CoopMego
CoopMego is a member-owned cooperative financial institution headquartered in Loja, Ecuador, offering savings, credit, fixed-term deposits, and digital banking services to individuals, microentrepreneurs, and small-to-medium businesses through branches, ATMs, and proprietary digital channels.
- Company typePrivate
- Founded1984
- HeadquartersLoja, Ecuador
- Headcount101–250
- GTM typeB2C
- OfferingServices
What CoopMego does
CoopMego (legal name: Cooperativa de Ahorro y Crédito Vicentina "Manuel Esteban Godoy Ortega" Ltda.) is a member-owned cooperative financial institution headquartered in Loja, Ecuador, founded in 1984. It serves individuals, families, microentrepreneurs, and small-to-medium businesses through a multi-channel financial services platform. Core offerings include savings accounts (Cuenta de Ahorros, MegoCuenta, Ahorro Propósito), fixed-term deposits (Pólizas), personal and business credit products (with mortgage-backed rates starting at 9.99%), and a Mastercard debit card accepted at over 5 million locations worldwide.
The company operates a digital-first banking ecosystem layered on its physical infrastructure. The technology stack centers on four proprietary digital products: MegoMóvil (mobile banking app for iOS and Android), MegOnline (web banking for individuals), MegoEmpresas (business banking platform with multi-user access), and MegoPay (digital wallet). Distribution is supported by a physical branch network (Red de agencias), ATM network (Red de cajeros automáticos), and a contact center for emergency financial services. The cooperative is regulated by SEPS and member deposits are protected by COSEDE deposit insurance.
The revenue model is anchored in credit interest income from mortgage, business, and personal loans, supplemented by transaction fees, account-related fees, and the spread earned on fixed-term deposit products (Pólizas). Deposits and capital are sourced from cooperative members. GTM is predominantly direct-to-consumer via branch and digital channels, with content marketing through social media (Facebook, Instagram, TikTok), a financial education blog, and free workshops in partnership with educational institutions targeting microentrepreneurs. The cooperative employs 101-250 people and operates exclusively within Ecuador.
CoopMego firmographics
Firmographics- Name
- CoopMego
- Legal name
- Cooperativa de Ahorro y Crédito Vicentina 'Manuel Esteban Godoy Ortega' Ltda.
- Website
- https://coopmego.com
- Company type
- Private
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CoopMego is a member-owned cooperative financial institution headquartered in Loja, Ecuador, offering savings, credit, fixed-term deposits, and digital banking services to individuals, microentrepreneurs, and small-to-medium businesses through branches, ATMs, and proprietary digital channels.
- Ownership category
- akta.pro rank
Where CoopMego is headquartered
LocationHeadquarters
- HQ city
- Loja
- HQ country
- Ecuador
- HQ region
- Latin America
Offices1 record
Markets served
CoopMego business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Credit Interest Income: Revenue generated from interest charged on loans including mortgages, business credits, and personal loans. Interest rates start from 9.99% for credits with mortgage
- Deposit Taking: Accepts savings deposits from members through various account types including savings accounts, MegoCuenta, and purpose-based savings
- Transaction Fees: Fees collected from electronic transactions, card usage, transfers, and other banking services
- Fixed Term Deposits (Pólizas): Investment products that generate returns for depositors while providing the cooperative with capital for lending activities
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Credit with mortgage - Interest from 9.99% |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels4 records
CoopMego product offering
Product offeringCore offering
CoopMego is a cooperative credit union (Cooperativa de Ahorro y Crédito) that provides savings products, personal and business credit, fixed-term deposits, and digital banking services to members in Ecuador. It delivers services through a multi-channel platform including physical branches, ATMs, a mobile banking app (MegoMóvil), a web banking portal (MegOnline), a digital wallet (MegoPay), and a dedicated business banking platform (MegoEmpresas), complemented by a Mastercard debit card accepted at over 5 million locations worldwide.
Product overview
CoopMego is a credit union (Cooperativa de Ahorro y Crédito Vicentina 'Manuel Esteban Godoy Ortega' Ltda.) operating primarily in Ecuador. The company offers a multi-channel financial services platform consisting of digital banking channels (MegoMóvil mobile app, MegoPay digital wallet, MegOnline web platform, MegoEmpresas business platform) alongside traditional financial products including savings accounts (Cuenta de Ahorros, MegoCuenta, Ahorro Propósito), fixed-term investments (Depósito a Plazo Fijo/Póliza), credit products (Crédito para tu Negocio, Crédito para tus Gastos with rates from 9.99%), and a Mastercard debit card. The digital ecosystem enables users to perform transactions, payments, collections, and manage finances through electronic channels.
Differentiator
Problem solved
Functional benefit
Brands
- MegoMóvil: Mobile banking application allowing customers to perform transactions and manage finances from their smartphone.
- MegoPay
- MegOnline
Products and services
- Cuenta de Ahorros (Savings Account) Basic savings account allowing members to deposit and withdraw funds as a foundational financial product of the cooperative.
- MegoCuenta Savings account product offered by the cooperative to its members.
- Ahorro Propósito (Goal-Based Savings) Purpose-based savings account designed to help members achieve specific financial goals through structured saving.
- Depósito a Plazo Fijo (Póliza) Fixed-term deposit or investment policy (póliza) that enables members to grow their savings over a defined period with guaranteed returns.
- Crédito para tus Gastos (Personal Credit) Personal credit product for financing individual expenses and needs, with interest rates starting from 9.99% when secured with mortgage.
- Crédito para tu Negocio (Business Credit) Business credit product designed to support and grow entrepreneurial ventures of micro and small business owners.
