U.S./Mexico fintech Oyster Financial announced on Wednesday it has launched instant credit and revolving credit lines for Mexico-based small businesses. The new products come less than six months after Oyster Financial raised $14 million through its latest seed funding round, which was led by Monashees and SV Latam Capital with participation from FJ Labs, Fintech Collective, Kevin Efrusy, Redpoint Ventures, S7 Ventures, and Ulu Ventures.
As previously reported, Oyster Financial stated that it has developed its own core banking technology platform for small to medium-sized businesses in Mexico to quickly attain a business banking account and debit card within days. The company noted that its mission is to continue creating and rolling out new financial services and products for SMBs that increase revenues and ensure the health and well-being of businesses as they grow over time.
While sharing details about the credit lines, Vilash Poovala, Oyster co-founder and CEO, stated:
“Now, Oyster is the only neobank in Mexico, Latin America’s second-largest economy, to provide fast access to credit to small businesses that are the lifeblood of new jobs’ creation for about 95 percent of private-sector jobs in the region. In the months ahead, we will be rolling out more ways for our customers to interact with all sorts of payment systems, speed up access and better understand their revenue flow.”
Oyster further revealed it is making credit available to small businesses in the form of instant credit (between $500-$1,500) after they open an Oyster business account. Actively engaged Oyster customers may be approved for revolving credit lines of up to $5,000 within a few months of opening a new account.
