Cooprogreso

What Cooprogreso does

Cooprogreso (legal name: Cooperativa de Ahorro y Crédito Cooprogreso Limitada) is an Ecuadorian member-owned cooperative financial institution founded in 1969 and headquartered in Pomasqui, Quito. The cooperative operates 26 branches and service points across seven provinces (Pichincha, Chimborazo, El Oro, Guayas, Imbabura, Manabí, Napo, and additional extensions into Cotopaxi, Santa Elena, and Santo Domingo) serving more than 370,000 active members. It is regulated by the Superintendencia de Economía Popular y Solidaria (SEPS) and member deposits are protected by COSEDE deposit insurance. The institution holds Gold-level Client Protection certification and the SEPS Insignia of Good Financial Practices, ranking among the top ten largest cooperatives in Ecuador.

The product portfolio spans three core verticals: deposits (Ahorro Socios, Ahorro Programado, Ahorro Corporativo), credit (CrediÁgil consumer credit, MicroÁgil microcredit, and the gender-focused Mujer Progresa product with preferential rates and no-spouse-signature requirement), and Cooprogreso-branded Mastercard payment cards (debit, credit, and Black tier). Adjacent services include life insurance (Vida Segura, up to $30,000 coverage), unemployment/desgravamen insurance backed by Seguros del Pichincha, medical assistance plans ($1.75-$9.99/month) via PROASISLIFE, and Tarjeta Protegida fraud protection. Distribution combines physical branches with Cooprogreso Móvil mobile banking apps for iOS/Android (biometric authentication), Cooprogreso en Línea web banking, the Mi Socio Cooprogreso correspondent network, and partnerships with Banco Pichincha, Servipagos, and Red Activa/Western Union.

Revenue is generated primarily through interest income on consumer and microcredit lending, savings account service fees, credit card interchange and interest, and commissions on insurance and assistance products. The Pago Directo network enables instant inter-institutional transfers up to $500 across 60+ connected Ecuadorian banks and cooperatives. Cooprogreso has raised $24 million in disclosed institutional capital from FinDev Canada across two rounds (2019: $7.5M, 2023: $16.5M). Customer segments include individual members, microentrepreneurs, women entrepreneurs, and corporate entities, with credit/debit card acceptance extending to a network of 90,000+ Mastercard merchants nationally and internationally.

Name

Cooprogreso

Legal name

COOPERATIVA DE AHORRO Y CRÉDITO COOPROGRESO LIMITADA

Website

https://cooprogreso.fin.ec

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

251–500 employees

Short description

Cooprogreso is a member-owned Ecuadorian cooperative financial institution founded in 1969, serving 370,000+ members across 7 provinces with savings, consumer credit, microcredit, Mastercard cards, insurance, and medical assistance products, operated through 26 branches and multi-channel digital banking.

Ownership category

akta.pro rank

Product category

Cooperative Banking

NAICS

Credit Unions (52213), Consumer Lending (522291), Credit Card Issuing (52221)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Development Credit Unions (CDCUs) (FSABAEAC)

akta.pro secondary industry

Credit Education, Monitoring & Consumer Credit Management Tools (FSAKAKAJ)

Keywords

• Cooperative banking services
• Savings and credit products
• Consumer lending
• Microcredit financing
• Financial inclusion services

Headquarters

HQ city

Quito

HQ country

Ecuador

HQ region

Latin America

Offices26 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Lending: Cooprogreso generates primary revenue through interest charged on credit products including consumer loans (Crédito de Consumo), microcredit (Microcrédito), and specialized products such as Mujer Progresa. Interest rates are competitive and vary based on credit evaluation and loan type.
2. Savings Account Fees and Services: Revenue from account maintenance, transaction fees, and service charges on savings accounts including corporate accounts. Initial deposit requirements: $60 USD for savings accounts, $40 for debit card accounts.
3. Credit Card Operations: Revenue from credit card transactions including interchange fees, annual fees, and interest on revolving balances. Cooprogreso offers Mastercard debit, credit, and Black cards with international acceptance.
4. Insurance and Assistance Products: Commissions from insurance products including life insurance (Seguro de Vida up to $30,000 coverage), unemployment insurance, desgravamen insurance, medical assistance plans ($1.75-$9.99/month), and protected card insurance.
5. Payment Services: Revenue from payment of services (utilities, phone, insurance, IESS, alimony), mobile recharges (Movistar, Claro, CNT, Tuenti, Directv, Tvcable), and transfers through Pago Directo and channel partners.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels8 records

Core offering

Cooprogreso is a cooperative savings and credit institution (Cooperativa de Ahorro y Crédito) offering savings accounts, consumer and microcredit loans, Mastercard debit/credit/Black cards, insurance products, medical assistance plans, bill payment services, and digital banking channels (mobile app and web banking) to individual members and businesses across seven Ecuadorian provinces.

