Bonanza to Launch Virtual Credit Cards Powered by Pomelo

Published 6 months ago

Mexican platform Bonanza, known for helping individuals build credit histories through financial education without accruing debt, is set to roll out three virtual credit cards powered by Pomelo.

Bonanza’s Mission and Ideals

Bonanza was established with the goal of providing Mexicans without a credit history their first banking experience. The platform is primarily targeted at younger users, helping them achieve their financial goals by providing financial education tools. Bonanza users can access financial products to build a good financial reputation.

Virtual Credit Cards by Bonanza

In collaboration with Pomelo, Bonanza makes the granted credits available to its users for shopping around the world. The virtual credit cards are organized into three levels, according to the users’ needs and how their credit history evolves.

For instance, the Access card is designed to help users start building credit history without accruing debt. Over time, users may access better benefits and higher credit, thus receiving new cards according to their attained level.

Pomelo’s Involvement and Support

Pomelo played a pivotal role in the quick launch of these cards. To offer a complete user experience, Bonanza chose Pomelo’s Cards solution for processing all transactions made with the cards. Pomelo also offered Bin sponsorship, providing licenses for card issuance with rapid time-to-market and the support of the Mastercard brand.

Pomelo also provided fraud prevention expertise and tools to mitigate the chances of fraudulent card transactions. Pomelo’s credit engine was integral to the issuance, processing, and management of credit for Bonanza. This tool, developed using Pomelo’s technology, provides an all-encompassing solution for granting credit, with automatically calculated interests and financings, and a clear account statement at all times for Bonanza and its customers.

Bonanza and Pomelo are expected to bring developments about the physical versions of the cards soon. The project aims to contribute significantly to the financial inclusion of young people in Mexico.

Praise for Bonanza’s Initiative

Mauricio Téllez, Customer Success Analyst at Pomelo in Mexico, commended the entire Bonanza team on the launch. He highlighted the level of guidance and support Bonanza offers its users as key to successfully integrating into the financial system. He expressed confidence that the initiative will be a success.

David Peralta, CEO & Founder of Bonanza, recognized Pomelo as an indispensable part of their ecosystem. He noted that Pomelo allowed them a quick entry to the market and provided support throughout the process.