With the purchase of PayFlow, fintech Chilean company Buk is consolidated in the region with more than 4,000 customers in Chile, Peru, Mexico and Colombia.
This is the company’s fourth acquisition, which, from the same platform, will allow its collaborators to access “on demand” salary payments. The above prevents unnecessary borrowing in the face of unforeseen expenses and months of higher spending.
“With this new module, we save people from having to take short-term loans. By envisaging payment of a portion of the wages currently earned by the worker, people can meet the ultimate economic needs that they could hitherto only solve with a loan. “Our goal is to avoid unnecessary debt so people don’t take short-term loans if they can avoid it,” said Santiago Lira, Buk’s co-founder and Director of Development.
This international market already exists for more than 10 years. For example, more than six million workers in the United States have access to such a platform. According to calculations, this option reduces the spin by up to 16%.
With this acquisition, Santiago Lira says Buk has changed the way salaries are paid. “Collaborators do not have the flexibility to match their income to their expenses, and the only alternative they have is credit. But the truth is that people are earning their wages every day, so it seems natural to us that they can resort to this money if necessary, avoiding short-term debt,” he concludes.
Source: Lare Publica