Miami, FL: New Fintech Company Boom Credit Launches in Mexico
MIAMI, Aug. 14, 2018 /PRNewswire/ -- With a vision toward empowering Mexico's emerging middle class through more transparent lending solutions, a team of Silicon Valley entrepreneurs and executives with previous experience at leading international online lending companies, including Enova International, 4Finance and Cream Finance, recently formed Boom Credit, Inc.
The company launched its initial loan offering in May, and in less than three months has grown to over 50,000 registered users. Among its registered users, 35% requested the loan for their own small business needs. This is consistent with Mexican labor statistics which reflect that only 53% of adults maintain formal employment (ENIF, 2015). As a result, the majority of Mexico's population is either unbanked or underbanked, while holding negative views of traditional banking.
Boom Credit seeks to address the greatest pain points of the emerging Mexican middle-class consumer by emphasizing convenience through a mobile-first product, empowerment through financial educational tools, and loyalty through rewards for positive credit behavior.