Koin, a fintech that seeks to connect businesses and end users at the time of purchase through financial solutions, reaffirms its investment in technology and team to expand the market for its Anti-Fraud product, which currently analyzes more than 21 million transactions in different countries in Latin America.
Led by CEO Nicolás Obejero, who joined the company in 2021 with the goal of expanding the business, the fintech aims to accelerate the growth of Koin Antifraude 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 geographic offerings to reach a larger number of customers in Latin America and chose Uruguay as the development center for anti-fraud solutions. The company plans to invest around US$ 5 million in improvements to its fraud prevention and payment platforms. The goal, according to Lucas Iván Gonzalez, Chief Product Officer of Koin, is to enable more and more merchants to access a quality fraud prevention solution with features such as biometric authentication and 3DS (an e-commerce authentication protocol that increases transaction security and provides a better shopping experience) to prevent losses in online purchases.
The company uses artificial intelligence and machine learning to improve this solution and offer it to Latin America."This infrastructure is what gives us the robustness to ensure secure transactions for our clients," explains the executive. "Offering security at the time of purchase is essential for any company that works with e-commerce," reinforces Gonzalez. Koin markets 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 period, the increase in online shopping volume has heightened the risk exposure for retailers, as cybercriminals continuously seek new opportunities to commit fraud. To give an idea, only in Brazil, every two seconds, there is an attempt of fraud. In 2023, Koin prevented R$ 240 million in fraud and 120,000 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 has strengthened the sales team, focusing on sustainable growth in Latin America.
For the executive, the evolution of the offering in this segment is essential to simplify transactions and provide a easier 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," concludes Gonzalez.
