Many Mexican consumers, particularly in rural or underserved communities, lack traditional financial histories and bank accounts. Financial services firms use Moffin’s software to review alternative consumer financial data for creditworthiness and potential red flags.
Guadalajara-based Moffin sources data from credit bureaus, taxation authorities and other providers to shorten approval timelines, improve consumers’ access to financial services, and help lenders manage risks.
Moffin works with more than 70 companies, including nonbank financial services providers, digital lenders, buy-now-pay-later providers, and embedded finance applications. The company says its software can also be used in any sector requiring risk management and regulatory compliance, such as the pharmaceutical sector.
Moffin’s software “lets financial institutions better understand and serve thin- and no-file customers, many of whom are small businesses and individuals from underserved communities,” said Amee Parbhoo of Accion Venture Lab. The fintech investor led Moffin’s $2.1 million seed-stage equity round alongside Chile Ventures.
The seed funding will support product development, consumer monitoring and regulatory compliance.
