Baro develops accessible, cost-effective credit products to help Mexico's unbanked access credit and improve their financial condition through a cash-back credit wallet built on top of the Stellar blockchain.
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Baro's co-founders, André and Jorge, were inspired to create their startup after experiencing firsthand the struggles of being unbanked in LATAM. André's parents experienced financial difficulty when they defaulted on their credit card payments and lost access to financial services. Similarly, Jorge's family also lost access to financial services, and he personally struggled with high-interest pawn shop loans. We realized that lack of access to formal credit was a major problem, with only 24% of Mexicans having access to it.
Baro leverages Stellar to provide cost-efficient and accessible credit products to México’s unbanked. The startup aims to transform the lives of those who need it the most and contribute to building a more inclusive and equitable financial ecosystem in the region. Baro addresses the challenges of limited access to banking and retail services, economic uncertainty, and reliance on informal credit with high rates and fees.
Baro leveraged the Stellar blockchain during the Stellar Startup Camp to develop a cash-back credit wallet that benefits both unbanked users and merchants. The digital rewards wallet allows unbanked individuals to earn Baro tokens on the Stellar chain from each cash transaction, while also helping merchants log their sales and save countless hours at the end of each day. This innovative solution not only promotes financial inclusion by providing access to credit options for unbanked individuals, but also helps create a more efficient and streamlined financial ecosystem in LATAM.
We were drawn to Stellar because of its fast and affordable blockchain, which perfectly aligns with our mission to provide a faster, safer, and cheaper product for the unbanked in LATAM. We were thrilled to be invited to participate in the SCF Startup Camp. Our primary goal was to develop a wallet with features that catered to the needs of the unbanked in LATAM. We wanted to incorporate token generation with each cash transaction for the users while also helping merchants track their expenses and save time.
The week-long camp was challenging, and we knew it would be. But, with our experience in hackathons and other competitions, and our commitment to the cause, we persevered. We received valuable feedback from members of the Stellar team, which helped us refine our business model, growth strategy, and product. Despite the long hours and sleepless nights, the overall experience was enriching, and we left with a stronger product and a more profound appreciation of the Stellar community.
Baro leveraged the Stellar blockchain during the Stellar Startup Camp to develop a cash-back credit wallet that benefits both unbanked users and merchants. The digital rewards wallet allows unbanked individuals to earn Baro tokens on the Stellar chain from each cash transaction, while also helping merchants log their sales and save countless hours at the end of each day. This innovative solution not only promotes financial inclusion by providing access to credit options for unbanked individuals, but also helps create a more efficient and streamlined financial ecosystem in LATAM.
Participating in an SCF Startup Camp is a unique opportunity to accelerate your project and receive feedback from experts in the industry. Don't be afraid to step out of your comfort zone and embrace the challenge. The experience will push you to develop your product in ways you never thought possible. And remember, always keep your snacks, coffee mugs, and favorite music on hand to help you power through the week!
André Guardia, Founder of Baro
Hi Stellar Community! I'm André, senior Physics major at Illinois Tech with profound interest in blockchain technology, fintech and venture capital. Previously I've worked as a DevOps researcher at Illinois Tech, Venture Analyst at web3 Venture Fund Decasonic and Partner at Dorm Room Fund. I was born and raised in Costa Rica to an unbanked household. I am heartbroken by the reality a lot of unbanked households in latin america have to face, and am determined to change that. I have experience in startup strategy, venture capital, product management and development.
Jorge Plascencia, Founder of Baro
Hello, everyone! I'm Jorge, a second-year CS major at Illinois Tech, with a passion for building scalable technologies that support the unbanked in Mexico, where I grew up. Through my previous work with NGOs and participation in various hackathons as a software developer and product designer, I have gained valuable experience and honed my skills in creating impactful solutions. As an informal vendor in Mexico, I experienced first-hand the challenges and frustrations that unbanked merchants face daily, which drives my desire to create innovative solutions that benefit the underprivileged. Additionally, my own upbringing without access to bank accounts fuels my commitment to improving the lives of the unbanked. I have a strong network in Mexico, where our operations are based, and I am dedicated to leveraging technology to make a positive impact in the lives of the unbanked.
Disclaimer: The SCF Startup Camp finalists (collectively, “SCF Finalists”) are selected based on set criteria and are assessed by a selection panel composed of employees of Stellar Development Foundation (“SDF”) and DFS Lab (“DFS Lab”), as well as community members selected by SDF and/or DFS Lab to participate on such selection panel (collectively, “Panel Members”). While the Panel Members have sought to evaluate SCF Finalists as part of the SCF Startup Camp, none of SDF, DFS Lab, or the Panel Members makes any claims, promises, or guarantees about the accuracy, completeness, or adequacy of the submissions made by such SCF Finalists. No warranty of any kind, implied, expressed, or statutory, including but not limited to the warranties of non-infringement of third party rights, title, merchantability, or fitness for a particular purpose is given by SDF, DFS Lab, or any Panel Member. Reference to any specific commercial product, process, or service does not constitute an endorsement or recommendation by SDF or DFS Lab. Nothing herein should be construed as financial, legal, or investment advice. If you choose to interact with any SCF Startup Camp Finalist, you should ensure you understand the technology, the assets, and that you are aware of the risks involved in such operations.
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