Cooperativa de Ahorro y Crédito 29 de Octubre

What Cooperativa de Ahorro y Crédito 29 de Octubre does

Cooperativa de Ahorro y Crédito 29 de Octubre Ltda. is an Ecuadorian member-owned cooperative financial institution founded in 1967 and headquartered in Quito. Operating as a private, regulated financial intermediary under the Superintendencia de Economía Popular y Solidaria, it maintains an AA risk rating from both CLASS International Rating and GR (September 2025) and integrates with Ecuador's COSEDE deposit insurance and SPI/SPL interbank payment systems. The cooperative serves individual members, public sector employees, security forces (police, military, firefighters), and microentrepreneurs through a nationwide network of 34 branches spanning all 24 Ecuadorian provinces.

The institution's product portfolio spans savings accounts (Cuenta Socio, Cuenta Cliente, Cuenta Angelitos), scheduled savings programs (Cuenta Mejor Futuro, Cuenta Cesantía 29), fixed-term deposits, and a diversified credit book including consumo credit, CrediOro (jewelry-secured), Mi Casa 29 (mortgage up to $150K/25 years), microcredit, CrediListo, and CrediFuerzas (security-forces specialized). Revenue is generated primarily through net interest income on the loan book, supplemented by debit card issuance fees (Visa contactless at $4.37 + IVA), service-payment commissions, insurance distribution (Plan Socio 29), and salary disbursement processing for institutional clients.

Distribution follows a hybrid model combining physical branches with a digital ecosystem consisting of App29 (iOS/Android), 29 en Línea (web banking), 24/7 IVR, and the SaasBot La29 Facebook Messenger chatbot. The cooperative pursues ISO 9001:2015, ISO 27001, and SOC 2 Type II compliance, and has invested in financial education (La29 Te Educa, 450+ enrolled) and ESG initiatives (Sello Inclusivo Progresivo, Empresa Inclusiva, Empresa Libre de Humo). It is governed by a Consejo de Administración and Consejo de Vigilancia, with operational leadership including a Gerente, Directors of Administration, Operations, Technology, Risk, Finance, Commercial, Human Talent, and Development/Innovation.

Name

Cooperativa de Ahorro y Crédito 29 de Octubre

Legal name

Cooperativa de Ahorro y Crédito 29 de Octubre Ltda.

Website

https://29deoctubre.fin.ec

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Cooperativa de Ahorro y Crédito 29 de Octubre is a member-owned Ecuadorian cooperative financial institution founded in 1967, operating 34 branches nationwide and serving individuals, public sector employees, security forces, and microentrepreneurs with savings, credit, insurance, and payment services through physical and digital channels.

Ownership category

akta.pro rank

Product category

Cooperative Retail Banking

NAICS

Credit Unions (522130), Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Development Credit Unions (CDCUs) (FSABAEAC)

Keywords

• Savings accounts
• Consumer credit
• Mortgage lending
• Microfinance
• Debit card services

Headquarters

HQ city

Quito

HQ country

Ecuador

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue stream from interest charged on credit products including consumo credit, CrediOro, Mi Casa 29 mortgage, microcredit, Credifuerzas, and CrediListo. Interest rates vary by product type.
2. Deposit Account Fees: Fees from savings accounts including socio, cliente, and Angelitos accounts with varying minimum opening requirements
3. Insurance Products: Revenue from insurance products including Plan Socio 29 with health coverage, exequial services, and assistance medical plans for members and families
4. Debit Card Issuance: Fees from VISA debit card issuance ($4.37 plus IVA) and transaction fees
5. Service Payment Processing: Commissions from processing utility payments, taxes, and institutional payments for electricity, water, telephone, and government services
6. Investment Products: Revenue from fixed-term deposits (depósitos a plazo fijo) and savings programs including Cuenta Mejor Futuro and Cuenta Cesantía 29

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Cooperativa de Ahorro y Crédito 29 de Octubre is a cooperative financial institution that accepts member deposits through demand and scheduled savings accounts and fixed-term investments, and extends consumer, microenterprise, mortgage, and security-forces credit. It also issues a Visa contactless debit card, bundles health/exequial insurance (Plan Socio 29), and processes utility, tax, and institutional (public-sector payroll/pension) payments, distributing all of these services through 34 branches and an omnichannel digital stack.

