Tafi

Panama’s financial services landscape is marked by significant disparities, with over half the population lacking access to traditional credit. Many individuals face barriers such as complex application processes, high fees, and stringent requirements, leaving them underserved by traditional banks. This gap creates an urgent need for innovative, accessible solutions—like Tafi—that can empower individuals and businesses with fair and transparent financial tools.

Tafi is a fintech startup founded in 2022 with the goal of making access to credit simpler, more transparent, and accessible to the unbanked population in Panama and Latin America. The company is built around a micro-lending Buy Now, Pay Later (BNPL) model where users can borrow small amounts of money to purchase goods or services. What makes Tafi unique is its ability to offer these services directly through WhatsApp, making credit accessible to people who don’t have access to traditional banking systems or smartphones with complex apps. This platform choice allows Tafi to cater to users with basic smartphones and limited data access.

At the heart of Tafi’s mission is a commitment to revolutionizing access to credit in Latin America. For instance, more than half the population in Panama doesn’t have access to credit. Tafi seeks to change this by offering simple, small loans that help users build a credit score.

says Ernesto Abadi, company’s COO.

Their vision is clear: a future where everyone, regardless of their economic background, can access and build a credit profile, ultimately improving their financial stability.

Tafi’s origins lie in the Abadi family’s experience in the auto industry, where they saw the limitations of traditional credit options. The traditional credit system was outdated, often difficult to navigate, and left many people unable to qualify.

With the goal of simplifying that financial access, Tafi was founded in 2022 by Ernesto and Ruben Walter Abadi and Juan Rafael Sierra, and has since grown to a team of about 30 people. This includes 12 developers, a 10-person contact center, and an additional administrative team. In under two years, they has issued over 20,000 micro-loans totaling $1.5 million. Today, it serves over 30,000 users, revolutionizing the way credit is accessed in Panama and beyond.

As a bootstrapped business, Tafi has achieved significant milestones, issuing small, affordable micro-loans that conventional banks wouldn’t typically offer. This simple yet powerful solution has allowed Tafi to scale quickly and establish a strong user base.

Ernesto notes, highlighting the gap Tafi fills for users seeking transparent, accessible credit options.

Partnering with local retailers, they allow customers to make purchases on installment plans by confirming transactions over WhatsApp. By meeting users where they already are, Tafi empowers them to access credit with minimal barriers.

Tafi’s main innovation lies in the simplicity and accessibility of its service. By integrating loan applications and repayments within WhatsApp, it eliminates the need for complicated apps or banking systems. Users can request micro-loans for small purchases, make repayments, and build their credit score—all via the platform they already use every day. All they have to do is send a message to Tafi’s WhatsApp number. This simplicity has contributed to the startup’s rapid growth and high conversion rates.

The service is built with transparency at its core—there are no hidden charges or late fees. Instead, Tafi charges daily interest, which users can track easily. This straightforward approach fosters trust and allows users to make informed decisions about their borrowing.

Ernesto states:

The platform also includes a credit simulator, helping users understand exactly how much they will pay, fostering trust and improving the user experience.

Moreover, Tafi offers flexibility: users can pay off their loans at any time. While this policy sometimes results in a small loss, Tafi believes the goodwill and trust it builds with clients are invaluable. Many clients use these loans as a kind of revolving credit because they know they can rely on them in the future.

Being part of Infobip Startup Tribe has been invaluable to Tafi. The program has given them access to cutting-edge tools and resources to help them scale quickly.

Using Infobip’s Conversations and Answers solutions, Tafi offers a smooth, user-friendly experience and was able to deploy updates instantly and stay agile. The ability to easily integrate Infobip’s API and services, such as their Moments platform for campaign management and Answers for customer support, has streamlined operations for them. With excellent documentation and minimal need for external support, Infobip’s tools have been crucial in helping Tafi develop their platform on WhatsApp efficiently.

notes Ernesto showcasing how essential Infobip’s infrastructure is to Tafi’s success.

Although they haven’t yet attended Infobip’s events due to geographic distance, Ernesto expresses interest in future engagements, highlighting the value of the Startup Tribe’s resources and community. Furthermore, the Startup Tribe offers a network of like-minded entrepreneurs, contributing to their continuous growth.

With Infobip’s support, Tafi continues to innovate, making credit easier and more transparent.

Looking forward, Tafi aims to expand beyond Panama to Costa Rica, Guatemala, and El Salvador. The team is also developing a prepaid MasterCard, allowing users to spend their credit more freely, and is working on integrating with e-commerce platforms like Shopify. For now, the focus remains on solidifying the business model in Panama where they’re already seeing great results.

With its innovative use of WhatsApp, simple loan structures, and transparent approach, Tafi is well-positioned to continue its rapid growth and disrupt the traditional financial landscape. And we’re proud to support them.