Belvo and Ualá partner to offer credit to Mexicans through employment data

Source: Belvo

In a move that promises to change the dynamics of credit in Mexico, Belvo, Latin America’s leading Open Finance platform, and Ualá, one of the country’s main digital banks, announced a strategic alliance that will leverage official employment data to speed up access to credit for millions of Mexicans who lack a traditional credit history.

This new collaboration arises in a context where financial inclusion still faces significant challenges. According to the 2024 National Survey of Financial Inclusion (ENIF) recently published by INEGI, although 71.8% of the Mexican population holds at least one formal financial product, a significant gap persists, especially among young people and women, where the difference with men is 8.1 percentage points.

Thanks to Belvo’s Employment Data product, which automatically verifies Mexican workers’ employment history and real income using only their CURP, Ualá will be able to make instant credit decisions on applications without requiring a previous bureau record. This will enable credit to be granted to segments previously underestimated by traditional scoring processes.

This system has already demonstrated a successful connection rate above 95% and substantially improves credit approval rates, directly impacting financial inclusion. With more than 30 million CURPs processed successfully this year, the technology represents a new era in digital banking, simplifying traditionally bureaucratic and slow processes.

“This alliance with Ualá is a firm step towards our mission of democratizing access to credit in Mexico. Official employment data is a reliable and powerful source that allows us to close the formal credit gap. Together, we are making financial inclusion a tangible reality for millions of Mexicans,” said Federica Gregorini, country manager of Belvo in Mexico.

“This alliance with Belvo strengthens our digital credit strategy by giving us precise, real‑time information. Ualá’s core purpose is to use technology to break down financial barriers.

“We can now extend credit quickly, safely, and without friction to a broad user base that was previously excluded for lack of a traditional history,” said Joaquín Domínguez, regional vice president of credit at Ualá.

In a context where Ualá recently reinforced its financial structure by raising an additional $66 million in its Series E with the participation of AllianzX, this alliance represents a key opportunity to expand its active user base and continue its sustainable growth in the Mexican market.

Both companies highlight that this agreement has the potential to reduce up to 30% of applications rejected due to the absence of bureau history, thus bringing real financial opportunities closer to those who need them most. This complements Belvo’s approach of providing comprehensive, high‑value solutions in financial data, clearly positioning it as a leader in Open Finance and an engine of financial inclusion.

With this alliance, Belvo and Ualá reaffirm their commitment to continue driving financial inclusion and the democratization of credit in Mexico, using technology as an essential tool to improve the quality of life for millions of people.

Further reading: LatAm Open Finance platform Belvo secures new $15m investment