Product overview

Cooprogreso is a cooperative financial institution offering a comprehensive suite of banking products and services. The portfolio centers on savings accounts (Ahorro Socios, Ahorro Programado, Ahorro Corporativo), credit products (Crédito de Consumo/CrediÁgil, Microcrédito/MicroÁgil, Mujer Progresa), and Cooprogreso Mastercard cards (Débito, Crédito, and exclusive Black tier). Digital access is provided through Cooprogreso Móvil (mobile app for iOS/Android) and Cooprogreso en Línea (web banking), complemented by physical access via Mi Socio Cooprogreso correspondents and Red Activa service points. Additional services include medical assistance (PROASISLIFE), life insurance (Plan Vida Segura), unemployment insurance (Seguros del Pichincha), Tarjeta Protegida fraud protection, Pago de Servicios utility payments, and inter-institutional Transferencias de Pago Directo. The cooperative operates across seven Ecuadorian provinces serving over 370,000 members.

Differentiator

Problem solved

Functional benefit

Brands

• CrediÁgil: Consumer credit product offering flexible amounts and competitive interest rates
• MicroÁgil
• Mujer Progresa

Products and services

• Cuenta de Ahorros (Ahorro Socios) Basic savings account for individual members that earns interest on balances, supports digital access via web and mobile app, and allows deposits/withdrawals at branches, ATMs, and correspondent agents. Protected by COSEDE deposit insurance.
• Ahorro Programado Programmed savings account that allows members to set custom monthly savings amounts and frequency, with competitive interest rates and online management.
• Ahorro Corporativo Corporate savings account offering higher profitability for businesses with monthly interest crediting and dedicated business financial management tools.
• Crédito de Consumo (CrediÁgil) Consumer credit product with flexible amounts based on needs and payment capacity, competitive interest rates, and payment options at branches and partner channels (Banco Pichincha and Servipagos).
• Microcrédito (MicroÁgil) Microcredit product designed for small business financing with accessible amounts aligned to borrower capacity and competitive rates.
• Mujer Progresa Credit Specialized credit product for women with preferential interest rates and no spouse signature requirement, designed to promote financial independence for women entrepreneurs.
• Cooprogreso Mastercard Débito International Mastercard debit card linked to savings accounts, accepted worldwide for purchases and ATM withdrawals, with global service and purchase protection benefits.
• Cooprogreso Mastercard Crédito International Mastercard credit card offering purchasing power, rewards, and flexible payment options including installment purchases via web and mobile app.
• Cooprogreso Mastercard Black Exclusive premium Mastercard Black card providing recognition, unique benefits, and premium service for high-net-worth members.
• Asistencia Médica Medical assistance plans backed by PROASISLIFE offering outpatient, physiotherapy, dentistry, and funeral assistance coverage at $1.75 to $9.99 USD monthly.
• Seguro de Vida (Plan Vida Segura) Voluntary life insurance product with coverage up to $30,000 USD, providing family protection through various plan options.
• Seguro de Desempleo Unemployment and creditor insurance backed by Seguros del Pichincha covering outstanding credit balances and up to four monthly installments of $500 for eligible members.
• Tarjeta Protegida Card protection service for debit and credit cardholders covering robbery, cyber fraud, and counterfeiting with national coverage.
• Transferencias de Pago Directo Immediate inter-institutional transfer service enabling instant payments up to $500 to connected banks and cooperatives, with amounts above processed within 24 business hours.
• Pago de Servicios Utility and service payment platform enabling payments for utilities, phone, IESS, alimony, and mobile recharges via web and mobile app with over 400 companies available.

Quantifiable outcome

• Over 370,000 members served across Ecuador
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core.

