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Mexico's Qpagos, Suretly launch joint 'crowd voucher' fintech venture

Mexico-based Q-Pagos SAPI de CV, a subsidiary of digital payment provider Qpagos, has launched Suretly México SA de CV in a joint venture with U.S.-based Suretly Inc..

Suretly México is a new financial technology company that will offer "crowd vouching" services, which work by having users of a certain mobile app promise to repay loans that lenders make to separate entities. The mobile users who will vouch or act as guarantors for a loan will repay if the borrower defaults.

Suretly México will start off by guaranteeing 30-day microloans in the amounts of $200 or less. A loan voucher can cover up to 10% of a loan.

Q-Pagos SAPI owns 49.9% of Suretly México, which is applying to receive operational oversight by Mexico's banking and securities regulator, CNBV.