And in partnership with Visa, the startup has it’s taken a step in that direction with the launch of a credit card for SMEs.
According to a recent press release, business owners can order the digital version of the card over the startup’s website. After completing the process, they have access to a credit line within six minutes, prior approval. So it sounds like a lifesaver for when resources are needed, and fast.
A physical card is sent to the requester a few days later.
Related article: Fintech, Konfío, tempting Mexican SMEs with expanded credit lines
Credit keeps SMEs’ growth
According to David Arana—Konfío’s CEO and Founder—the lack of access to a credit line is what stunts a small business’ growth potential.
Visa for its part gets access to a larger market and more tech by partnering with the startup. As Luz Adriana Ramírez—the multinational’s Country Manager in Mexico—explained.
“Visa’s collaboration with different players from the ecosystem, such as Konfío, allows us to introduce cutting edge solutions and innovative technology in payment methods through a secure, quick, and frictionless way that responds to the consumers’ needs,” said the executive.
Unfortunately, many people tend to use their personal credit cards to cover the costs of their small business. That leads to a mess of charges on their bill, such as their Netflix subscription with a payment made to a vendor.
That clutters their business’ and personal finances in an ugly, (or worse) inefficient way.
But that’s also where Konfío and Visa want to contribute.
Although, it’s important to point out that the line that’s granted depends on the requester’s overall financial behavior.
That basically means it’s not a freebie card for everyone.
Related articles: Tech and startups in Mexico!