In 2013, PayPal launched PayPal Working Capital to provide businesses faster and easier access to the capital they need to grow and thrive.
Small and medium-sized business (SMB) customers took notice. As of today (following expansion into select countries) PayPal has been able to provide more than $6 billion in total financing to more than 170,000 businesses in the US, U.K., Australia and Germany.
Many of those business owners have even chosen to take a second Working Capital loan or advance to fund their business’ growth.
Expanding Program to Mexico
Recently, PayPal announced their partnership with Konfio, an online lending platform in Mexico that uses alternative data for rapid credit assessment, as an extension of PayPal’s Working Capital and Business Loan program.
Konfio’s unique business model evaluates a business’ sales performance to provide a credit decision and funding within minutes, rather than waiting for a two-month credit approval from a bank or traditional lender.
With this new partnership, businesses in Mexico will be able to apply to quickly receive funding by simply logging into their existing PayPal account, accessing Konfio’s platform and filling out an online application.
In just a few minutes, Konfio will let the merchant know if it is eligible for a loan, the amount of the financing, and the repayment terms.