Mastercard, Juvo to provide financial services to underbanked in LATAM

Wednesday 18 November 2020 11:25 CET | News

Juvo, a pioneer of financial identities for the underbanked, has teamed up with Mastercard to provide financial services to underbanked consumers in Latin America.

Juvo was accepted into Mastercard’s global fintech startup engagement program, Start Path, in August 2020. Now, Juvo is collaborating with Mastercard’s Latin America and Caribbean (LAC) team to introduce its FiDaaS (Financial Identity as a Service) platform to hundreds of financial institutions across the region.

The platform assists these institutions to serve a much broader base of customers and drive financial inclusion. Juvo's FiDaaS platform builds financial identities using alternative transaction data. With the help of machine learning tools, Juvo analyses users’ transactions and verifies their ability to access financial services, take out insurance and repay loans.

Across Latin America tens, possibly hundreds of millions of people are outside the reach of traditional credit bureaus. This creates a lack of meaningful data on which financial institutions can make decisions about who they serve. The result is that many Latin American and Caribbean consumers remain underbanked, and the addressable market for financial institutions across the region is significantly reduced.

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Keywords: MasterCard, Juvo, financial services, fintech, underbanked, partnership, LATAM, FiDaaS, financial inclusion, machine learning
Categories: Banking & Fintech
Countries: Latin America
This article is part of category

Banking & Fintech