Koin, a fintech company that seeks to connect businesses and end users at the time of purchase through financial solutions, reaffirms investment in technology and staff to expand the market of its Anti-Fraud product, which today already analyzes more than 21 million transactions in different countries in Latin America.
Led by CEO Nicolas Obejero, who arrived in 2021 to expand the business, fintech seeks to accelerate the growth of Koin Anti-Fraud in the region. The product was developed to prevent fraud in e-commerce transactions and maximize sales conversion rates, through an extensive database, machine learning models and a team of experts.
In 2024, Koin decided to expand the geographic base of offers to reach a greater number of customers in Latin America, and chose Uruguay as the center for the development of anti-fraud solutions.The company plans to invest about US$ 5 million in improvements to its anti-fraud and payment platforms. The goal, according to Lucas Ivan Gonzalez, Chief Product Officer of Koin, is to make more and more merchants have access to a quality anti-fraud solution with features such as biometrics and 3DS (e-commerce authentication protocol, which increases the security of the transaction and generates a better shopping experience).
The company uses artificial intelligence and machine learning to improve this solution and offer it to Latin America.“This infrastructure is what gives us robustness to ensure secure transactions for our customers”, explains the executive.“Offering security at the time of purchase is essential for any company working with e-commerce”, reinforces Gonzalez. Koin markets its products and services to companies in several countries in the region such as Uruguay, Brazil, Mexico, Ecuador, Colombia and Argentina.
In the post-pandemic, the increase in the volume of online purchases increased the exposure to risk for retailers, as cybercriminals continue to explore new opportunities to commit fraud. To have an idea, only in Brazil, every two seconds, there is an attempt at fraud. In 2023, Koin avoided R$ 240 million in fraud and 120 thousand fraudulent transactions in the country.
Team building in Latin America
Currently, Koin has a team of more than 350 people distributed in Brazil, Mexico, Argentina, Colombia and Uruguay, and has strengthened the commercial team, focusing on sustainable growth in Latin America.
For the executive, the evolution of the offer in this segment is essential to simplify transactions and provide an easier shopping experience for consumers of our partners. “At the end of the day, investing in prevention is a good deal for any company, because it avoids financial losses due to operational and even legal costs, and above all, it is an investment that guarantees the preservation of the image and reputation of the” brand, Gonzalez adds.
