LoanPro and NovoPayment Team to Boost LatAm Financial Inclusion
Credit platform LoanPro has joined financial infrastructure provider NovoPayment in a Latin America-focused partnership.
The collaboration, announced in a news release Wednesday (March 20), is designed to give financial institutions and FinTechs in Latin America infrastructure that can support essentially any class of credit and lending product.
The release notes that the partnership comes as Latin America’s financial services market is expanding, with financial inclusion in that part of the world reaching an “advanced” level.
“Despite this progress, significant gaps remain in financial inclusion in the region, with millions still lacking access to modern credit and lending products,” the companies said.
“Many financial institutions and fintechs do not have the infrastructure to efficiently deploy lending and credit products at scale. This partnership directly addresses these challenges by integrating NovoPayment’s API-based issuing processing with LoanPro’s credit ledger and solutions for origination, servicing, and collections.”
The release notes that NovoPayment processed more than 310 million transactions in 2024 and offers its digital banking and payments solutions in 15 markets. For its part, LoanPro powers lending and credit programs for more than 600 financial organizations, with 9.5% of America’s adult population represented on its platform, the companies said.
“Together, NovoPayment and LoanPro provide the scalable technology and infrastructure financial organizations need in order to rapidly expand their portfolios and improve access to modern credit products,” the release added.
Meanwhile, PYMNTS wrote last week about efforts by eCommerce companies to tap into the promising Latin American market.
For example, research by PYMNTS Intelligence has found, as shown in the “How the World Does Digital” reports, that Brazil has among the most digitally engaged consumers in the world, using their devices for everything from banking to gaming. And countries like Colombia are also bustling with online activity, which in turn means that their residents are willing and able to transact with a host of merchants to get what they want at any time of day.
Juan Soto, general manager of LatAm for Nuvei, said in an interview PYMNTS there are pitfalls waiting for merchants who don’t understand how consumers behave. This means merchants need insights into payment preferences and market-by-market differences, which require a careful, calibrated approach to payments.
Take a one-size-fits-all approach to eCommerce, Soto warned, “and you’re not going to be able to succeed in terms of acceptance rates or increased revenues.”
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