Introducing Zenpli: The identity partner for LatAm
Hey there! We’re Zenpli, the identity department that customers buy as an API.
The identity partner for LatAm
Hey there! We’re Zenpli, the identity department that customers buy as an API.
We understand deeply that digital innovators in the finance space need to get user identity right to achieve sustainable growth. But, relevant user data is highly fragmented making it a very pressing and difficult challenge. In LatAm, companies build in-house solutions that use valuable resources & leave the door open to fraudsters and regulatory risks.
Our vision is to build the most accurate and best performing decision-engine in the market that can provide robust fraud prevention and regulatory compliance. This decision-engine is informed by an exhaustive set of advanced and constantly evolving proprietary risk signals. Our goal is that digital innovators in LatAm can ‘buy’ their identity department versus ‘building’ it.
Elastic by design, whether you’re a small startup or a big enterprise, we’ve got you covered. By letting us do the identity heavy lifting for you, we’ll make sure your business is protected from all kinds of financial crimes related to identity fraud during account openings.
And the best part? Integrating our platform with your existing tech stack is incredibly straightforward and hassle-free. Our Onboarding API can be up and running on your system in less than a day. That way, you can focus on growing your business and leave fraud prevention to us.
Zenpli’s team and purpose
At Zenpli, we wholeheartedly embrace the immense potential of fintech and the pursuit of financial inclusion in Latin America. We possess a profound understanding of the detrimental consequences that fraud can inflict upon these businesses. That’s why we have assembled a team comprising seasoned experts with extensive experience in combating fraud across the region’s most intricate industries, including neobanks, credit lenders, proptech, gig economy, and payment infrastructure.
Our mission is to revolutionize the way companies perceive fraud prevention and to enlighten them about the critical importance of addressing it at every stage of their business. We firmly believe that neglecting fraud prevention can impede progress, stifle growth potential, undermine user experience, tarnish a brand reputation, and result in a substantial loss of time and resources.
We are here to empower you, to ensure that your product launches are timely, your growth trajectory remains unhindered, your users have a seamless and secure experience, and your brand stands as a symbol of trust and integrity. Together, we can defy the constraints of fraud and unlock new horizons of success in the dynamic world of finance and technology.
By increasing awareness, Latin America’s fintech space can mitigate all expansion pains related to fraud, resulting in more organic growth and experience. We’ve experienced fraud, and how it affects both business and customers. And our rules of thumb are that:
- Fraud can delay your product launch by 6+ months -
In 2021, a proptech company planned to launch a lending product in Colombia and Mexico, providing loans for down payments on houses. However, after a long discovery process, the company realized that they needed a comprehensive 360 approach to the user to assess their eligibility for a loan, taking into account factors such as credit history and financial capacity. The company’s failure to address potential risks associated with the lending product left it vulnerable to both first-party and third-party fraud, resulting in a three-month postponement of the product launch.
- Fraud can impede moving from MVP to Growth Mode -
In 2020, once a promising MVP, the growth of a new buy-now-pay-later fintech in Colombia was put on hold due to an unforeseen issue. The company’s insufficient KYC/AML and ID verification process made it vulnerable to 3rd party fraudsters who found a way to bypass the system, resulting in significant financial losses. After a thorough discovery process, the company identified the root cause and took necessary corrective measures. They realized that to ensure the security of their system and prevent fraud, they needed to have a comprehensive understanding of their users.
- Fraud can hurt your user experience and brand image -
In 2021, a Mexican neobank gained popularity for its low fees and attractive features. However, it soon faced a surge in onboarding fraud, with scammers opening accounts using fake IDs and carrying out unauthorized transactions such as money laundering. Legitimate customers noticed suspicious transactions and complained to the company, while local media reported on the security issues. This damaged the neobank’s reputation, causing many customers to close their accounts and seek alternatives. To address the problem, the neobank invested in technology and personnel to improve their fraud prevention systems, but this resulted in higher rejection rates and a less user-friendly experience. The onboarding fraud impacted the neobank’s profitability, growth, and customer trust.
- Fraud can raise your CAC -
In 2020, a neobank was launched in Mexico to attend to the underserved market, accelerating conversion rates while managing risk. However, the product became a victim of its own success, attracting both fraudsters and prospects looking for a way to exploit the system. The team had to quickly adapt their KYC and underwriting policies to counter the evolving threat, subscribing to a significant number of data sources and ML models and bringing in subject matter experts from other geographies to normalize product launches. The cost of adding these unexpected elements significantly raised the product’s CAC and operating costs by more than 2x.
In conclusion, fostering robust growth in the fintech industry necessitates the implementation of a strong and reliable identity and anti-fraud system, given the industry’s susceptibility to fraudulent activities. While it may initially appear as an expense detached from core business functions, the long-term cost of neglecting these measures can far exceed the upfront investment. Embracing these solutions is not only vital to prevent losses but also pivotal in enabling fintech companies to expand their operations into new markets and drive substantial profits.
By prioritizing security and continually enhancing their technological capabilities, fintech companies can ensure the safety of their esteemed customers and partners, fueling accelerated growth and cultivating a thriving business model. Safeguarding against fraud becomes a catalyst for attracting and retaining customers, establishing a competitive edge, and bolstering market presence.
Take the proactive step today and fortify your fintech venture with an unwavering commitment to security and growth. Empower your business to reach new heights, seize untapped opportunities, and unlock unprecedented success. Together, let’s embark on a transformative journey toward sustained growth and prosperity.
Onboarding API, How does Zenpli work?
At Zenpli, we take a unique approach to fraud prevention that prioritizes user decisions over attribute validations. Our aim is not simply to verify the authenticity of individual data points such as “email is real”, “phone number is reachable”, or “documents are valid”, but to go further and authenticate the user as a whole.
Through our Onboarding API, we can gather and analyze multiple data points in aggregate, allowing us to gain a comprehensive understanding of the user and detect potential correlations that may indicate the use of synthetic identities or fraudulent behavior. This holistic approach enables us to make informed decisions on whether to approve or reject the user based on your business rules, enabling us to swiftly identify bad actors and help fintech customers like you authenticate users with greater accuracy.
What’s more, our solutions work seamlessly in the background through an API without compromising your user experience.
As Fintech innovation keeps expanding throughout Latin America, at Zenpli, we envision a world where you can hire an Identity as a Service (IaaS). So you can focus on growing your business while avoiding the pain of integrating and operating 8–12, even more, third-party data vendors, enduring prolonged procurement processes, developing complex in-house decision models that mildly serve your business needs, and increasing your Total Cost of Ownership (TCO). Leave the heavy lifting to us.
Zenpli is the identity department that customers buy as an API