Mento, a Chilean digital lender providing credit, payments and other financial services, has gone live on Mambu’s SaaS cloud banking platform, extending loans via cloud technology to overlooked segments of the population.
Mento caters to underserved portions of society, often deemed as unprofitable by incumbent banks due to market and regulatory constraints. The lender differentiates itself in the bustling FinTech space by taking a new approach to collecting and analysing data when extending credit, focusing more on individual cases, history and other personal information to complement or even stand in place of historical salary figures.
Many contract workers, self-employed individuals and small business owners in Chile don’t have the necessary documentation to request lending and are, therefore, turned down by traditional banks.
Mento takes a more data-driven approach to loan vetting and origination.
Additionally, Mento can help arrange access to loans and other services to demographics often overlooked by traditional financial institutions, due to outdated procedures conducted on restrictive legacy tech systems.
Alex Rossi, Mento’s Chief of Products, said: “Thanks to a successful launch of the first version of our lending product, we can confirm that we have been attending to very real and relevant needs of the population, a key indicator that we are advancing on the right path.”
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Source : From the Web