Latam List – PayPal launched a partnership with Konfio, an online lending platform in Mexico, to expand Paypal’s small business lending to local merchants.
Konfio is a platform that evaluates a business’ sales performance within minutes by using alternative data for rapid credit assessment. This process usually takes two months in Mexico.
Through the PayPal and Konfio partnership, businesses in Mexico will be able to use their PayPal account to apply for a credit to make investments in their businesses to acquire extra inventory, hire additional staff, or develop training and delivery. Businesses will have access to improved rates with Konfio, receive funding within 48 hours, and access information about their eligibility for a loan and credit limit automatically.
The partnership between PayPal and Konfio is an extension of PayPal’s Working Capital and Business Loan program in which Paypal aims to democratize financial services worldwide.
Read more, at PayPal.
