How Javier Borkenztaim Built a Global Fintech from Uruguay | Nearshore Cafe

Brian: Welcome, everyone, to another episode of the Nearshore Cafe podcast. I’m Brian Samson, your host. If you’re into fintech and how to build a fintech company out of Uruguay, you are going to love this episode. I have Javier Borenstein, CEO of Fiter, on the show. Before I introduce Javier, I want to thank our sponsor, Plug Technologies, Plug.gg.te. Plug is a great way to connect talent from Latin America to growing U.S. companies. Javier, thanks so much for being here on our show today.

Javier: Thank you for having me, Brian. It’s a pleasure to be here.

Brian: And Javier, you’re dialing in from Montevideo, Uruguay. Is that correct?

Javier: Yes, I’m from Uruguay. I live in Montevideo. Yes, I’m in the South.

Brian: I’ve been there before, and this time of year, it’s like summertime, nice warm weather, people walking along the rambla with their mate cups.

Javier: Absolutely. Yes, mate, we do every day. I have mine here just in case. There’s nothing like a beautiful Sunday afternoon walking the rambla with mate.

Brian: Well, a barbecue is better. Barbecue with the fire, the meat… if you like meat, that is something you can enjoy a lot here in Uruguay.

Brian: Javier, I’m really excited to talk about fintech today. Fiter is a fintech company you’ve built right out of Latin America, right out of Uruguay. For those who don’t know, what is Fiter? What are you building? Tell us more about your vision for it.

Javier: Absolutely. Fiter’s mission is to accelerate the adoption of open-source solutions in the financial industry. Today, we are the number one implementers of Apache Fineract in the world. Apache Fineract is an open-source core banking solution that supports LMS (loan management systems), transaction accounts, checking, deposits, term deposits, KYC, accounting, and more. It’s flexible, expandable, and open source.

Our mission is to be a service company working in this space, but our vision is to build a fintech distribution of open-source technologies we can deliver to clients around the world.

Fiter started in 2017, founded by myself and my partner Robert. I was in Uruguay, he was in Australia. Our first client was in Mexico, and the delivery team was in Uganda. Since then, we’ve grown to serve clients in nearly 30 countries and built teams in 25+ cities. We are fully remote—we say we work from the world to the world.

Brian: What was your background before you started the company?

Javier: I’m a mechanical engineer with an MBA. I worked 10 years in mechanical consulting, then joined a fintech startup that used SMS for payments, piloting projects like paying taxis or cinema tickets with feature phones. That experience exposed me to financial services and the opportunities to modernize. Later, when I became an entrepreneur, I found open-source technology like Mifos and realized my past experiences all connected. My skills in project management, fintech, and working with complex organizations help me run Fiter today.

Brian: What did the banking system and fintech ecosystem look like in Uruguay back in 2017?

Javier: Similar to elsewhere—large global banks dominating the market. Around 2010–2015, neobanks like Monzo, N26, and Nubank were emerging. We realized it was better to serve startups (the future “Amazons” of banking) rather than only the “Walmarts.” Serving them early gave us growth opportunities. Now some of those startups are our clients and have millions of users. Even big banks are now looking to implement open-source technologies because they’re flexible and cost-effective.

Brian: You mentioned Robert, your co-founder. How did you meet?

Javier: We met through a project with Mifos. Robert was the contractor, and he was outstanding. Later, he suggested we start something together. Funny enough, we worked two years without ever meeting in person. Our first time face-to-face was in Dubai, where we rented an Airbnb and planned six years of Fiter’s growth.

Brian: Tell us about your first hires. Did you raise capital?

Javier: We bootstrapped from the beginning and have always been cash-flow positive. I believe the best investor is a happy client paying every month. That said, we may raise capital in the future if we shift more toward being a product company. Our first hires were developers. We believe talent is evenly distributed around the world, but opportunities are not, so we recruit globally—from Latin America to Africa to Asia.

Brian: With such a distributed team, how do you manage collaboration?

Javier: It’s challenging, but we avoid hiring people who need micromanagement. We want autonomous, objective-driven people. Our values are simple: we are human, we trust, and we care. We use lean management practices—sprints, daily standups—but also rely heavily on written documentation to avoid excessive meetings.

Brian: And with so many languages across Latin America and Africa, what’s your working language?

Javier: English. We also use AI tools to support us—meeting transcriptions, summaries, coding tools, and prospecting automation. It helps us execute like a much larger team.

Brian: Any recruiting challenges in Latin America?

Javier: Not really. Talent is strong and English levels are good among those already targeting international companies. Sometimes you need to make tough choices when someone doesn’t fit, but quick decisions are key to scaling.

Brian: How is your co-founder relationship with Robert?

Javier: We try to meet at least once a year, sometimes more. We value the partnership deeply—it’s complementary. I once gave him our company’s first invoice, framed, as a gift. He once sent me an NFT of the first email that connected us. Building a company is hard, so having a trusted partner is essential.

Brian: Before we wrap up—tourism tips! What should people do in Montevideo, and when’s the best time to visit?

Javier: February is the best—Carnival season. You’ll see local Murgas, Candombe parades, music, and energy everywhere. Plus, great meat, beaches, and summer weather.

Brian: Javier, this has been a fantastic conversation. Thanks again to our sponsor, Plug Technologies. And thank you, Javier, for sharing your story.

Javier: Thank you, Brian.

Brian: Thanks everyone for listening to the Nearshore Cafe podcast. See you next time.