Palenca Partners with Falabella Card to Boost Financial Inclusion in Mexico

This partnership aligns with Palenca’s mission to promote financial inclusion for workers lacking credit history. Starting in December 2023, Palenca joined the digital hiring model of the Falabella – Soriana Card, allowing customers to apply for credit cards by sharing personal details like CURP (Unique Population Registry Code) and monthly income. This initiative enhances risk analysis, offering more appropriate credit lines. Palenca aims to process all new credit applications in the medium term.

Grupo Falabella, a major Chilean multinational business conglomerate, has a strong presence in Latin America, including Mexico, where it entered in 2016 through a partnership with Tiendas Soriana. The group offers financial products like credit cards and life insurance.

With Palenca, Falabella’s expansion in Mexico is set to accelerate significantly, impacting a broader demographic. Leonardo Lacomoni, Director General of Tarjeta Falabella Soriana, emphasized Palenca’s crucial role in digitizing Falabella’s credit processes, enhancing product placement, reducing overdue portfolios, and improving risk assessment accuracy.

Termed as the «income bureau,» Palenca stands out for its quick solutions, broad coverage, and reliable response times. Falabella’s choice of Palenca is driven by the aim to improve credit line placement and offer financial opportunities to those previously without financial products due to a lack of credit history.