Palenca

Big Data, Computer, Software

Author

Peniel Keme Kitoko
April 16, 2024 • Estimated Reading Time: 3 minutes

🌎🌍🌏| South America Tuesday

The Simplest Way to Validate Income and Employment Information.

  Problem

  • Market Potential: Amidst the advancement of Open Finance, there’s a growing need for accurate income validation in finance in Latin America.

  • Challenge: Accurately assessing credit risk for workers in the ‘gig economy’ poses a great challenge due to the unstable nature of their earnings.

  • Lacking Tool: Traditional methods, such as manual submission of screenshots from various platforms, are inefficient and prone to fraud.

    • Extra Barriers: ‘Gig workers’ often receive payments from multiple sources, adding complexity to income verification.

This issue's Startup equips financial institutions with a tool for accurately validating income data without compromising user privacy.

  Solution

Palenca

Palenca provides a seamless API-driven platform facilitating real-time income and employment validation for workers in the ‘gig economy’.

How: By integrating with major gig economy platforms, they extract real-time data directly from the source, ensuring accuracy and reliability.

  • Platform: Their platform provides over 50 data points, including earning history, and trip details, easing a comprehensive credit risk assessment.

  • Target: Targeting banks, fintechs, and neobanks, their solution caters to the evolving needs of the financial sector in Latin America.

  • Resolving: Palenca streamlines income processes, mitigating the risks associated with lending to ‘gig workers’, enhancing financial inclusion.

Product Demonstration

  Company Info

  • Industry: Big Data, Computer, Software

  • Business Model: SaaS

  • HQ: São Paulo,

  • Founding Year: 2021

  • Employee Count: 11-50

  • Investors: 500 Global, Y Combinator, Foundation Capital, Kima Ventures, Four Cities Capital, Serasa Experian

  • Funding Amount: $5 Million

  Traction

  •   Operations in five countries and +120 employers and platforms

  •   Coverage of more than 50 million workers

  •   Reducing verification costs by 80%

  Competition Advantages

  • Providing specialized solution for the gig economy

  • Seamless integration with gig economy platforms

  • Providing deeper insights for more accurate credit assessments

  Founders

  • Antoine Nguyen Hong Duc, Co-Founder & CTO

  • José Carlos Aguilar, Co-Founder & Co-CEO

  • Pierre Delarroqua, Co-Founder & Co-CEO

  Job Opportunities & Contact

  • Hiring Status: Active

  • Contact Information:

    • https://www.linkedin.com/company/palenca/

    • https://www.palenca.com/mx/contacto

  Why Invest by George

❝

Ooh-ooh-ahh-ahh! Palenca good, make bank happy with data! No more banana for wrong monkeys!

🐵

- George Capuchinski -

  Voices From Our Community (By George: Coming Soon 🍌)

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Cheers,

Peniel Keme Kitoko

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