Big name companies are partnering with lending fintechs in Latin America
Contxto – Latin America is filled with fintechs who have eyes on the ground and tech to identify users and businesses that are eligible for a loan. That helps explain why some of the world’s biggest companies have been forging partnerships with these startups recently. The first installment will be for MX$800 million (~US$36.1 million) and can be expanded to up to the aforementioned US$59 million. Through the use of artificial intelligence (AI) to analyze loan requests, the fintech will identify SMEs eligible for credit. Moreover, Mercado Libre has been an active player in connecting these businesses with credit since the launch of its R$600 million (US$114 million) credit line in April.