MX
Market Focus
Baubap primarily focuses on the financial technology industry, specifically offering instant loans without requiring credit history or income verification.
Business Model
Revenue from interest on loans and fees like origination and late payment fees.
Competitors Overview
Baubap operates in the financial technology sector, specifically in the micro-lending market in Mexico. Its main competitors include:
-
Kueski:
- Overview: Kueski is a prominent online platform for personal loans in Mexico, offering quick access to funds without the need for extensive documentation.
- Notable Differences/Advantages: Kueski provides a wider range of loan amounts and has established partnerships with various financial institutions, enhancing its credibility and reach. It also offers a more extensive customer service network.
-
Creditas:
- Overview: Creditas focuses on secured loans, allowing users to leverage assets like vehicles or real estate to obtain financing.
- Notable Differences/Advantages: Unlike Baubap, which offers unsecured loans, Creditas can provide lower interest rates due to the collateral involved, making it attractive for borrowers with assets.
-
Mimoni:
- Overview: Mimoni is another player in the micro-lending space, providing quick loans with minimal requirements.
- Notable Differences/Advantages: Mimoni differentiates itself by offering a user-friendly app and a loyalty program that rewards repeat customers with better terms.
These competitors highlight the diverse approaches within the micro-lending market, with Kueski and Creditas focusing on different loan structures and customer engagement strategies compared to Baubap's straightforward, unsecured loan offerings.
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