Sunday, June 4, 2023

Druo hopes to reach 600 million bank accounts with its expansion into Mexico, the US and Peru

After meeting at a multinational meeting and identifying the challenges that exist in Colombia and the world regarding payments in the financial system, a business administrator and a chemical engineer from Bogota progressed to the creation of a fintech project, now known as Druo. and is already expanding to Peru, the United States and Mexico.

Drew was born in 2022 with the sole purpose of facilitating movement between bank accounts and eliminating middlemen, which involve up to 12 agents for traditional transactions.

In an interview with Valora Analytic, the company’s CEO and founder, Alejandro Pinzon, talked about the benefits of the solution and how they plan to cater to 600 bank accounts with the arrival in these countries of the region.


“It is one of the most relevant challenges facing humanity at the moment. I think we have already seen that making calls, sending messages and even sending packages to other destinations from one country to another Simple, but sending money is usually not that easy,” Pinzon said.

Visa and MasterCard payment networks, banks, acquiring issuers, processors and clearing houses on both sides are some of the intermediaries that typically intervene in the movement of funds from one place to another.

In view of this, Druo was born with the aim of allowing companies to transfer money directly between bank accounts. In other words, eliminate all middlemen so that money can be moved from source account to destination account as quickly as possible, even internationally.

At the end of 2022, Druo processed approximately US$13 million, with over 32,000 users using the platform and working with large businesses, and it was there that they recognized the need to expand their project.

“We started to see a monthly growth of over 150% in our trade volume and this led us to the fact that in December of last year we started thinking about how we would go about solving this challenge in Colombia. How can take this idea born in many other countries” said Pinzon.

Mexico, United States and Peru, selected by Droo

Seeing not only that the model worked, but also that it had growth potential, Drew chose the countries he wanted to reach.

Druo’s CEO explained that the choice was based on how attractive the market was, its size, and how easy it was to access.

“We chose Peru because we have many customers with operations in Colombia and Peru who have asked us a lot for our solutions in that country,” Pinzon said.

Mexico was also on the radar for being the benchmark for innovation in financial systems and being a large market with a great need for a product with these characteristics.

and the United States because it is a highly relevant money movement channel with the whole of Latin America and the world, in addition to being geographically very close to Colombia.

“We hope that although we have approximately 100 million bank accounts in our network, with expansion into these markets we will begin to break the 600 million barrier already in place.”

Reaching all countries is complicated, the businessman said, because regulations change a lot. “Almost when you come to a country and you have to start a thorough analysis from a legal, regulatory, information security, cultural and even competitive point of view”.

Although arrivals in the United States and Mexico were, from a regulatory perspective, more complex, “that’s part of our business: solving these entry barriers in each market and complying with local regulations.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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