Belvo and Ualá Unite to Speed Up Credit Access in Mexico

Partnership Leverages Employment Data to Help Millions Gain Financial Inclusion

A significant collaboration between Belvo, Latin America’s leading Open Finance platform, and Ualá, a prominent digital bank in Mexico, is poised to revolutionize credit access by utilizing official employment data. This strategic alliance aims to grant millions of Mexicans access to credit, particularly those lacking a traditional credit history, which has been a major hurdle.

Employment Data: The New Frontier

The partnership capitalizes on Belvo’s Employment Data product, which streamlines the verification of employment and income using a worker’s CURP. This innovative approach allows Ualá to make instant credit decisions. The system’s success rate has exceeded 95% and promises to significantly improve credit approval rates for users.

“This alliance with Ualá is a firm step towards our mission of democratizing access to credit in Mexico. Official employment data is a reliable and powerful source that allows us to close the formal credit gap. Together, we are making financial inclusion a tangible reality for millions of Mexicans,”

—Federica Gregorini, Country Manager of Belvo in Mexico

According to a 2023 report by the World Bank, only about 50% of adults in Mexico have a credit history, highlighting the need for this kind of innovation (World Bank, 2023).

Impact and Expansion

The new agreement is expected to reduce up to 30% of rejected credit applications by eliminating the bureau history requirement. This is especially useful for those who have been historically excluded from traditional financial services. Ualá recently secured an additional USD66 million in its Series E, which will help accelerate its expansion within the Mexican market.

“This alliance with Belvo strengthens our digital credit strategy by giving us precise, real‑time information. Ualá’s core purpose is to use technology to break down financial barriers. We can now extend credit quickly, safely, and without friction to a broad user base that was previously excluded for lack of a traditional history,”

—Joaquín Domínguez, Regional VP of Credit at Ualá

The partnership between Belvo and Ualá underlines the importance of technology in enhancing financial inclusion. Both firms are committed to leveraging innovation to make credit more accessible for all.