- Tarjeta Mastercard Débito (Mastercard Debit Card) Mastercard debit card accepted at over 5 million locations worldwide for in-store and online purchases, subscriptions, and more.
- MegoMóvil Mobile Banking App Mobile banking application enabling members to perform transactions, payments, and manage their finances from their smartphone.
- MegoPay Digital Wallet Digital wallet enabling members to make payments and collect funds digitally without the need for cash.
- MegOnline Web Banking Online banking platform accessible via computer, providing secure and rapid transactions for individual members.
- MegoEmpresas Business Banking Platform Business-oriented digital banking platform enabling corporate clients to manage their financial operations without limits or complications.
Quantifiable outcome
- Interest rates starting from 9.99% on credits with mortgage - competitive compared to market rates
Companies that use CoopMego
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
CoopMego technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
CoopMego partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- MastercardcoreMastercard provides the debit card infrastructure for CoopMego's Mastercard Debit Card, enabling card acceptance at over 5,000,000 locations worldwide for online purchases, subscriptions, and in-store payments. This partnership enables CoopMego to offer international payment capabilities to its members.
- COSEDE (Corporación del Seguro de Depósitos)coreCOSEDE is Ecuador's deposit insurance corporation that protects savings deposits in cooperative financial institutions. CoopMego members are protected by COSEDE insurance, providing deposit protection and institutional confidence.
- Instituto Tecnológico Superior SudamericanominorCoopMego partners with this educational institution to provide free financial education workshops for microentrepreneurs, including training on preparing healthy food products and entrepreneurship skills.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
CoopMego competitors and assessment
Company assessmentBroad incumbents
- Banco Pichincha: Ecuador's largest commercial bank offering full retail, SME, and digital banking products. Competes with CoopMego for the same individual and microenterprise deposit/credit customers but as a much broader incumbent with significantly larger scale.
- Banco Bolivariano: Ecuadorian commercial bank providing consumer lending, deposits, and digital banking services. Competes with CoopMego in the Loja and broader Ecuadorian retail and SME banking markets.
- Banco de Guayaquil: Major Ecuadorian commercial bank with retail and SME banking, digital channels, and a national branch and ATM network. Broad incumbent competitor for CoopMego's member segments across Ecuador.
- Produbanco: Large Ecuadorian commercial bank offering consumer credit, savings, and digital banking. Overlaps with CoopMego in retail deposits, consumer credit, and digital channel competition.
Direct peers
- Cooperativa de Ahorro y Crédito San Francisco: Ecuadorian credit cooperative with similar deposit and lending products and member-owned governance. Operates in the same regulatory and competitive environment as CoopMego.
- Cooperativa de Ahorro y Crédito Andalucía: Ecuadorian savings and credit cooperative with similar member-owned model, deposit and credit offerings, and digital channel rollout. Comparable to CoopMego in cooperative structure and target segments.
- Cooperativa de Ahorro y Crédito Jardín Azuayo: One of Ecuador's largest and most successful savings and credit cooperatives, also member-owned and operating under SEPS. Highly comparable in business model (deposit-taking + lending), member-owned cooperative structure, and Ecuadorian regulatory environment to CoopMego.
- Cooperativa de Ahorro y Crédito 29 de Octubre: Ecuadorian cooperative offering savings accounts, credit products, and digital banking to members. Directly comparable to CoopMego in cooperative legal form, SEPS oversight, and retail/microenterprise customer focus.
- Cooperativa de Ahorro y Crédito CACPE Biblián: SEPS-regulated Ecuadorian credit cooperative offering savings accounts, credit, and digital banking to members. Directly comparable to CoopMego in cooperative governance, product mix, and member-focused strategy.
Emerging players
- Mutualista Pichincha: Ecuadorian financial institution historically focused on housing finance but expanding into broader retail banking and savings. Provides partial overlap with CoopMego's credit and savings business in Ecuador.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights6 records
Customer concentration
CoopMego social profiles
Digital presenceCoopMego compliance and trust
Trust signalCompliance1 record
CoopMego financial estimates
Financial estimateRevenue estimate
Valuation estimate
CoopMego leadership team
Management profileNumber of profiles
CoopMego funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CoopMego M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CoopMego
What does CoopMego do?
CoopMego is a cooperative credit union (Cooperativa de Ahorro y Crédito) that provides savings products, personal and business credit, fixed-term deposits, and digital banking services to members in Ecuador. It delivers services through a multi-channel platform including physical branches, ATMs, a mobile banking app (MegoMóvil), a web banking portal (MegOnline), a digital wallet (MegoPay), and a dedicated business banking platform (MegoEmpresas), complemented by a Mastercard debit card accepted at over 5 million locations worldwide.
Is CoopMego a public or private company?
CoopMego is a private company. It is classified as management employee owned and is currently operating.
When was CoopMego founded?
CoopMego was founded in 1984. It employs 101 to 250 people.
Where is CoopMego based?
CoopMego is headquartered in Loja, Ecuador, in the Latin America region.
How does CoopMego make money?
Four revenue lines are on record. Credit Interest Income is the primary driver. The others are deposit Taking, transaction Fees and fixed Term Deposits (Pólizas).
Who are CoopMego's main competitors?
Broad incumbents on record are Banco Pichincha, Banco Bolivariano, Banco de Guayaquil and Produbanco. Direct peers are Cooperativa de Ahorro y Crédito San Francisco, Cooperativa de Ahorro y Crédito Andalucía, Cooperativa de Ahorro y Crédito Jardín Azuayo, Cooperativa de Ahorro y Crédito 29 de Octubre and Cooperativa de Ahorro y Crédito CACPE Biblián. Mutualista Pichincha is listed as an emerging player.
Does CoopMego have an API?
No public API is recorded for CoopMego.