The digital payment and banking provider i2c has joined forces with Mexican lender Credijusto to provide a new credit card for small to medium-sized businesses (SMBs) in Mexico.
The two companies announced the partnership Wednesday (Aug. 25), saying the Covalto American Express card would be available to SMBs throughout Mexico this year.
They say the card aims to help business owners avoid using their personal payment cards to operate their businesses.
“Issued by Credijusto, backed by i2c and supported on the American Express network, the modern credit card will be a first-of-its-kind corporate solution with digital onboarding,” the companies said in a news release. “Fee and annuity free, the card and financial software provides an innovative means for companies to control expenses and have increased visibility into their business.”
The companies say the card will offer customers unlimited cashback, next-generation security, 40 days of financing and virtual card capabilities, all powered by the Covalto app. The program is designed to reduce onboarding time and give customers immediate credit access.
“We’re thrilled to partner with and support Credijusto in delivering a truly novel product for the Mexican (SMB) market,” said Kevin Fox, i2c’s EVP, Global Head of Sales. “Innovative ventures like these are a great example of how current FinTech and issuer-processor collaborations are reaching under-addressed, high-demand market segments.”
This is i2c’s second partnership with a Mexican company this month.
On Aug. 11, i2c announced it was working with lending company KEO and Mexican customer loyalty program PAYBACK on a prepaid American Express credit card designed to provide customers with more financial inclusion and credit availability.
The companies say they will make that happen through a fully digital underwriting process that provides a quick credit approval for users without a credit check or paperwork.
i2c also recently announced it was expanding its partnership with Visa to offer issuers buy now, pay later capabilities at point of sale.
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