Koin, a fintech company that seeks to connect merchants and end users at the point of purchase through financial solutions, reaffirms its investment in technology and its team to expand the market reach of its Anti-Fraud product, which currently analyzes more than 21 million transactions in different Latin American countries.
Led by CEO Nicolás Obejero, who joined the company in 2021 with the goal of expanding the business, the fintech seeks 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 its anti-fraud solutions. The company plans to invest approximately US$5 million in improvements to its anti-fraud and payment platforms. According to Lucas Iván Gonzalez, Chief Product Officer at Koin, the goal is to provide more and more merchants with access to a high-quality anti-fraud solution with features such as biometrics and 3DS (an e-commerce authentication protocol that increases transaction security and generates a better shopping experience) to prevent losses in online purchases.
The company uses artificial intelligence and machine learning to enhance this solution and offer it to Latin America. "This infrastructure is what gives us the robustness to guarantee secure transactions for our clients," explains the executive. "Offering security at the time of purchase is essential for any company that works with e-commerce," reinforces Gonzalez. Koin markets its products and services to companies in various countries in the region, such as Uruguay, Brazil, Mexico, Ecuador, Colombia, and Argentina.
In the post-pandemic era, the increase in the volume of online purchases has increased the risk exposure for retailers, as cybercriminals continue to exploit new opportunities to commit fraud. To give you an idea, in Brazil alone, there is an attempted fraud every two seconds. In 2023, Koin prevented R$ 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 its sales team, focusing on sustainable growth in Latin America.
According to the executive, the evolution of the offering in this segment is essential to simplify transactions and provide an easier shopping experience for our partners' consumers. "At the end of the day, investing in prevention is good business for any company because it avoids financial losses due to operational and even legal costs, and above all, it's an investment that guarantees the preservation of the brand's image and reputation," adds Gonzalez.
