ImpactAlpha, April 4 — CÍVICO develops curated local guides for Latin American cities, helping to raise the profile of small businesses. Impact investor Accion invested an undisclosed amount into the company.
“Latin American entrepreneurs often lack access to formal financial services and adequate business training… CÍVICO is closing this gap,” said Michael Schlein of Accion.
On the front end, CÍVICO has registered more than 600,000 merchants in Bogotá, Mexico City, and Santiago for its city guides, giving them visibility, allowing them to offer promotions and post events, and helping them reach more than four million CÍVICO users.
On the back end, the company offers its merchants digital tools like payment processing, book keeping, marketing, and help with e-commerce. It also culls public, merchant and user data to analyze community needs and merchants’ financial needs.
Accion’s capital and business support services enable CÍVICO to develop financial services for its merchants.