Destacame

Destacame operates as a financial technology firm focused on Latin America's underbanked and unbanked populations, providing a platform for financial health and inclusion. Founded in 2014 by Sebastian Ugarte, Augusto Ruiz-Tagle, and Jorge Camus, the company originated while the founders were completing their MBA program at MIT. The co-founders possess strong entrepreneurial backgrounds; Ugarte has experience in engineering and investments, while Camus previously co-founded two other companies, including an airline. Ruiz-Tagle holds a degree in industrial civil engineering and has a background in banking and business development.

The company's core business addresses a significant market gap where traditional credit scoring is often based on negative information, excluding individuals with thin or non-existent credit files. Destacame developed a proprietary algorithm that generates an alternative credit score by analyzing non-traditional data, such as an individual's history of paying utility and telecom bills. This score provides a more holistic view of a person's creditworthiness, enabling financial institutions to extend credit to previously overlooked segments. Initially, the firm found that alternative scores alone were not enough to secure loans from major banks. This led to a strategic pivot, evolving the platform into a comprehensive financial management hub.

Today, Destacame offers a suite of products directly to consumers in Chile and Mexico. Users can access their traditional and alternative credit scores for free, receive guidance on improving their financial standing, find options for repaying past-due debt, and access tailored financial products like graduating loans, consumer loans, and credit cards. The business model generates revenue through multiple streams. A primary source is referral fees from the 35+ financial institutions it partners with when a user successfully acquires a product through the platform. The company also offers a B2B product, "Destacame PRO for Teams," a package of financial wellness benefits that employers can provide to their employees. The platform's free credit score product serves as a significant customer acquisition tool, attracting users and gathering data to segment them for appropriate financial offerings.

Significant milestones include a seed funding round in 2017 led by Accion Venture Lab , a $3 million Series A in 2019 , and a $10 million Series B in 2022 led by Banco Santander. These capital infusions have supported the company's expansion into Mexico and the continuous development of its product suite, with the stated goal of reaching 10 million users by 2025.

Keywords: financial inclusion, alternative credit scoring, fintech, Latin America, creditworthiness, personal finance management, financial health, debt management, consumer loans, credit building, unbanked, underbanked, financial wellness, bill payment data, credit score, financial education, digital lending, B2B financial benefits, Chile, Mexico, startup, series B, Accion Venture Lab, Banco Santander, FEN Ventures