MO Tecnologias LLC (MO) and Payit today announced a strategic alliance to bring access to pre-approved loans to the users of Payit. The collaboration will enable eligible Payit consumers to obtain and withdraw their pre-approved loans within seconds in their Payit wallet and use it instantly, 24/7!
MO has developed an innovative patent-pending proprietary credit scoring technology and loan management platform which uses AI & machine learning to calculate a credit score within seconds, pre-approving the user. Payit has been operating an e-Wallet in Mexico since 2017 and allows its users to make and collect P2P payments, and to pay bills, easily and from one app.
“The access to loans has always been challenge in the Mexican Ecosystem, especially taking into account that only 30% of the people have access to financial services. Together with MO, we are excited to provide loans with no more information than their usage of our platform, giving access to loans to those who before were not able to get them,” said Martin Mexia, CEO of Payit.
“We feel excited to work with an innovative Fintech like Payit, which is focusing on replacing cash with digital payments in Mexico. Being able to now offer pre-approved loans, available 24/7, to its users will further enhance Payit value proposition,” said Veronica Crisafulli, Chief Commercial Officer and Co-Founder of MO.
MO pre-approved loans are already available to an initial group of Payit users, and will be rolled out to all users by end of December 2018.