Estrategias de Crecimiento para Startups en LATAM

Building a startup from scratch involves much more than a great idea. It requires understanding your market, tracking the right metrics, and knowing when to change direction. This conversation with Matilde Viola, COO and co-founder of Figuro, offers a practical look at how a real insurtech company grew from a simple spreadsheet to a scaling business across Latin America, packed with essential vocabulary for anyone learning about the startup ecosystem.

How did Figuro go from a personal finance idea to an insurtech?

Figuro didn't start as an insurance company. The original concept was a PFM — a personal finance management platform — designed to recommend financial products to users in Colombia [01:25]. After analyzing the market and testing the product, the team realized the real opportunity was in insurance. This meant they had to pivot completely [02:07], which is when a startup fundamentally changes its product or business model. They went from offering all types of financial products to focusing on one very specific product: a credit-life insurance attached to loans in Colombia.

This pivot is something that happens to many startups. The key lesson here is that founders must remain flexible and willing to abandon their original plan when the data points in a different direction.

What does it mean to launch an MVP and be bootstrapped?

When Figuro first launched, their MVP (minimum viable product) was literally a type form and an Excel spreadsheet [03:28]. They had zero budget and no external funding, meaning they were bootstrapped — funding everything themselves without outside investment. They targeted a very specific segment: people between 25 and 39 years old with existing credit.

Even with this scrappy approach, they started seeing traction, meaning real user interest and actual purchases [03:55]. As Santiago quoted during the conversation: "If you don't feel ashamed of what you first launch, then you took too long" [05:04]. Once traction was confirmed, they began investing in technology to replace the manual processes that clearly were not scalable.

How did organic growth and SEO drive 75% of their sales?

Figuro's acquisition strategy leaned heavily on organic growth and content marketing [04:22]. They invested significant effort in SEO (search engine optimization) to improve their website's ranking on search engines. The result is remarkable: almost 75% of their customers come through the organic channel [04:42]. They also experimented with paid advertising through Google Ads and Facebook Ads, always being scrappy with their limited budget to identify the best-performing channel.

Which metrics matter most when scaling a startup?

Matilde shared a detailed view of the metrics Figuro tracks. At the high level, they monitor their MRR (monthly recurring revenue), which grew from zero to around $35,000 [05:42]. They also track GMV (gross merchandise value), which represents the total value of insurance transactions flowing through the platform — nearly $1 million yearly [06:03]. Since their insurance products renew annually, they focus more on ARR (annual recurring revenue) than MRR.

But these headline numbers are just the tip of the iceberg [06:22]. On a daily basis, the team monitors:

• CAC (customer acquisition cost): how much they pay to acquire each client.
• Churn: the rate at which customers stop using the product.
• Conversion rates: both for new sales and renewals.
• LTV (lifetime value): the total revenue a single customer generates over time.

To increase LTV without raising CAC, Figuro uses a cross-selling strategy [07:22]. For example, a customer with a mortgage could buy credit-life insurance and also house insurance, effectively increasing the ticket value from the same client.

What should founders know about acceleration programs and fundraising?

Figuro has participated in several acceleration programs. Matilde highlighted two critical benefits: the network you build with other founders who understand your challenges [09:38], and access to mentors, investors, and experts you wouldn't reach on your own [10:00]. She also distinguished between programs that offer equity-free funding and those that require giving up part of your cap table [09:12].

Regarding fundraising, Figuro recently completed a pre-seed round during one of the most difficult periods to raise capital [12:15]. Matilde emphasized the importance of anticipating your fundraising needs — not waiting until you have only three months of runway left [11:50]. Runway refers to how many months a startup can operate before running out of money, and Figuro currently has 18 to 19 months [11:30]. Their next step would be a seed round, and they plan to begin that process at least six months before their runway ends.

Figuro's next milestone is expanding operations to Mexico by early next year [10:52], with Brazil as a longer-term goal. But as Matilde noted, startups must stay open to change — whether that means pivoting again, adjusting the business model, or even shifting from B2C (business to consumer) to B2B (business to business) [11:10].

If any of these terms were new to you, write them down in the comments along with your favorite tip from the interview.