Belvo has formed a partnership with Ualá to enhance credit access for Mexican customers, leveraging employment data. This collaboration is expected to accelerate the credit approval process by up to 10% through integration of IMSS employment records provided by Belvo.

Following this announcement, Ualá will benefit from a more streamlined credit decision-making process, with applications reviewed instantly based on verified employment and income information obtained via a CURP. This approach is designed to address the challenge of financial inclusion in Mexico, where significant gaps remain, especially among young people and women.

The partnership aims to democratize access to credit by using official employment data as a reliable source for evaluating financial health. Belvo’s Employment Data product will automatically verify workers’ histories without requiring traditional bureau records, thereby extending credit opportunities to previously underserved segments of the population.

Both companies see this collaboration as pivotal in advancing their missions. For Ualá, it aligns with its goal to use technology to break down financial barriers for a broader user base. Meanwhile, Belvo hopes to leverage this partnership to reduce up to 30% of rejected applications due to insufficient bureau history and to provide real financial opportunities to those who need them most.

The collaboration is set to improve the overall customer experience by focusing on meeting evolving market needs while ensuring compliance with industry regulations.