LatAm Fintech Series Stori – Mass‑Market Focus and Super-App Strategy

Research evidence excerpt

LatAm Fintech Series Stori – Mass‑Market Focus and Super-App Strategy

Yuri R Fernandes AC Latin America Equity Research

(1-212) 622-3400 16 July 2026 J P M O R G A N

yuri.r.fernandes@jpmorgan.com

different segments) with a 99% acceptance rate (including secured cards for higher-risk

cohorts), and management argued that the high headline CoR (~40%) is structurally

consistent with the mass market but remains attractive on a risk-adjusted basis.

Efficiency and lower CAC: co-brand partnerships and AI are the main

drivers. Management emphasized disciplined customer acquisition, noting partnerships

helped reduce CAC materially, especially through co-brand partnerships. On cost control,

they highlighted the heavy use of AI: ~85% of queries handled by bots with 90%+

satisfaction, contributing to a >50% reduction in customer service costs in the past few years.

Similar automation is being deployed in collections (e.g., chatbots, messaging/calls), with

management citing ~30% lower collection costs. Headcount has not risen materially despite

growth, supporting continued efficiency gains. The focus remains on improving current

efficiency from the 35–40% towards ~25% in the medium term.

Banking license: not a near-term priority. Management stated they are not currently

pursuing a full banking license, as we have seen a strong push recently from fintech peers,

arguing Sofipo deposit insurance limits are not binding for most customers (lower income

and deposit balances) and that a bank license would add cost and regulatory burden. Still,

while SOFIPO fulfills their needs today, they could eventually go for a bank license if needed.

Mexico remains a priority, while Colombia is in the early stages. Management described

competition as fragmented, with cash still a major alternative.