SoftBank-backed fintech unicorn Clip has adopted Belvo’s full suite of solutions to better reach small and medium-sized business (SMB) borrowers in Mexico who have never had formal access to credit.
Belvo’s flagship open finance platform is being used by PrestaClip, the company’s credit arm, to verify business owners’ income and employment data, adjust risk based on changes to employment, and automate recurring collections.
Clip reports “tangible gains” since the integration, stating that the employment‑data product has enabled it to build a credit profile “even when traditional banking history is absent”.
The company launched lending services through PrestaClip earlier this year, working in partnership with Argentina-based machine learning tech firm Mutt Data to create a data platform on Databricks’ Medallion architecture. This solution provides “key models for loan attributes, amortisation schedules, and collections, while automating data ingestion and processing through Airflow and Databricks pipelines”, according to a blog post from Mutt Data co-founder and CRO Mateo de Monasterio in May.
Led by founder and CEO Adolfo Babatz, Clip was previously valued at $2 billion following a $100 million investment from Morgan Stanley and an unnamed West Coast mutual fund manager last year. Other existing backers include JP Morgan, HSBC, and SoftBank, which leveraged its Latin America Fund to lead a $250 million round alongside Viking Global Investors LP in 2021.
Source: https://www.fintechfutures.com/
