It was in 2017, when Duemint began to operate with the aim of facilitating the collection of invoices for Chilean SMEs, through an online platform that reduced the time and costs associated with the process.
But from that date to the present, seven years later, Duemint has evolved thanks to sustained growth through self-financing. That has led them to be a fintech with large numbers: today they have more than 1,000 customers and help collect more than a billion dollars a month in documents, all these achievements are due to the improvement and efficiency in the complete collection process.
Although they started with startups and small and medium-sized SMEs, today they also serve large clients such as Cabify, Aramark, Sky Airlines, Wom and Redelcom.
From avoiding the “embarrassment” of an email to reducing payment terms
Its directors and partners Pablo Eterovic, Cristián Yoma and Félix Said, three entrepreneur friends who founded different softwares as personal projects (RindeGastos, MyHotel and Reqlut, among others), shared a common pain: not being able to charge their customers quickly and effectively.
With that in mind, they created a small app that sent reminders to customers about billing dates. And what started as a simple strategy to avoid the embarrassment of sending an email, led to payment terms being cut in half. The project, a true spinoff, was christened Duemint.
From the very beginning, the trio of founders set out to create the best collection software on the market. Pablo Eterovic, CEO of Duemint, points out that in the beginning, “we didn’t expect much impact, it was simply to avoid the frustration of charging and showing ourselves small”.
“To our surprise, payment terms were cut in half. We shared it with a couple of enterprising friends and it started to take off. We started with collecting invoices, but we soon realized that the flow of money and the payment chain had thousands of unnecessary frictions that could be unblocked,” Eterovic adds.
The Evolution to a Full-Cycle SaaS
Along the way, Duemint became obsessed with making payments easier; seeking to perfect the full spectrum. Thus, they became the only software present in the Chilean market that integrates the complete cycle of an invoice, with both perspectives: sender and receiver.
Among the biggest impacts of the software, the startup highlights that it has consistently managed to reduce payment terms for its customers by up to 15 days. Such a margin allows companies to reinvest their capital more quickly or avoid costly external financing.
In addition, automating the collection and reconciliation process reduces the time spent on these tasks by 90%. Add to that the ability to deliver real-time data and reporting, and the result is the empowerment of finance managers and business owners who now have everything in one place.
Long pants
With all this progress made, alliances appeared with Servipag, Mercado Libre and BICE with whom they are jointly developing new products and services.
In addition, for the first time, during the first six years of operation, investors such as Chile Ventures and Larrain Vial Asset Management joined.
All this has allowed Duemint to start a silent continental expansion, which already has them present in Chile, Peru, Argentina, Colombia and Mexico; with the intention of being able to continue scaling locally and internationally.
