Civico, a Bogotá, Colombia-based digital platform that enables access to information and services to improve the quality of life of individuals in Latin America, received an investment from global nonprofit Accion.
The amount of the deal was not disclosed.
The company intends to use the funds to invest in technology and analytics, expand its merchant network, and develop its suite of financial services.
Led by Ricardo Pombo, CEO and Co-founder, Civico provides micro, small, and medium enterprises (MSMEs) in Bogotá, Colombia; Mexico City, Mexico; and Santiago, Chile with a platform to connect with local customers as well as business information and payment services. The company also provides merchants with electronic payments, e-commerce, business education in digital marketing techniques, coupons and loyalty programs, as well as better bookkeeping techniques.
Today, Civico has more than 600,000 registered merchants and helps serve more than 4 million consumers.
As part of its merchant customer acquisition strategy, Civico uses an innovative crowdsourcing model to identify and confirm MSME information, including the business’ names, contact information, hours, and services. This information, along with merchants’ and users’ data, helps the company learn more about the MSMEs it serves, connect them with local customers, and develop deeper profiles that can be used to better understand community needs and provide entrepreneurs with tailored financial services.
Civico also partners with large financial service providers to help entrepreneurs access the electronic payment systems they need to accept credit and debit cards, allowing them to increase sales.