You can now find the full show notes of the Crossing Borders podcast on LatamList.com’s new podcast section. I’ll still post the audio of the podcast on my blog and I’m planning to start writing more again on my blog, like I used to.
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Thanks for listening to Crossing Borders all these years! If you have any feedback or questions, please feel free to reach out here, or contact me on social media.
Outline of this episode:
- [2:12] – About Centeo
- [2:56] – Growing up in Colombia
- [3:28] – Choosing to be an entrepreneur
- [4:11] – Culture shocks in Latin America
- [5:34] – First business: Sirius
- [6:48] – Advice to entrepreneurs on developing a product
- [9:48] – Starting a cashflow business
- [11:06] – Payu’s milestones
- [13:35] – On raising money after bootstrapping
- [15:15] – Expanding Payu
- [16:26] – Starting Zinobe
- [20:26] – Next project: Centeo
- [22:16] – Lessons learned as an angel investor
- [24:18] – Advice to Martin’s younger self
- [26:12] – What’s next for Zinobe and Centeo?
Show notes on Latamlist.com.
Colombia is one of Latin America’s biggest economies, yet traditional e-commerce has struggled to take a hold due to complex logistics challenges such as Colombia’s mountainous geography and lack of integration with international markets. Furthermore, many consumers in Colombia are still wary of online retail platforms and until recently, payments systems did not offer any options for the unbanked.
All that began to change when Rappi entered the market. Founded in 2015 as a grocery delivery service, Rappi has gone on to raise millions of dollars from US investors such as Y Combinator and Andreessen Horowitz for its intuitive app that allows users to order just about anything to their doorstep.
Rappi gained millions of users in Colombia and Mexico, as its founders quickly tackled issues like delivery logistics and offline payment systems that had long stumped e-commerce companies in Latin America. Rappi deliveries offer an immediacy that has helped skeptical consumers place their trust in online commerce. Furthermore, their cash-on-delivery payments system democratized mobile and electronic purchasing in Colombia and Mexico, where credit and debit cards remain relatively rare. (more…)