Blu Launches "Mass Market" Credit Card With 50,000 Waitlist
23 Julio 2024 - 8:18AM
Business Wire
FinTech Confirms Market Readiness for
Mastercard® Credit Card in Mexico
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240718245366/en/
Casper Yonel press@blufinanciero.com