Eric Till

Alumni of UC Los Angeles - Economics, Political Science, Public Policy (Undergraduate)

Escotilla Financiera

We are a bootstrapped Online Marketplace Microfinance Lender offering small loans to entrepreneurs in Latin America. We leverage mobile internet and digital wallet technology to source and service loans to entrepreneurs in developing countries, and we do it entirely online. We are building a branded, scalable, comprehensive product with an emphasis on a high-quality user experience that will encourage repeat customers. Our ideal approach to underwriting incorporates both ability-to-pay principles as well as ‘big data’ machine learning credit models to identity quality applicants that banks are overlooking. We spent a year building the prototype, and executed a soft launch this summer to prove the market. It worked, and we are currently sourcing and servicing customers in Latin America entirely online. We offer a simple, one-stop Web Application for our customers that has the online application form, user dashboard area, and payment portal all in one place. We source our customers via targeted online advertising, and communicate with them via smartphone messenger services they are already familiar with. We are disrupting the stale microfinance business model by eliminating the need for a personal presence in local jurisdictions. By design, we have centralized sourcing, servicing, and underwriting, which enables us to create a branded product and reach a scale that differentiates us from the established providers (there are over 1,000 disparate microfinance institutions throughout Latin America). The only infrastructure our customers need is access to the internet and a bank account. We are excited about the expanding mobile internet subscriber base in Latin America (150mm new users by 2020), and the level of technological savvy quickly becoming a part of the culture (over 300mm Facebook users in Latin America, and payment Apps are popular smartphone downloads). Our consistent underwriting approach and reliable financing also promotes financial literacy for our customers and encourages repeat business. Online lending supported by machine learning models is the future; Escotilla is bringing it to Latin America today!



Primary Industry Sector: Software and Services
Funding Status: Preseed

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