The startup integrates employment data from various sources, including governmental systems, to aid fintechs and banks in accurate credit assessments. This strategy is pivotal for Brazil’s 2 million non-CLT regime workers, offering them improved credit access through reliable income data.
The company’s integration of Brazil’s Digital Work Card affects 43 million formal workers, streamlining income verification for financial institutions and aligning with their risk profiles. Palenca also plans to extend its data services to individual microentrepreneurs (MEIs) and catalog resellers.
Aiming to democratize credit for 300 million workers in the region, Palenca is planning a 2024 expansion, potentially establishing operations in Colombia. This move marks Palenca as a significant player in enhancing financial trust and access across Latin America.