Tangelo, leader in developing alternative credit solutions in Latin America, announced a partnership with Mexican retailer, Waldo’s, to launch two digital credit solutions. Through Tangelo’s alternative risk models, the solutions enable millions of Mexicans to access credit for the first time, thus expanding financial inclusion in the country. The solutions, which are custom-built with Tangelo’s technology embedded into Waldo’s ecosystem, have the potential to reach over three million people in the more than 600 Waldo’s stores nationwide, who will be able to finance their purchases quickly and easily: as well as purchase motorcycles with a 24-hour delivery guarantee. With its first of two credit solutions, Waldo’s customers will be able to obtain a 100% digital credit card in just minutes, allowing them to finance their purchases at physical points of sale as well as making cashless payments. Tangelo and Waldo’s predict that in its first year, the digital credit solution will process more than 300,000 transactions for more than 100,000 Waldo’s customers. The second solution will allow customers to finance the purchase of motorcycles, a market that, according to MotorCycles Data (McD), grew a record 23.2% in Mexico between January and September of 2021, with the guarantee of obtaining financing and receiving the vehicle within 24 hours. Tangelo expects to finance 2,400 motorcycles per month.
Tangelo is a Latin American financial technology company specializing in alternative credit and with over 25 years of experience developing bespoke credit solutions for consumers and SMEs in the region. Through a proprietary technology platform and data driven models, Tangelo manages a diverse set of tailor-made products ranging from point-of-sale financing, supply chain financing, asset-based lending, credit scoring as a service, and end-to-end white label digital credit solution for numerous industries.