Within the framework of Inspire, the event in which its partner ecosystem is recognized, N5 was recognized in the Business Excellence category of the region By iProUP N5, the software company for Fintechs, Banks and Insurers, won the Microsoft for Startups award in the Business Excellence category in Latin America, for its innovation and implementation of solutions for clients based on the technology of the technology giant. They will be recognized in the second digital edition of the Microsoft Inspire event, which will take place between July 14 and 15. “We do not do it for the recognition, but when a giant like Microsoft rewards you it is impossible to ignore, the pride I have for the team is very great and only comparable to the appreciation we feel for customers. “emphasizes Julián Colombo, CEO of N5 Now. This year, Microsoft recognized companies in categories that span each of the global solutions areas, industries and sectors in which Microsoft technologies are used. N5 took the podium in the Business Excellence category as Startup of the Year for the entire Latin American and Caribbean region.
La empresa tiene más de 200 colaboradores distribuidos en Miami, Sao Paulo, Madrid y Buenos Aires. N5 was the winner of 4,400 nominations from more than 100 countries, for its rapid growth, the impact of its solution on the financial market and the exemplary use of Microsoft technologies. “Accompanying and being part of the digital transformation generated by Argentine startups in the region is a unique opportunity and a commitment that we work closely with hundreds of digital native companies and entrepreneurs. This journey provides greater employment, innovation and technological solutions for clients of In this sense, from Microsoft for Startups, we recognize and celebrate the great year that N5 has had and we encourage them to go for more, to continue generating impact by working together, “said Mariano Amartino, director of Microsoft for Startups for Latin America.
About N5
The company was born 4 years ago in the United States by the hand of seven Argentine founders and executives, among whom Julián Colombo stands out, an economist and journalist with more than 20 years of experience at Banco Santander.
Today, N5 is synonymous with success after developing a platform that was originally created for fintechs but quickly discovered by traditional banks and insurers. His software is natively prepared for Openfinance (openbanking and openinsurance), which makes it revolutionary for the industry.
With an annual growth rate of 500%, the company stands out for having a structurally different model from its competitors.
“Most of the software solutions for companies are born with the ambition to be universal, to serve all industries, geographies and segments. N5 only focuses on the financial industry. It understands its regulation, its legacy systems, its interoperability and the fundamentals of your business. That is why it can be implemented so quickly and generate tangible results in weeks or months “, explains its CEO, Julián Colombo.
Since its inception, the company was fully financed by clients, willing to advance money in exchange for being the first to obtain the platform that allows the complete digitization of companies in the financial industry. In the last two years, it has received more than 20 investment or purchase proposals, mainly from mutual funds, but also from some technology giants.
N5 pursues two central objectives: the digital transformation of its clients and financial inclusion. Profitable digitization, capable of intelligently reducing costs, will allow millions of people to access services currently reserved for only half of the Latin American population, for example, says Colombo.
The company has 200 collaborators around the world, offices in 13 countries and a large presence in Latin America. Its current clients range from European multinational banks to public banks in Argentina, from insurance companies in Switzerland, to payment methods in Arabia, and from Brazilian Fintechs to American investment funds.
Birth and explosion
In addition to Colombo, the company has six other founders, as well as backing from funds such as Shoresh Group and Overboost.
According to its CEO, the initial investment, and somewhat accidental, was $100. When we were opening the bank account in the United States, we had to make a deposit of that value to make it operational. And we all looked at each other and laughed because we realized that almost no one had cash at the time, so we went through pockets and purses and finally put them together.
As Colombo recounts, the big boost to the company was the instant confidence of customers:
Even before creating N5, there was a certain informal ‘waiting list’ of banks and insurance companies that understood and valued the idea.” One of the most important was Credicorp Bank, one of the most important banks in Central America, which trusted them and bought the platform before it existed, paying in advance to receive it as quickly as possible.
Customers were finally arriving at an increasing rate, so that $100 was the only contribution we made to the company.
N5 was totally financed by clients, willing to advance money in exchange for being the first to obtain the platform that allows the complete digitization of companies in the financial industry. In the last two years, it has received more than 20 investment or purchase proposals, mainly from investment funds, but also from some technology giants, although they have rejected all recent purchase proposals.
Today, they have offices in Miami, Madrid, São Paulo and Buenos Aires (with more than 200 collaborators), growing at rates of 500% per year, driven by some of the largest fintechs, traditional banks and insurance companies in the world. In addition, it aims to end 2021 with an approximate turnover of US$11MM. Some of its clients are Mastercard, Zurich, Santander, Banco Tierra del Fuego, Grupo Sura, BIND Banco Industrial.
The financial industry is tired of huge technological projects, with chronic delays, uncontrolled expenses and without evident impact on real business variables, says María Bellati, Operations Manager. That was what gave us the opportunity in the market. Word of mouth in the industry did the rest, he reflects.
Initially we approached clients who had obvious needs and frustrations. Companies that had been implementing a CRM for 3 years, for example. And we arrived offering small but tangible, fast and guaranteed solutions. As soon as they saw that we fulfilled what was promised, they would not let us go and even advanced resources so that we could speed up our platform,” says Colombo.
And he comments that in the last 18 months everything has become simpler: “We have demos and proven results of all the components of the platform. Every day potential clients contact us through the web. Our commercial activity is much more passive, aimed at giving responding to queries, and doing product demonstrations, with almost no proactive action”.
Financial inclusion
Financial inclusion is another of the central objectives proposed by the company.
It is essential for the development of society and its most vulnerable sectors. Profitable digitization, capable of intelligently reducing costs, will allow millions of people to access services currently reserved for only half of the Latin American population, for example.
In turn, Colombo highlights that the emergence of neo-banks and insurtechs is one of the great trends, but with notorious difficulty in making their operation profitable.
Looking ahead, the company seeks to continue adding depth to its platform. Originally created for fintechs but quickly discovered by traditional banks and insurers, it is natively Openfinance-ready (openbanking and openinsurance), making it revolutionary for the industry.
Banks and insurance companies are not ready for Openfinance. Brazil or Mexico, for example, are already beginning to experience this reality. Today a bank has a ‘captive’ customer because the asymmetry of information it has about him and his behavior gives him a very clear advantage over his competitors
And he adds: “Soon, in all of Latin America, Openfinance will be a reality, as it already is in Europe. A client will be able to order a bank to send all its historical information to one or more banks and fintechs in the market, so that they can make offers. overcomers.
“This is a game changer and those who have software that does not contemplate the logic of open finance will not be able to adapt in time. The N5 platform is designed natively for this reality and we believe that it will allow us to grow very significantly,” he concludes.
Profitable digitization, capable of intelligently reducing costs, will allow millions of people to access services today reserved for only half of the Latin American population, for example Profitable digitization, capable of intelligently reducing costs, will allow millions of people access services today reserved for only half of the Latin American population, for example Profitable digitization, capable of intelligently reducing costs, will allow millions of people to access services today reserved for only half of the Latin American population the initial investment, and somewhat accidentally, it was 100 dollars
