Fintech Uellbee raises $2.3 million

Mexico-based fintech platform Uellbee has closed a $350,000 funding round with angel investors and a $2 million line of credit from APx Capital to help those in credit card debt refinance these debts with loans that adapt to their income and automate the management of their finances.

Uellbee offers flexible and personalized financing to customers and provides them with a simple and accessible tool to manage their debt and personal finances. The new funds will be used to further develop its innovative technology and capabilities to lend to new customers.

According to data from Banco de México and Inegi, in Mexico more than half of all households have some type of debt and about 15 million people have credit card debt. That’s why fintech’s mission is to rethink consumer credit so that it meets the real needs of Mexicans.

Co-founded by Francisco Meré (co-founder and CEO of Bankaool, a pioneering fintech bank in Mexico, and president of the Fintech Association of Mexico and the IberoAmerican Fintech Alliance) and Mario Gamboa Cavazos (former co-founder and CEO of Intelimétrica , a big data and analytics company specializing in the financial sector, recently acquired by a Mexican proptech), Uellbee was part of the Google for Startups acceleration program earlier this year.

“The problem is not that we are in debt, but that the loans we have access to do not meet our needs, since they were created for life 50 years ago, for people who would only work as employees. of a single company. Today, with the growth of the gig economy and the freelance sector, income is no longer necessarily constant, nor does it arrive at a certain date, which is why traditional financing has not When people get into debt and their financial flows don’t match the profile the financial product was designed for, the horror story we already know happens: it’s nearly impossible to repay the debt . Francisco Meré co-founder and CEO of Uellbee.

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