Mexican fintech Konfío has joined forces with Visa to introduce a credit card, which is targeted at small and medium-sized enterprises (SMEs).
One can gain access to a digital format of the credit card on the website of Konfío and have credit access in as early as six minutes, before approval.
The credit line offered is based on the business owner’s financial behaviour.
“So it sounds like a lifesaver for when resources are needed, and fast,” the Mexican firm stated.
This is particularly beneficial for SMEs, for whom poor credit line access is a major impediment to growth, says Konfío CEO and founder David Arana.
Business owners can get access to a physical card a few days following their request.
Meanwhile, Visa is said to gain more technology and larger market access through the alliance.
Visa country manager in Mexico Luz Adriana Ramírez said: “Visa’s collaboration with different players from the ecosystem, such as Konfío, allows us to introduce cutting edge solutions and innovative technology in payment methods through a secure, quick, and frictionless way that responds to the consumers’ needs.”
The latest partnership comes shortly after Visa’s investment in POS financing technology platform ChargeAfter.
Visa recently also extended its partnership with Barclays to drive the bank’s international expansion.
Additionally, Visa recently teamed up with Australian fintech firm Airwallex to launch borderless card-based payment solution for businesses.