ImpactAlpha, August 16 – Mexico City-based fintech venture Uellbee wants to help consumers pay down debt and improve their savings. The company offers lower-cost credit to help consumers pay off high-interest debt, like credit cards. It also helps users develop a savings plan and offers income and expense-planning tools.
Uellbee raised $350,000 in seed financing from angel investors and $2 million in debt from APx Capital.
Uellbee’s Francisco Mere says he wants to redesign consumer credit around modern earning patterns. “The problem is not that we are indebted, but that the loans to which we have access do not respond to our needs,” he told LatamList. “With the growth of the gig economy and the freelance sector, income is no longer necessarily constant, nor does it arrive on a certain date, which is why traditional financing no longer makes sense.”