Question 1

What is KOA?

Accepted Answer

KOA is a 100% digital financing company (Compañía de Financiamiento) operating in Colombia under the supervision of the Superintendencia Financiera de Colombia. Officially licensed in May 2025, KOA emerged from the fusion of ExcelCredit S.A., a company with over a decade of experience in financial inclusion since 2013. KOA positions itself as a neofinanciera that challenges traditional banking by offering simple, accessible digital financial products focused on financial inclusion. The company specializes in payroll lending (libranza) and savings products for pensioners, teachers, and public employees, while expanding into broader retail financial services.

Question 2

When was KOA founded?

Accepted Answer

KOA's roots trace back to January 24, 2013, when ExcelCredit S.A. was originally founded and registered on February 11, 2013. The company was established by brothers Alberto, Jonathan, and Moris Mishaan Millán, sons of investor Alberto Mishaan Gutt. The initial mission was to provide financial inclusion to Colombians who had been reported to credit bureaus and traditionally excluded from mainstream banking. In 2025, KOA Compañía de Financiamiento S.A. was officially launched following the merger with ExcelCredit, receiving its operating license from the Superintendencia Financiera de Colombia. The transformation to KOA marked a strategic evolution from a specialized payroll lender to a comprehensive digital financing company with expanded capabilities.

Question 3

Where is KOA headquartered?

Accepted Answer

KOA is headquartered in Bogotá, Colombia, with its registered address at Carrera 14 No. 93A-30. The company maintains a network of approximately 26 offices throughout Colombia to support its payroll lending operations. As of 2024, KOA employs around 382 staff members, including 258 in administrative roles, 124 in commercial positions, and 18 student interns, demonstrating its commitment to both digital infrastructure and physical presence across the country.

Question 4

Where does KOA operate?

Accepted Answer

KOA operates nationwide across Colombia, with a particular focus on serving municipalities in categories 3, 4, 5, and 6, which represent territories with lower fiscal capacity and historically limited access to financial services. Through its network of offices and fully digital platform, KOA reaches both urban centers and rural areas where approximately 55% of residents have banking access. The company's digital-first approach allows it to extend services throughout Colombian territory without requiring customers to visit physical branches, making financial products accessible from any location with internet connectivity.

Question 5

What services does KOA offer?

Accepted Answer

KOA offers a dual product portfolio combining savings and investment products with credit solutions. The flagship product is the Digital CDT (Certificado de Depósito a Término), which allows customers to open fixed-term deposit accounts starting from 500,000 Colombian pesos with no opening fees, entirely digital processes taking approximately 8 minutes, and competitive interest rates. The CDT is protected by Fogafín deposit insurance. On the credit side, KOA specializes in payroll lending (crédito por libranza) specifically designed for pensioners, teachers, and public employees, with loan repayments deducted directly from payroll or pension payments. The company has established discount codes with major pension administrators including Colpensiones and maintains over 100 payroll agreements. All products are accessible through KOA's mobile app and online banking platform, emphasizing a paperless, queue-free customer experience. The company also leverages artificial intelligence to personalize offerings and streamline application processes while maintaining human support channels.

Question 6

What makes KOA unique?

Accepted Answer

KOA distinguishes itself through its explicit mission of financial inclusion for populations traditionally excluded by mainstream banks, including individuals with negative credit bureau reports. The company's brand philosophy emphasizes "Tu plata, tú mandas" (Your money, you're in charge), reflecting its commitment to customer autonomy and transparency. Unlike traditional banks, KOA operates with a fully digital structure but maintains a uniquely empathetic approach, combining technological efficiency with human accompaniment. The company's AI-powered platform anticipates customer needs and streamlines processes without replacing human interaction. KOA's specialized focus on payroll lending for pensioners and public sector employees, combined with its expansion into competitive savings products, creates a niche positioning as a neofinanciera that bridges fintech innovation with established lending methodologies. The company's proprietary core system, ABACUS, developed in 2015, provides technological independence and operational flexibility.

Question 7

What type of financial institution is KOA?

Accepted Answer

KOA is classified as a Compañía de Financiamiento (Financing Company) under Colombian financial regulations, a specific type of credit establishment supervised by the Superintendencia Financiera de Colombia. Financing companies in Colombia are authorized to grant various types of credit, accept time deposits (such as CDTs), and provide financial leasing services, but unlike full commercial banks, they have more limited deposit-taking capabilities and typically focus on specialized lending activities. As a regulated financing company, KOA must maintain minimum capital requirements, comply with prudential regulations, and submit to ongoing supervision by financial authorities. This regulatory framework allows KOA to offer both credit and savings products while positioning itself as a specialized neofinanciera that operates with greater flexibility than traditional universal banks. The company's status provides deposit protection through Fogafín insurance and ensures adherence to consumer protection standards mandated for supervised financial institutions.

Question 8

Who leads KOA?

Accepted Answer

Jonathan Mishaan Millán serves as CEO of KOA. He holds a degree in Business Administration from Babson College, an MBA from Instituto de Empresa in Madrid, and previously worked as an asset manager at JPMorgan. Under his leadership, KOA has pursued an aggressive digital transformation strategy while maintaining the financial inclusion mission established when the company was founded by the Mishaan Millán brothers. The executive team has successfully navigated the complex regulatory process of obtaining financing company status and orchestrated the strategic merger between ExcelCredit and KOA to create a comprehensive neofinancial platform.

Question 9

What is KOA's growth trajectory?

Accepted Answer

KOA's predecessor ExcelCredit achieved significant milestones in its growth journey. In 2017, just four years after founding, the company reached break-even with a loan portfolio of 139.8 billion Colombian pesos, over 8,300 clients, and profits of 1.8 billion pesos. By 2021, despite the pandemic, the company achieved 24% portfolio growth while expanding to 40 offices nationwide and serving 50,000 clients. At the time of the 2025 merger, ExcelCredit had grown its active portfolio to approximately 850 billion pesos. The transformation to KOA represents a strategic expansion beyond specialized payroll lending into a broader digital financial services platform, positioning the company to capture a larger share of Colombia's underbanked population, estimated at approximately 2 million adults who remain excluded from traditional financial services.

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