Mexican fintech YoCripto introduced a new credit card designed for young adults. The card has a 100% acceptance rate for applicants and offers the same benefits as YoCripto’s current credit card.
Using a one-payment guarantee model, this credit card allows youth to access credit and start building a financial history. Users can liberate their guarantee once they demonstrate good credit behavior.
With this launch, YoCripto seeks to democratize credit access in Mexico, where access to credit is still low. According to Encuesta Nacional de Inclusión Financiera (ENIF), 48% of the Mexican population have never received credit products due to bad or nonexistent credit history.
YoCripto’s goal is to bring financial inclusion to Latin Americans by uniting traditional finance and crypto technology.
The startup founded in 2021 by Julian Arber and Rafael Maya recently announced a seed round for $4.4M led by DILA Capital. In 2023, the company plans to lend over $23M.
