The startup offers a microcredit application that enables customers to make purchases at informal corner stores by scanning QR codes to access product details and authorize transactions. By providing credit lines to both corner stores and their customers, the application facilitates immediate purchases with deferred payment options, addressing the lack of accessible credit in underserved retail environments.
Funding
$10.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
OIFounders
Product
Problem
Micro and small business owners in Mexico often lack access to formal credit lines, hindering their ability to purchase inventory and manage cash flow effectively. Traditional lenders may find it difficult to assess the creditworthiness of these businesses due to limited financial documentation and a lack of established credit history. This restricts their growth potential and ability to compete with larger retailers.
Solution
YoFio provides a mobile microcredit application that enables micro and small business owners to access credit lines for purchasing goods at participating informal corner stores and wholesale markets. The app allows users to scan QR codes to view product details and authorize transactions, offering immediate purchases with deferred payment options of up to 14 days without interest. By extending credit to both the stores and their customers, YoFio facilitates transactions within underserved retail environments, providing a flexible and accessible financing solution. The application offers credit lines between $7,000 and $200,000 MXN.
Target Audience
The primary target audience is micro and small business owners in Mexico, particularly those operating in the informal retail sector, who need access to short-term credit for inventory purchases.
Features
- Mobile application for iOS and Android platforms
- QR code scanning for product information and transaction authorization
- Credit lines ranging from $7,000 to $200,000 MXN
- Deferred payment options up to 14 days without interest
- Digital application process with streamlined requirements
- Geolocation restrictions to the Valley of Mexico, Puebla, and Guadalajara
- Integration with participating corner stores and wholesale markets