• COSEDE (Corporación del Seguro de Depósitos)coreOthersDeposit insurance protection for member savings. COSEDE guarantees deposits up to applicable limits, providing financial security for Cooprogreso members and enhancing trust in the cooperative.
• SEPS (Superintendencia de Economía Popular y Solidaria)coreOthersRegulatory oversight and supervision of cooperative financial operations. SEPS ensures compliance with financial regulations and consumer protection standards for the cooperative sector.
• MastercardcoreTechnology or IntegrationInternational payment card brand providing Cooprogreso-branded Mastercard debit, credit, and Black cards accepted globally. Enables contactless payments, online transactions, and card benefits including purchase protection and global emergency assistance.
• Pago Directo Partner InstitutionscoreTechnology or IntegrationNetwork of 60+ financial institutions (banks and cooperatives) enabling instant interbank transfers up to $500. Includes Banco Pichincha, Banco Guayaquil, Banco Solidario, Banco del Pacífico, and numerous cooperatives across Ecuador.
• Banco PichinchacoreChannel Partner/ Reseller/ DistributorCredit payment acceptance through Banco Pichincha branches and digital banking (Banca Web). Also offers payment at Pichincha Mi Vecino correspondent locations nationwide.
• ServipagoscoreChannel Partner/ Reseller/ DistributorPayment service partner for credit payments through Servipagos agent network across Ecuador.
• Red Activa (Western Union)coreChannel Partner/ Reseller/ DistributorCredit payment acceptance through Red Activa-Western Union network of locations for deposits nationwide.
• PROASISLIFEcoreOthersMedical assistance service provider backing Cooprogreso's medical assistance plans for members. Provides network of medical providers nationally for ambulatory, physiotherapy, dentistry, and exequial services.
• Seguros del PichinchacoreOthersInsurance provider backing unemployment and desgravamen insurance for consumer credit products. Covers outstanding loan balance or monthly installments in case of unemployment, disability, or death.
• Mi Socio Cooprogreso Correspondent NetworkcoreChannel Partner/ Reseller/ DistributorNeighborhood correspondents (stores, pharmacies, convenience shops) authorized to process deposits, withdrawals, and account payments. Present in Chimborazo, El Oro, Guayas, Imbabura, Manabí, Napo, Pichincha, Cotopaxi, Santa Elena, Santo Domingo provinces.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Banco Pichincha: Ecuador's largest private commercial bank, offering deposits, credit, cards, and insurance nationwide—Cooprogreso's largest incumbent competitor across overlapping retail and SMB segments, and a payment-channel partner.
• Banco del Pacífico: Major Ecuadorian commercial bank with broad retail and SMB coverage—overlaps Cooprogreso on deposits, credit, and card issuance across the same geographic footprint.
• Banco Guayaquil: Major Ecuadorian commercial bank providing deposits, consumer credit, and digital banking—competes head-to-head with Cooprogreso for retail members across the 7 provinces where it operates.
• BanEcuador: Ecuadorian state-owned development bank focused on microcredit and rural finance—competes directly with Cooprogreso's MicroÁgil in serving small producers and microentrepreneurs.

Regional players

• Compartamos (Gentera): Latin America's leading microfinance institution operating in Mexico and Peru—comparable to Cooprogreso on its microcredit and financial-inclusion thesis, though operating in a different geography.
• ProCredit Group: Development-oriented banking group serving SMEs and individuals across emerging markets including Ecuador—shares Cooprogreso's mission of responsible finance and serves similar underbanked customer segments internationally.

Direct peers

• Cooperativa de Ahorro y Crédito Cotopaxi: Ecuadorian cooperative offering savings accounts, credit, and member-oriented financial services under SEPS regulation—overlapping directly with Cooprogreso's core member and product profile.
• Cooperativa de Ahorro y Crédito Pablo Muñoz Vega: Established Ecuadorian savings and credit cooperative operating under SEPS—direct domestic competitor for individual members, savings products, and consumer credit across overlapping Ecuadorian provinces.
• Banco Solidario: Ecuadorian microfinance-focused bank serving microentrepreneurs and underserved segments—a close functional peer to Cooprogreso's MicroÁgil and financial-inclusion products within the same market.
• Cooperativa Jardín Azuayo: One of Ecuador's largest savings and credit cooperatives, regulated by SEPS and serving individual members with savings, credit, and financial inclusion products—Cooprogreso's closest domestic peer in both charter and product mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CooprogresoE
• Facebookfacebook.com/cooprogreso
• LinkedInlinkedin.com/company/cooprogreso

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cooprogreso