MIAMI, Aug. 14, 2018 /PRNewswire/ — With a vision toward empowering Mexico’s emerging middle class through more transparent lending solutions, a team of Silicon Valley entrepreneurs and executives with previous experience at leading international online lending companies, including Enova International, 4Finance and Cream Finance, recently formed Boom Credit, Inc.
The company launched its initial loan offering in May, and in less than three months has grown to over 50,000 registered users. Among its registered users, 35% requested the loan for their own small business needs. This is consistent with Mexican labor statistics which reflect that only 53% of adults maintain formal employment (ENIF, 2015). As a result, the majority of Mexico’s population is either unbanked or underbanked, while holding negative views of traditional banking.
Boom Credit seeks to address the greatest pain points of the emerging Mexican middle-class consumer by emphasizing convenience through a mobile-first product, empowerment through financial educational tools, and loyalty through rewards for positive credit behavior.
“We believe that offering solutions to facilitate people’s quick access to credit through their mobile devices is the first step. Second, by fostering loyalty through financial education and good consumer behavior, we believe that we can help consumers build a better financial future,” said Mariano Zadeh, CEO and Co-Founder of Boom Credit.
Paco De Vega, Director of Boom Credit Mexico and Co-Founder, commented, “Mexico is the largest and fastest growing fintech market in Latin America. We believe that our experience in the sector, combined with our unique educational approach and technology, will allow us to offer a more inclusive solution to Mexican consumers that favors their economic development.”
Boom Credit is Based in Miami, FL and prior to its May 2018 launch, raised a $5MM seed financing round from entrepreneurs with extensive background in consumer technology and emerging markets. In addition to participation by local entrepreneurs, the Company’s Advisory Board includes Timothy Ho, former CEO of Enova International.
Ho stated, “Boom Credit has assembled a team of driven, talented professionals with a unique understanding of online consumer finance and have created a compelling value proposition that should resonate among underserved consumers across Latin America. I am honored with the opportunity to serve on the board of advisors of this promising company.”
