QPAGOS Corp., a U.S.-based provider of digital payment services for cash-based and unbanked consumers in Mexico, announced this week the incorporation of SURETLY México SA de CV (“Suretly Mexico”), the country’s first Fintech company with a novel “crowd vouching” mobile solution.
Crowd vouching is the practice of financially securing a loan repayment by vouching monetary contributions from a large number of people. Unlike P2P lending, Suretly Mexico users (vouchers) will not lend money directly to the borrowers but instead guarantee to repay the loan to the lender in case of default. Users will be able to browse guarantee requests in a mobile app and choose which one to vouch for. Suretly Mexico will initially concentrate in 30-day micro loans of $200 or less and each user’s guarantee will be capped at maximum 10% of the loan.