Expanding PayPal Small Business Lending to Merchants in Mexico
In 2013, we launched
PayPal Working Capital to provide businesses faster and easier access to the capital they need to grow and thrive. Our small and medium-sized business (SMB) customers took notice – as of today (following expansion into select countries) we’ve been able to provide more than $6 billion in total financing to more than 170,000 businesses in the US, UK, Australia and Germany. Many of those business owners have even chosen to take a second Working Capital loan or advance to fund their business’ growth.
Recently,
we announced our partnership with
Konfio, an online lending platform in Mexico that uses alternative data for rapid credit assessment, as an extension of PayPal’s Working Capital and Business Loan program. Konfio’s unique business model evaluates a business’ sales performance to provide a credit decision and funding within minutes, rather than waiting for a two-month credit approval from a bank or traditional lender.
With this new partnership, businesses in Mexico will be able to apply to quickly receive funding by simply logging into their existing PayPal account, accessing Konfio’s platform and filling out an online application. In just a few minutes, Konfio will let the merchant know if it is eligible for a loan, the amount of the financing, and the repayment terms.
Partnering with companies that share our vision of providing easier access to growth capital is crucial to PayPal’s mission to democratize financial services. This is another great milestone emphasizing that through partnership, and by leveraging our business partners’ core assets, we can truly help make a difference in people’s lives.
Douglas Bland, VP and GM, PayPal Credit