The idea for Credifama was conceived in 2020 and developed at the Center for Innovation and Entrepreneurship (CIE) at Universidad ORT Uruguay. Elías had started a blog on personal finance, Finanzas.com.uy, which was receiving 50,000 monthly visits.
During the process, one of his mentors, Rodolfo Oppenheimer, suggested that he explore the possibility of offering a tool similar to Credit Karma, which was operating in the United States.
Elías saw that it was a great opportunity to replicate the model in Uruguay, where nothing like it existed.
After conducting research and testing the concept with his users, he decided to adapt the proposal to local needs, focusing on financial education. This led him to validate the concept with his blog’s users, reaching over 1,000 sign-ups in the first few months.
Credifama currently has one partner, Vinicius Duarte, who joined the project after the initial prototype validation phase, and eight employees.
In addition, the team is expected to grow to fourteen people in the coming months.
As for the team's background, most of the developers are graduates of the Programming Analyst.
This is important to Elías, who values the training that professionals receive at ORT, as it allows him to have confidence in the skills of his technical team.
How the platform works
The platform allows users to enter information such as their ID number and date of birth.
Using this information, Credifama accesses the Central Bank’s credit bureau and creates a credit profile that assigns a score from 1 to 1, 000 based on the user’s financial history.
It allows users to track their financial progress on a monthly basis and find products that are better suited to their credit situation.
In addition to showing the status of your credit cards, loans, and debts, it also offers recommendations for improving your credit profile.
With this information, users can access a marketplace that shows them which financial products are right for them, such as loans or credit cards.
The platform makes it easier to apply for these products, preventing users from having to apply blindly and receive unnecessary rejections.
Data security
One of Credifama's top priorities is data privacy and security.
“Users choose when and with which institutions to share their credit information, unlike other business models where data is sent automatically. This ensures transparency and gives users complete control,” explains Elías.
ORT Training
Elías emphasizes that his training as a programmerwas key to developing Credifama, providing him with the technical tools to create the platform.
He also points out that the CIE was crucial, as it provided him with a space to validate his idea and learn about tech startups—something he considers very different from simply developing a product.
He also notes that the CIE supported him during key stages of his growth and helped him acquire the business skills necessary to move his project forward, complementing his technical training as a programmer analyst.
Tips for Students
Elías advises students interested in starting a tech business to take full advantage of all the resources the university has to offer, especially incubators like the CIE.
It emphasizes the importance of not only having technical knowledge but also developing business skills such as marketing, sales, and management.
He emphasizes that entrepreneurship requires versatility and involves facing many challenges, so it is essential not to fear failure, as it is part of the learning and growth process on an entrepreneur’s journey.