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Contxto – One other fintech has been just lately fueled to serve up extra loans. This week, Mexcian ePesos said it closed a debt-financing spherical for US$21 million by means of Accial Capital. As well as, the startup introduced the launch of “ePesos+”. This new service will tender to Mexico’s employed, however unbanked inhabitants.
There are lending fintechs that tender to people. And there are lending fintechs that tender to companies. ePesos takes the center floor between these segments as a result of it helps corporations roll out a credit score line for his or her staff.
A employee basically will get an advance on their wage by means of ePesos after which returns the loan to ePesos as soon as payday comes round.
The fintech had beforehand raised US$6 million in fairness capital by means of Santander Innoventures.
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ePesos versus shady lending
For the startup’s Founder and CEO, Oscar Robles, occasions are getting powerful for workers and ePesos has a task to play in offering some stage of aid.
“Only 15 percent of workers have access to formal credit, forcing many to resort to pawn shops or informal lenders,” says Robles.
“With ePesos+ the employees will be able to advance up to three months of their net salary with a service cost of up to 38 percent per year, which they will be able to repay within a period of up to 12 months.”
Rightly so, the Covid-induced disaster in Mexico is leaving many staff in a cash crunch.
Consequently, the demand for loans is rising. But when formal establishments shut the door on them, many do depend on pawn outlets and loan sharks to make ends meet. Though what’s maybe worse is many have even turn out to be victims of fraud and extortion after forking over private data resembling their handle and banking data.
In that sense lending merchandise from platforms like ePesos characterize a more healthy various.
Nevertheless, one of many greatest challenges to beat is elevating consciousness of how staff’ monetary troubles can spill over into the office. Put merely, management should overcome the “that’s not my problem” mentality to supply options and thus enhance worker productiveness.
As soon as that’s achieved it’s simpler to orient them in direction of partnering with these startups.
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