Belvo partners with Ualá to facilitate credit for Mexican customers

Following this announcement, the collaboration will allow Ualá to accelerate credit approvals by up to 10% through the use of the IMSS employment data that is integrated by Belvo. 

In addition, the deal launches in a context where financial inclusion still faces significant challenges. According to the 2024 National Survey of Financial Inclusion (ENIF) recently published by INEGI, although 71.8% of the overall Mexican population holds at least one formal financial product, a significant gap still persists, especially among young people and women, where the difference with men is represented by 8.1% points. 

More information on the Belvo x Ualá partnership

Through this collaboration, Belvo’s Employment Data product will automatically verify Mexican workersʼ employment history and real income using only their CURP, while also allowing Ualá to make instant credit decisions on applications without requiring a previous bureau record. At the same time, this will enable credit to be granted to segments that were previously underestimated by traditional scoring processes.

Furthermore, this alliance aims to accelerate Belvo’s mission of democratising access to credit in Mexico. As official employment data represents a reliable and powerful source that allows Belvo to close the formal credit gap, the collaboration aims to make financial inclusion an accessible priority for Mexican customers. At the same time, Ualáʼs core purpose is to use technology in order to break down financial barriers, while the partnership will enable the companies to extend credit quickly, safely, and without friction to a broad user base that was previously excluded for lack of a traditional history.

According to the official press release, both companies highlight that this agreement has the potential to reduce up to 30% of applications that are usually rejected due to the absence of bureau history, aiming to bring real financial opportunities closer to those who need them most. In addition, the institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.