- YoCripto will offer an extra layer of security in a single integrated platform to reduce fraud and prevent financial crimes.
- This partnership will make credit card application processes more efficient for clients as it will save time by removing the need for certified physical copies of documents.
Mexico City, June 28, 2022 – YoCripto, the first digital platform in Latin America to offer a credit card with Bitcoin Rewards on every purchase, has partnered with Jumio, the leading provider of orchestrated end-to-end identity proofing, eKYC and AML solutions. By incorporating Jumio’s award-winning biometric-based technology into its digital application system, YoCripto’s applicants can verify their identity online, instead of in-person. The application for YoCripto’s credit card takes only four minutes, compared to between 24 to 72 hours for a traditional credit card approval process.
By partnering with Jumio, YoCripto will offer an extra layer of security in a single integrated platform without negatively impacting the client experience during the onboarding process. The partnership will allow for a simpler application process, saving YoCripto’s users processing times by removing the need for certified physical documents. All users need to do is upload an official photo ID and take a selfie using their smartphone. By also using Jumio’s powerful Anti-Money Laundering (AML) solutions, YoCripto will be able to reduce fraud and prevent financial crimes, a key issue in the region.
Credit card users in Mexico and Brazil were found to be at the highest risk of having their details stolen and sold in Latin America, according to NordVPN, a leading virtual private network company. Additionally, according to Mexico’s National Commission for the Protection and Defense of Users’ Interests and Rights Before Financial Institutions (CONDUSEF), more than 2 million claims are reported every year in Mexico for possible fraud regarding credit or debit cards. In 2021, CONDUSEF calculated that banking fraud in Mexico increased by 52%, compared to 2020.
“Recent Jumio research found that seven out of every 10 Mexican consumers believe it’s crucial for financial services entities to use digital identity. However, if the online verification process becomes too cumbersome, 43% of them will abandon it,” said Samer Atassi, Jumio VP of Latin America and Caribbean. “We’re excited to partner with YoCripto to bring a streamlined onboarding experience to the Mexican consumer”.
“We’re very excited to announce our partnership with Jumio as we seek to consistently streamline our application processes. Paper-based processes are no longer fit for purpose, and a digitalization of the onboarding process is the most efficient move for our clients,” said Julian Arber, CEO and co-founder of YoCripto.
“By utilizing Jumio’s platform, YoCripto can reduce the guesswork in KYC and ensure that we can truly know our customers and the risk they may present to our business. The AI-powered screening solution that Jumio provides allows us to assess our customers’ risk factors and verify that they are not on any watchlists,” reiterated Rafael Maya, President and co-founder of YoCripto.
YoCripto and Jumio are actively working against fraud and financial crimes, as YoCripto continues to solidify itself as the leading 100% Mexican credit card offering Bitcoin rewards. This announcement follows the recent news of YoCripto’s US$4.3 million seed funding round which was oversubscribed and led by DILA Capital, in addition to participation by other well-known investors. The funding will allow YoCripto to consolidate its position as the first Mexican startup to grant credit backed by cryptocurrencies through a 100% digital platform and increase its user base in the country.
YoCripto is the first digital platform in Latin America that offers a credit card with the possibility of obtaining Bitcoin Rewards of up to 3% on each purchase. YoCripto is a non-bank, non-financial entity that offers access to credits with the benefits of the crypto ecosystem, but without its complexity. Its mission is to help users transform their lives by creating better financial results using cutting-edge technology. The platform has announced an initial funding round of $4.3 million dollars led by DILA Capital, with the participation of distinguished private investors.
Through its platform, YoCripto allows users to enjoy unique benefits, such as the possibility of receiving Bitcoin Rewards on every purchase, having access to one of the lowest interest rates in the market, and the possibility of getting instant credit approval and choosing their credit limit, based on internal policy rules.
Learn more at https://yocripto.com
Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification, eKYC and AML platform. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has carried out more than 500 million verifications spanning over 200 countries and territories from real-time web and mobile transactions.
Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe, the Middle East and Asia Pacific and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.
For more information, please visit www.jumio.com.
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