While we have talked a lot about tech outsourcing recently, Latin America is also increasingly becoming a hub for technological activities solely with the purpose of expanding the market within the region and developing the potential for growth and additional investment from overseas. One such example is Uruguay, where although the outsourcing of tech services is available, there are also a number of start-ups that are worth looking into and adding to your watchlist this year, spanning numerous sectors and coming with the potential for high returns. Why Uruguay then? Situated between Brazil and Argentina, it is possible to see Uruguay as a smaller neighbour and allow it to be overshadowed, however, with strong global ties and a rapidly developing workforce, the Latin American nation is gaining a voice on the regional and international stage.
If you are not sure about the world of start-up business, simply, a start-up is a new company established, possibly with the help of crowdfunding, in order to fill a market gap and expand into the mainstream. These companies are usually at a point where they are spending more than they earn due to the relatively young age of the business, however, with the right product or service and just the right amount of publicity, some of these start-ups grow into unicorns. Don’t worry, we will define this too! Unicorn companies are start-ups that have grown to have a value of over US$1 billion, demonstrating the potential that exists within this market if you find the right one to invest in.
Speaking of this, we can now move on to our topic for today, and then get into some specific examples from Uruguay of tech start-ups that have presented themselves as potentially investment worthy candidates this year. To contextualise the market landscape in Uruguay a little, the tech market is worth over US$1.2 billion, a large figure demonstrating previous success, however, also leaving potential investors with a feeling that further growth is possible, and perhaps the start-ups we are discussing today will be the key to unlocking this. The nation is also the leading software exporter per capita in the region, as well as the third largest across the globe as a whole, allowing Uruguay to present itself as having found diverse success within the technology industry.
Paganza
The first of our two examples for today lies within the subsector of Fintech, and specifically, Paganza facilitates bill payments. However, there is a lot more to it than just that, which is perhaps what makes it so exciting. The user is able to link their bank accounts to their bills, scheduling when payments go out and to what card the payment is charged, therefore, allowing users to manage their money timely and efficiently without any worries regarding late payments. The accessibility is another big plus for the company, as both iOS and Android users are able to access it, meaning there is a limitless market to grow into, which could well be all you need to hear as a potential investor to want to find out more and even get involved in the Uruguayan tech scene.
NocNoc
Our final example for today is in the world of e-commerce. NocNoc, although a Uruguayan start-up, has international connections, the likes of which make it even more exciting as a prospect for future growth. The general idea is that they are able to attract foreign businesses to expand their products into Latin America, and so appears mutually beneficial because Uruguayan citizens gain access to a fast delivery platform for items they would previously have to import for high prices, and companies overseas are able to expand their customer networks. Not only this, but it is regional and NocNoc also cover the logistics, diversifying their operations and therefore widening their prospects and making it more attractive to investors.
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.