CONNECT WITH US
Fintech

Fintech

PayJoy Acquires Mexico’s Finia to Gain Deeper Credit Insights

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
PayJoy Acquires Mexico’s Finia to Gain Deeper Credit Insights

PayJoy, a financial service provider for underserved consumers in emerging markets, has acquired Mexican FinTech Finia.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

The deal is designed to let PayJoy apply Finia’s technology and expertise to its platform, enhancing its underwriting capabilities and expanding its services for customers with limited access to formal credit, the company announced in a news release Monday (Oct. 12).

“Finia has developed valuable technology and deep insights that can help address one of the fundamental challenges in financial inclusion: how to assess creditworthiness when traditional financial data is limited,” said Jose Luis Gonzalez, head of growth for PayJoy Mexico.

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

“Bringing these capabilities to PayJoy will strengthen our platform, enhance how we assess risk, and broaden our product offerings. We see a meaningful opportunity to extend the impact of Finia’s work across the markets we serve.”

The release notes that PayJoy has more than 20 million customers throughout Latin America, Africa, and Asia, offering products like digitally secured smartphone financing, credit lines and the PayJoy Card. By acquiring Finia, the company can bring technology designed especially for smaller and informal businesses to a platform that reaches global markets, PayJoy said.

“Finia built its AI underwriting capabilities to serve micro-businesses with limited financial data and owners with little or no formal credit history,” the release added.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.