ApproBE offers a Buy Now, Pay Later (BNPL) solution that allows consumers to make purchases and pay in installments without relying on traditional bank credit. By utilizing a streamlined approval process, customers can complete transactions at partner merchants within minutes, enabling greater access to financing for individuals with varying income levels.
Funding
Funding not disclosed
Founders
Product
Problem
Many consumers in Latin America lack access to traditional credit, limiting their purchasing power and access to essential goods and services. Existing financing options often involve lengthy approval processes and stringent requirements, excluding individuals with limited credit history or those working in the informal sector. This creates a barrier to economic participation and hinders the growth of local businesses.
Solution
ApproBE provides a Buy Now, Pay Later (BNPL) solution that enables consumers to make purchases and pay in installments, offering an alternative to traditional credit. Through a streamlined digital application process requiring only a national ID, WhatsApp, and email, ApproBE approves customers for financing within minutes. This allows individuals, including employees, freelancers, and pensioners with a minimum income of one statutory minimum monthly wage, to access financing at partner merchants both online and in physical stores. ApproBE's BNPL service is offered in up to 3 installments.
Target Audience
The primary target audience includes consumers in Latin America who are employed, self-employed, or pensioners with limited access to traditional credit and who seek flexible payment options for purchases at partner merchants.
Features
- Instant online credit approval using a simplified application process
- Flexible installment plans for purchases at participating merchants
- Access to financing for individuals with limited or no traditional credit history
- Integration with a network of physical and online retailers
- Mobile-friendly platform for easy application and payment management
- Credit backed by a guarantee fund