Unicorn Companies in Ecuador in 2024
Ecuador's startup scene is young, but it's growing fast. Leading the charge is Kushki, a fintech company that's transforming payment processing in Latin America. Kushki handles an incredible 75,000 transactions per second and processes over $30 billion each year. It's Ecuador's first unicorn, showing the country's innovative potential.
Quito, the lively capital, is the centre of this startup boom. It hosts 62% of the country's startups, including exciting companies like Cuyana, Jobsity, and Shippify. These startups cover everything from sustainable fashion to logistics, showcasing the diverse and bright future of Ecuador's entrepreneurial world.
Let’s take a look at the unicorn companies in Denmark and their incredible journeys. These remarkable Danish unicorns are not just leading the fintech revolution but also setting new standards for innovation and growth.
Let's take a look at the unicorn companies in Ecuador. These companies are not just making headlines but also paving the way for innovation and economic growth in the region.
Rundown
S.No |
Name |
Valuation |
Date Joined |
City |
Industry |
|---|---|---|---|---|---|
1 |
Kushki |
$1.50B |
2022-07-06 |
Quito |
Financial Services |
List of unicorn companies in Ecuador
Kushki
- Valuation: $1.50B
- Industry: Financial Services
- Investors: Clocktower Technology Ventures, DILA Capital, Kaszek Ventures
- Unicorn Milestone Date: 06/07/2022
About
Kushki is an Ecuadorian fintech company founded in 2016 that has become the country's first unicorn, highlighting the rise of Unicorn Companies in Ecuador. Based in Quito, Kushki provides a modern payment processing infrastructure for Latin America, connecting the region through digital payments. The company's name means "money" in the Ecuadorian Kichwa language. Kushki has developed a proprietary platform that standardises payment functionality across Latin America, improving acceptance rates and reducing fragmentation in the region's payment ecosystem.
Target Audience
Kushki primarily serves large enterprises and other payment providers operating locally or across borders in Latin America that require a modern payment partner. Their clients include major companies like Rappi, Wom, Claro, SURA, Telefónica, and Banco Santander.
Business Model
Kushki operates as a non-bank regional aggregator, gateway, and acquirer in the payments ecosystem. The company's business model revolves around providing businesses with technology tools to reduce transaction costs and complexity while improving acceptance rates and reducing fraud. Kushki has developed its own acquiring model, allowing direct connections to primary payment networks without relying on intermediaries or third-party banking institutions.
Key Offerings
- Regional coverage: Operating in multiple Latin American countries, including Ecuador, Colombia, Chile, Peru, and Mexico.
- Standardised infrastructure: Offering a single proprietary processing platform across the region.
- Direct network connections: Providing direct links to top payment networks and systems in Latin America.
- Regulatory compliance: Working with local regulators to open up the market and broaden the ecosystem.
- Omnichannel solutions: Supporting e-commerce, m-commerce, and physical store transactions.
Key Management
- Aron Schwarzkopf: Co-founder and CEO
- Sebastián Castro: Co-founder