n1co

About n1co

n1co is a financial technology company headquartered in San Salvador, El Salvador, positioning itself as a neobank for Central America. The company was founded in 2022 by Alejandro Argumedo, Ricardo Cuellar, Juan Maceda, Alejandro McCormack, and Pamie Marinakys. This founding team carries significant regional experience, notably from their success with Hugo, a major Central American delivery app, which was later acquired by Delivery Hero. This prior success was instrumental in securing investor confidence and capital. The fintech functionalities developed within Hugo were carved out and evolved to create n1co, with a mission to democratize financial services in the region.

n1co's business model targets both individual consumers (B2C) and businesses (B2B), aiming to bridge the gap between the banked and unbanked populations. For businesses of all sizes, the company provides a suite of tools to accept digital payments through various channels, including credit and debit cards, payment links (n1colinks), QR codes, and point-of-sale terminals (n1coPOS). The business offering also includes features like creating an online store, order management (n1coToma pedidos), and detailed sales analytics via the n1coApp Business application, without charging monthly fees or subscriptions. As of mid-2024, the platform served over 12,000 businesses across El Salvador, Honduras, and Guatemala, processing more than one million transactions monthly.

For individual users, n1co offers a fully digital financial experience through its mobile app and an associated VISA card. The app allows users to open an account, send and receive money instantly between n1co users, and manage their finances without maintenance or minimum balance fees. The n1co card enables national and international payments, cashback on purchases, and access to exclusive promotions. The company secured a significant pre-seed funding round of between $18 million and $23 million from regional business groups and investment funds, underscoring its ambition to become a leading neobank in Central America.