Product overview

Cooperativa de Ahorro y Crédito 29 de Octubre is a cooperative financial institution operating as a multi-channel banking platform with physical branches and digital services. The core offering consists of savings accounts (Cuenta Socio, Cuenta Cliente, Cuenta Angelitos) and credit products (Crédito, CrediOro, Mi Casa 29, Microcrédito, CrediListo, CrediFuerzas) alongside investment products (Depósitos a Plazo Fijo) and scheduled savings programs (Cuenta Mejor Futuro, Cuenta Cesantía 29). Digital access is provided through 29 en Línea online banking and App29 mobile application. The platform also includes Visa debit card services, insurance products, payment services, and automated customer service via IVR and chatbot. The cooperative operates 34 national agencies and is regulated by the Superintendencia de Economía Popular y Solidaria.

Differentiator

Problem solved

Functional benefit

Products and services

• Cuenta Socio

Quantifiable outcome

• 34 branches nationwide covering all Ecuadorian provinces
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Five partnerships are on record, tiered minor and core.

• RENAREC (Red de Recicladores Base)minorOthers · 1 January 2024Partnership for responsible waste management where the cooperative donates collected recyclables (plastics, papers, electronics) to RENAREC for proper processing. The cooperative has implemented recycling stations and waste separation in its headquarters.
• COSEDE (Corporación del Seguro de Depósitos)coreOthersRegulatory partnership where COSEDE provides deposit insurance coverage for the cooperative's savings accounts, checking accounts, fixed-term deposits, and other legally recognized modalities, protecting depositors in case of forced liquidation.
• FiglacminorStrategic or Co-development PartnerEducational partnership for the La29 Te Educa digital financial education platform where Figlac provides the registration and learning management infrastructure for the cooperative's financial education program.
• FacilitocoreChannel Partner/ Reseller/ DistributorCollection points network allowing customers to make utility payments and financial transactions at Facilito partner locations throughout Ecuador, extending service availability beyond branch network.
• Parque Protector BellavistaminorOthersEnvironmental partnership for tree planting volunteer program where the cooperative's employees and families plant trees in Bellavista protective park in Quito as part of sustainability initiatives.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Cooperativa de Ahorro y Crédito JEP (Juventud Ecuatoriana Progresista): One of Ecuador's largest cooperatives, comparable in size and product breadth (savings, credit, microcredit, mortgage). Directly competes for members, public-sector payrolls, and small-business credit in the same regulatory framework under SEPS.
• Cooperativa de Ahorro y Crédito Andalucía: Ecuadorian cooperative offering savings accounts, credits, and microcredit with a multi-branch national footprint. Closely comparable business model, member base, and product suite under the same SEPS regulatory regime.
• Cooperativa de Ahorro y Crédito El Sagrario: Ecuadorian cooperative headquartered in the sierra region offering savings, credit, and microcredit. Direct peer in cooperative model, SEPS regulatory environment, and rural/semi-urban member base.
• Cooperativa de Ahorro y Crédito 15 de Abril: Ecuadorian savings and credit cooperative with nationwide presence. Directly comparable in member-owned structure, SEPS regulation, product suite (savings, credit, microcredit), and target segments (public-sector payroll, microentrepreneurs).

Broad incumbents

• Banco del Instituto Ecuatoriano de Seguridad Social (BIESS): State-owned bank that is both a customer (La 29 processes BIESS credit disbursements) and a competitor for IESS affiliate deposits and mortgage lending. Comparable on pension/savings products but with sovereign backing and a much larger balance sheet.
• Banco Guayaquil: Major Ecuadorian commercial bank offering savings, credit cards, mortgages, and digital banking. Competes for the same retail and SME segments but with greater scale, public-market governance, and digital investment capacity.
• Banco Pichincha: Ecuador's largest private bank and dominant player in retail savings, consumer credit, mortgages, and SME lending. Competes with La 29 across the same product set but with a much larger capital base, broader geographic reach, and a wider service portfolio.
• Produbanco: Large Ecuadorian commercial bank serving retail, SME, and corporate segments. Comparable product set (savings, credit, mortgage) and competes in the same Ecuadorian market, but operates with broader corporate banking capabilities.

Regional players

• Banco de Loja: Regional Ecuadorian commercial bank focused on the southern sierra region (Loja, Zamora). Comparable in retail savings and SME credit offerings but with a primarily regional footprint versus La 29's national 34-branch network.

Others

• Facilito: Ecuadorian payment-services network operator that is a partner (collection points) and an adjacent enabler in the payment-processing value chain. Relevant for understanding utility-payment and remittance competition, not a direct deposit/lending competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/29deoctubre
• TikToktiktok.com/@cooperativa29deoctubre
• Xx.com/La29DeOctubre
• LinkedInlinkedin.com/company/la29deoctubre

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

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 Cooperativa de Ahorro y Crédito 29 de Octubre