Amercan fintech company MO Tecnologias has collaborated with e-wallet services provider Payit to offer pre-approved loans in Mexico.
The agreement will enable eligible Payit consumers to receive loans in the wallet and use them instantly.
Payit CEO Martin Mexia said: “The access to loans has always been challenge in the Mexican Ecosystem, especially taking into account that only 30% of the people have access to financial services.
“Together with MO, we are excited to provide loans with no more information than their usage of our platform, giving access to loans to those who before were not able to get them.”
MO pre-approved loans in Mexico
MO utilises an indigenously developed credit scoring technology and loan management platform to determine the credit score of an applicant.
The platform leverages artificial intelligence and machine learning to calculate the score in seconds. Accordingly, the customers can obtain the loans instantly pre-approved for them.
Currently, the service is available for a specific group of Payit users. It will be rolled out to all users by the end of this month.
MO co-founder and chief commercial officer Veronica Crisafulli said: “We feel excited to work with an innovative Fintech like Payit, which is focusing on replacing cash with digital payments in Mexico.
“Being able to now offer pre-approved loans, available 24/7, to its users will further enhance Payit value proposition.”
Payit launched its e-wallet services in Mexico last year and now has more than 200,000 users. Its services include P2P and bill payments and more through the mobile app.