Pideaky
Revolutionizing Cash Flow for LatAm SMBs
Startup Snapshot:
Startup name: Pideaky
Industry: Fintech
Business Model: B2B SaaS
Founders: Carlos Tejeda, Oscar Rydberg & Rafael Tejeda
Operations: Mexico
HQ Location: Monterrey, Mexico
Team Size: 16
Founded: 2021
Stage: Seed
Investors: Y Combinator, Sprint VC, Goodwater Capital, DVC, & Team Ignite Ventures
Website: https://pideaky.com/
Crunchbase Profile: https://www.crunchbase.com/organization/pideaky
For over two decades, the founders of Pideaky have been deeply involved with small and medium-sized businesses (SMBs) across Latin America. They previously built two successful companies in this region, demonstrating a knack for addressing the unique challenges faced by these enterprises.
Their first venture, R&C Telecomunicaciones, saw them selling over 100,000 payphones to corner shops throughout Latin America, including Chile, Peru, Argentina, Central America, and Mexico, to clients ranging from small corner shops to major carriers such as Movistar, Bellsouth, Telcel, and Telmex.
As for their second venture, Carlos explained he remembered the day his daughter received a message from her boyfriend, bypassing him. At that time, landline phones were the norm. This was when he realized that young people started connecting through the Internet, and he started thinking about how they should use this trend—to provide Internet access to people using the corner shop network. So, they built the internet network (ORCA Wireless) from scratch and provided service to 250k neighbors of corner shops.
The Problem: Access to Capital
After building two successful businesses, Carlos and Rafael gained firsthand knowledge of the needs of corner stores and marginalized and rural communities. One of the main insights they gained is that obtaining the necessary capital to maintain and grow their inventory has been a persistent challenge for many corner shops, as financial records are often incomplete or non-existent, creating barriers to securing loans with traditional financial institutions.
The Solution: AI-Powered Inventory-Based Lending
Pideaky leverages AI and computer vision to translate photos and videos into credit scores and risk models with 90% accuracy. This technology enables them to offer inventory-based lending solutions tailored to the needs of these SMBs. Additionally, Pideaky has developed top-tier automated collection and reconciliation tools to manage loan collections efficiently.
The tools developed by Pideaky not only benefit corner shops but also attract suppliers as customers. By helping suppliers manage and collect invoices in minutes rather than days, Pideaky is expanding its network and impact. This synergy allows for an increased reach to corner shops and fosters a more robust ecosystem.
Market Size and Potential
The market potential for Pideaky's solutions is substantial. Small and Medium-Sized Businesses (SMBs), Pideaky's target market, amount to nearly $70 billion annually in gross merchandise value (GMV). This demonstrates not only the sheer size of the market but also underscores the significant opportunity for growth and expansion.
Pideaky is well-positioned to help small and medium-sized businesses (SMBs) address a key challenge: lack of capital access. Many SMBs struggle to secure the funding they need to grow and operate efficiently, making them an underserved part of the financial system. Focusing on this challenge not only sets Pideaky up for significant growth but also gives these businesses the support they need to thrive and expand, which, in turn, has a positive impact on the broader economy.
The Impact So Far
To date, Pideaky has placed over 14,000 loans and served more than 6,000 corner shops. Their innovative solutions are making a tangible difference in the lives of countless SMB owners, providing them with the financial tools they need to grow.
Pideaky stands at the forefront of a financial revolution for Latin American SMBs. By addressing the critical issue of cash flow management with cutting-edge technology and a deep understanding of local market dynamics, they are fostering growth for small businesses and driving economic development across the region. Their journey from payphones to AI-driven financial solutions is a testament to their adaptability and vision, promising a bright future for Pidekay and, most importantly, Latin American SMBs and I for one, can’t wait to see what’s next for them.
Special thanks to our sponsor:
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