Milio - B2B payments infrastructure for emerging markets

Unlocking the Future of B2B Payments: Milio's Revolutionary Approach

In the bustling world of startups, where innovative solutions sprout like wildflowers, Milio stands out as a game-changer. Founded in 2022 in Bogotá, Colombia, this emerging star is on a mission to revolutionize B2B payments and cash management. With a dedicated team of nine individuals, Milio is making waves in the fintech industry, aiming to bring simplicity and efficiency to the complex world of financial transactions. In this article, we'll delve deep into the world of Milio, exploring its founders, vision, solutions, and the problem it seeks to solve.

Who Are the Visionaries Behind Milio?

Behind every successful startup is a group of visionary founders who dare to challenge the status quo. Milio is no exception. Let's meet the brains behind this innovative B2B payments and cash management platform.

Toni Riera: The Tech Operator Turned Innovator

Toni Riera, one of the co-founders at Milio, brings a wealth of experience to the table. Before venturing into the world of startups, Toni served as a tech operator and worked as a consultant at BCG. His background in technology and consulting forms the foundation of Milio's innovative solutions.

Juan Luis Perez E, co-founder and Chief Operating Officer at Milio, is the driving force behind the day-to-day operations. With a specialization in Business Law, Juan has provided counsel to various regulated and non-regulated companies in Latin America. His expertise in legal matters is instrumental in ensuring Milio's operations run smoothly.

Daniel Gomez: The UX Maverick

Daniel Gomez, the Product Manager and Strategist at Milio, is the creative force behind the platform's user experience. With a passion for building digital projects across different industries, including Fintech, Mobility, and Healthcare, Daniel's skills are at the core of Milio's user-friendly interface.

The Birth of Milio: A B2B Payments Revolution

Milio's inception in 2022 marked the beginning of a new era in B2B payments. The startup's primary goal is to create a robust B2B payments infrastructure tailored for emerging markets. But what sets Milio apart from the competition?

What Exactly Is Milio Building?

Milio's core mission is to develop a B2B transactional-based credit and electronic payments solution. This solution includes an embedded payments button for online marketplaces and a payments link for traditional suppliers. The focus is on delivering a user-friendly experience specifically designed for SME owners in Latin America.

A Focus on Financial Inclusion

One of Milio's standout features is its commitment to financial inclusion. The startup aims to provide simple and digital payment technology, along with transactional credit, to the unbanked and credit-excluded population, with a particular emphasis on B2B commerce. This innovative approach leverages alternative data sources, such as open banking integrations and behavioral analytics, to create an end-to-end digital process.

The Problem Milio Is Solving: Legacy Systems and Inefficiency

In Latin America, B2B payments have long been plagued by inefficiencies and high costs. Milio recognized these pain points and set out to offer a solution.

The Costly Legacy Infrastructure

Traditional B2B payments infrastructure in Latin America lacks the automation necessary for streamlined transaction initiation. This inefficiency translates into high costs, with fees reaching up to 3% through local ACH networks and credit card processing.

Cross-Border Payment Woes

Cross-border payments are no less problematic. The legacy systems often involve exorbitant fees, with foreign exchange spreads reaching a staggering 5%. This makes international transactions an expensive and inefficient ordeal.

B2B Commerce Checkout Gaps

Another issue Milio addresses is the absence of a single checkout solution tailored for B2B commerce. This gap in the market forces businesses into lengthy treasury workflows, resulting in over 20 hours of manual work each week.

Milio's Innovative Solution: Efficiency and Savings

Milio's solution to these pressing issues is nothing short of transformative. The startup is reshaping the landscape of B2B payments and cash management.

Real-Time B2B Account-to-Account Payments

Milio enables real-time B2B account-to-account payments, both domestically and across borders. These payments are not only efficient but also cost-effective, saving up to 80% in transaction costs and FX rates.

Streamlined Treasury Workflows

One of Milio's standout features is its ability to connect with legacy ERPs through a single API. This connection enables automated treasury workflows, resulting in substantial time savings for customers—over 10 hours per week in manual work.

A Boost in Conversion Rates

Milio's innovative checkout experience isn't just efficient; it's designed explicitly for B2B transactions. This focus on user experience leads to a remarkable increase in conversion rates—up to 2 times higher than traditional solutions.

The Mechanics of Milio: How It All Works

Milio's inner workings are a testament to its commitment to revolutionize B2B payments and cash management.

Building an Account-to-Account Payments Infrastructure

At its core, Milio is constructing an account-to-account payments infrastructure spanning all of Latin America. This infrastructure covers both domestic and cross-border transactions, providing real-time payments (T+0) and an unparalleled B2B checkout experience.

Simplicity Through Technology

Milio's customers can automate various aspects of their financial operations, from payments to ledger reconciliation. This automation not only saves time but also simplifies complex financial processes.

One-Click Real-Time Payments

The platform's one-click real-time payments at checkout are tailored specifically for B2B transactions. This feature not only enhances user convenience but also significantly improves conversion rates—a win-win for both businesses and their customers.

Why Is Milio Pursuing This Vision?

The driving force behind Milio's mission is a deep-seated belief in the transformative power of accessible financial services for local enterprises in Latin America. The co-founders of Milio have experienced the challenges faced by businesses across the region firsthand. Having worked for large payment fintechs and owning SMBs themselves, they understand the pain points intimately.

Milio's commitment to solving these problems isn't just business-driven—it's personal. The founders firmly believe that by helping local enterprises and entrepreneurs thrive, they contribute to the growth and prosperity of the entire region. In fact, Milio's first client was Milio itself, a testament to the startup's unwavering dedication to its mission.

The Future Beckons: Milio's Impact on B2B Payments

As Milio continues to innovate and expand its reach, it holds the promise of transforming the B2B payments landscape not only in Latin America but also in emerging markets worldwide. With its real-time, cost-effective solutions and user-friendly approach, Milio is poised to unlock new opportunities for businesses and financial institutions alike.

In a world where efficiency and accessibility are paramount, Milio stands as a beacon of hope, pioneering a brighter future for B2B payments and cash management. As the startup continues to grow and evolve, the financial landscape of emerging markets will undoubtedly be reshaped for the better, thanks to the visionary minds at Milio.