Mastercard, Juvo Team up to Help Underbanked Build Credit In LATAM, Caribbean

Mastercard is teaming up with FinTech startup Juvo to help the “underbanked” in Latin America and the Caribbean to build credit histories so they can engage in a wider range of financial services. Juvo’s Financial Identity as a Service (FiDaaS) platform allows customers to create a credit history by analyzing alternative financial transactions. The financial profile can then be used to determine a customer’s ability to engage in services such as buying insurance or taking out loans.

Mastercard plans to take Juvo’s platform to financial institutions (FIs) across Latin America and the Caribbean. The companies said the service could potentially help open up banking services to millions of customers.