Blu Launches "Mass Market" Credit Card With 50,000 Waitlist
FinTech Confirms Market Readiness for Mastercard® Credit Card in Mexico
MEXICO CITY–(BUSINESS WIRE)–Blu Financiero (“Blu”), a FinTech company using big data and AI to underwrite the underbanked population in Mexico, has announced the launch of its “mass market” credit card. The credit card has a 99% approval rate and can be obtained without a formal credit history.
Blu’s waitlist surpassed 50,000 people leading up to the launch, generating significant buzz online and highlighting the market’s readiness for new and accessible financial products. The new credit card is launching in a country of 130,000,000 where only 14% have access to a credit card and 30% have a formal credit history. “We see a classic oligopoly problem where 4 of the top 5 banks control 70% of the deposits but are all foreign-owned. With Mexico comprising less than 5% of their global balance sheets, these top few banks hold little incentive to develop the unique technology required to serve the growing middle class and mass market,” said Casper Yonel, CEO of Blu.
Blu spent the last year developing its big data and AI underwriting platform capable of processing thousands of traditional and alternative data points about the customer. The proprietary credit scoring technology uses machine learning models to inform credit decisions not only at the time of application, but in real-time. Enabled by advanced machine learning, Blu is able to perform “ongoing decisioning” that constantly processes alternative data from behavioral sources such as smartphones and continuously evaluates, monitors, and prices the credit risk of customers. “Our company is in the right place at the right time – with most of our customers having access to a smartphone and internet connection, we are able to extract large-scale behavioral data and build hyper-personalized models that tell a story about our customers otherwise overlooked by traditional banks,” said Paul Thomas, CTO of Blu.
About Blu:
Founded in 2022, Blu Financiero (“Blu”) is a FinTech company using big data and AI to underwrite the underbanked population in Mexico. To learn more, please visit www.blufinanciero.com. You can follow @blucardmx on LinkedIn, Facebook, TikTok, and Instagram.
Contacts
Casper Yonel
[email protected]
