Tappoyo: The fintech that empowers women entrepreneurs in Peru

In a context where financial inclusion has become fundamental for social and economic development, Tappoyo emerges as an innovative fintech with a clear purpose: to transform invisible women into unstoppable entrepreneurs. This initiative, co-founded by Rennzo Contreras and his sister Fiorella, recently won the Creativity in Business Award from UPC in two categories, reflecting not only its social impact but also its potential in the business realm. Tappoyo was born six years ago, inspired by the maternal figure of the founders, a woman who, despite her efforts as an entrepreneur, could not access financing due to the informality of her business. "Our mother is the reference that drives us," Contreras states, emphasizing Tappoyo's commitment to being a catalyst for change in a financial sector that has historically excluded the most vulnerable women. The fintech primarily targets women from sectors C, D, and E, offering financing through group loans that allow those without access to credit to receive an evaluation in less than five minutes. This approach not only streamlines the process, which in traditional institutions could take more than two weeks, but also empowers participants by fostering teamwork and solidarity. To date, Tappoyo has benefited over 4,000 women, with a notable impact on their quality of life. According to Contreras, 92% of the beneficiaries have experienced significant improvements after receiving the loan, demonstrating the effectiveness of their model. "We are providing a second chance to those women who have faced payment issues in the past, as long as the group is willing to support them," he adds. Tappoyo's main competitor is informal lenders, a sector that affects approximately 80% of the Peruvian population with interest rates ranging from 1,000% to 1,400%. This type of financing generates unsustainable debt cycles and abusive collection practices, highlighting the importance of Tappoyo's model as a viable and ethical alternative. To reach a larger number of women, the fintech focuses on developing innovative technology and utilizes a direct marketing network, the first of its kind in Peru dedicated to digital financial products. This model has enabled Tappoyo's collaborators not only to empower themselves through financial education but also to increase their income by 30%, improving their economic situation without having to fully compromise their time. Regarding the delinquency rate, which stands at around 9.5%, Contreras notes that this number is relatively efficient compared to the competition, which can have rates of up to 15%. This reinforces the idea that a business model centered on community and collaboration can be both profitable and socially responsible. The recognition obtained by Tappoyo with the Creativity in Business Award not only validates its approach but also underscores the need for contemporary companies to seek a positive impact beyond profitability. "As entrepreneurs, we must ask ourselves how our products can improve the lives of others," Contreras states, emphasizing the importance of social sustainability. Looking to the future, Tappoyo plans to further consolidate its presence in Peru in 2024, aiming to impact 4,500 women. The company is in the process of redesigning its business model to establish a solid financial base and a robust technological infrastructure, which will allow them to attract the necessary talent to scale their operations. With an estimated 3.5 million women who could benefit from their product in the regions they serve, Contreras highlights the enormous growth potential that still remains to be explored. Tappoyo's vision also includes internationalization, with Colombia as its first target market, where current conditions present a unique opportunity to implement its collective financial model. In summary, Tappoyo not only stands as a benchmark in financial inclusion but also sets a new standard in addressing female empowerment in the business sphere. With a combination of technology, community, and a strong social commitment, this fintech is paving the way towards a more inclusive and equitable future for women entrepreneurs in Peru and beyond.