Belvo and Ualá Partner for Enhanced Credit Services in Mexico

Following a recent announcement, Belvo has entered into a partnership with Ualá to facilitate credit services for Mexican customers through the use of employment data. This collaboration aims to streamline credit approval processes by leveraging the IMSS employment data integrated by Belvo.

Under this agreement, Ualá can now accelerate credit approvals by up to 10% using the IMSS employment data. This move comes against a backdrop where financial inclusion remains a significant challenge in Mexico.

In fact, according to a recent publication from INEGI’s 2024 National Survey of Financial Inclusion (ENIF), only about 71.8% of the Mexican population holds at least one formal financial product. Young people and women face particular challenges, with an 8.1% point difference in financial inclusion compared to men.

Key Features of the Partnership

Through this collaboration, Belvo’s Employment Data product will automatically verify Mexican workers’ employment history and real income using only their CURP. This service enables Ualá to make instant credit decisions without requiring a previous bureau record.

Additionally, the partnership allows credit to be extended to segments that have previously been underserved by traditional scoring methods. By utilizing official employment data as a reliable source, both companies aim to reduce up to 30% of applications typically rejected due to the absence of bureau history.

The collaboration also supports Belvo’s mission of democratising access to credit in Mexico and aligns with Ualá’s goal of leveraging technology to break down financial barriers. This partnership aims to extend credit quickly, safely, and without friction to a broader user base that was previously excluded due to a lack of traditional financial history.

Both companies have highlighted the potential of this agreement to bring real financial opportunities closer to those who need them most while continuing to ensure compliance with regulatory requirements and industry laws.