60% of adults in Mexico historically and continuously rely on financial support from friends and family. This reliance on social relationships has created a whole unregulated cash banking ecosystem that is based solely on trust networks. 10.8M people deposit money into organically formed social lending groups. Our founder Andres's mom manages one of those social lending groups and we heard many stories about how friends and families received financial support so that their kids can go to college or their parents can receive health care.
Billions of dollars are managed on an informal basis by unregistered banking groups where membership is managed through social relationships.
What it does
Based on a deep understanding of their pain points in these paper-based and trust-based financial communities, we built a mobile App that digitizes the operation of the loan groups and makes loans more accessible to unbanked communities.
How we built it
Our team is composed of one front end engineer, two backend engineers and a designer. Our project's implementation is an iOS app built with React Native, paired with a backend api made with fast api.
Challenges we ran into
For front end development we were using React Native, a framework only one of us was completely familiar with so when development required all three developers to help out, development time was sunk into familiarizing ourselves with the framework.
Accomplishments that we're proud of
Our backend api came together quickly and flawlessly. We also have some really beautiful design work done and on top of that, our designer created a figma prototype that does a great job of showcasing a realistic userflow.
What we learned
Our team learned a lot about our idea and Mexico's financial structure. After critical analysis on our part, sharing with some of the brilliant talent we've met over Miami Hack Week, and lots of market research into the specific data around Mexico's economy, we've found ourselves in a really good place with our plan and how it can actually be implemented.
What's next for KabKash
We want to be the biggest lender, and deposit holder in Latin America, providing accessible financial services to all of the ~200 million unbanked citizens in the region, starting from Mexico. In 5 years, we want to be the most convenient platform for people to access financial services and interact with each other financially.