- The startup Yo announces it will revolutionize lending by allowing Mexicans to convert physical assets into digital credit lines, increasing financial inclusion for the roughly 40 million underbanked.
Mexico City, November 15, 2023 – Yo, a leading fintech company, announces it will offer a pioneering collateral-based solution which will revolutionize the financial landscape in Mexico and Latin America. This solution allows Yo cardholders to convert physical assets into digital credit lines, marking a milestone in the region’s financial industry as the first of its kind.
By addressing liquidity challenges and unlocking the intrinsic value of physical objects, the Mexican born startup seeks to transform traditional lending rules, opening up growth opportunities and providing millions with financial stability.
The company emphasized that it not only not only offers a credit line but also an opportunity to build and improve the credit history of its users, opening doors to future financial opportunities. In a context where 21% of the Latin American population still lacks access to a financial account, and more than 56 million adults in Mexico do not have a formal credit product, Yo stands as a catalyst for a more inclusive financial future.
Key features of the Yo card:
- Physical assets: Users can use physical items, including watches, jewelry, gold, electronics, and more, as collateral to obtain a virtual and physical credit card.
- Digital and physical cards: Customers will instantly receive a digital credit card, and within a few days, a physical card will be delivered by mail, both at no additional cost.
- Partnership with the largest appraisal and custody house: In a strategic collaboration with an appraisal and custody house, users can store their assets in secure facilities within a nationwide network of branches.
- Collateral Agnostic Vision: Yo’s platform accepts both physical assets and money as collateral and plans to expand to assets such as stocks, cars, and real estate.
- Establishment of credit history: Yo cardholders have the opportunity to start building a strong credit history, as their good payment behavior will be reported to credit bureau institutions, improving their future financing opportunities.
- Benefits: Offers a cashback program of up to 3% for each transaction, global acceptance as a Visa card, and accessible rates for all users.
- User-centered experience: Users have the flexibility to choose traditional currency or physical assets as collateral and determine their credit limit.
“Our collateral-agnostic vision allows us to offer unique and effective financial solutions. By unlocking the intrinsic value of physical assets, we provide financial freedom and liquidity to those who need it most, especially young people looking to start their financial journey,” said Julian Arber, CEO, and co-founder of Yo.
“With the Yo card, we want to reshape the landscape of financial inclusion in Mexico. This product empowers users, allowing them to access credit based on their individual circumstances, without the limitations of traditional collateral,” added Rafael Maya, President, and co-founder of Yo.
Additionally, the executives highlighted the innovative use of artificial intelligence in all of Yo’s operations, including fraud detection, risk management, and valuations, underscoring the company’s commitment to security and efficiency.
Designed with an inclusive approach, the Yo card is committed to serving a diverse audience, particularly young people and the underbanked facing liquidity issues or difficulties accessing reliable financial services, providing them with the tools and financial independence they need to thrive.
Miranda Newswire – Full Press Release: Download PDF
About Yo:
Yo Crédito has revolutionized personal credit by converting physical items into digital credit lines. The company is the first and only digital platform in the region capable of converting physical assets into digital credit lines, allowing users to unlock the intrinsic value of items such as watches, cell phones, gold, electronics, among others. With an exclusive partnership with Visa and the largest valuation and storage facility in Mexico, Yo offers a revolving credit line through a credit card. Yo Crédito users receive a virtual credit card immediately and a physical one for free, usable worldwide.
For more information, visit https://www.yocredito.com/.
Press contacts:
Ana Sofia Fraser
Senior Analyst
sofia.fraser@miranda-newswire.com
+52 55 3261 1505
Saúl Sanchez
Senior Analyst
saul.sanchez@miranda-newswire.com
+52 55 4192 0643