A Koin, fintech that seeks to connect businesses and end users at the moment of purchase through financial solutions, reaffirms investment in technology and team to expand the market for its Fraud Prevention product, that today already analyzes more than 21 million transactions in different countries in Latin America
Led by CEO Nicolás Obejero, that arrived in 2021 at the company with the aim of expanding the business, the fintech seeks to accelerate the growth of Koin Antifraud 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 its geographical base of offerings to reach a larger number of customers in Latin America, and chose Uruguay as the center for developing anti-fraud solutions. The company plans to invest around $5 million in improvements to its fraud prevention and payment platforms. The objective, according to Lucas Iván Gonzalez, Chief Product Officer of Koin, is to ensure that more and more retailers have access to a quality fraud prevention solution with features such as biometrics and 3DS (e-commerce authentication protocol, that increases transaction security and creates a better shopping experience, to prevent losses in online purchases
The company uses artificial intelligence and machine learning to enhance this solution and offer it to Latin America."This infrastructure is what gives us the robustness to ensure secure transactions for our clients", explain the executive. "Providing security at the time of purchase is essential for any company that works with e-commerce", reinforces Gonzalez. Koin sells its products and services to companies from various countries in the region such as Uruguay, Brazil, Mexico, Ecuador, Colombia and Argentina
In the post-pandemic, the increase in online shopping volume has raised the risk exposure for retailers, since cybercriminals do not stop exploiting new opportunities to commit fraud. To get an idea, only in Brazil, every two seconds, there is an attempt of fraud. In 2023, Koin prevented R$ 240 million in fraud and 120 thousand fraudulent transactions in the country
Team reinforcement in Latin America
Currently, Koin has a team of over 350 people distributed across Brazil, Mexico, Argentina, Colombia and Uruguay, and strengthened the sales team, with a focus on sustainable growth in Latin America.
For the executive, the evolution of the supply in this segment is essential to simplify transactions and provide a smoother shopping experience for the consumers of our partners. At the end of the day, investing in prevention is a good business for any company, because it avoids financial losses due to operational and even legal costs, and above all, it is an investment that ensures the preservation of the brand's image and reputation, complete Gonzalez
