Fairplay - Financing ecommerce projects in 48 hours with electronic promissory notes

Since its launch in 2019, Fairplay has become an ally to ecommerce projects by injecting working capital without excessive requirements or bureaucratic burdens.
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Their premise: offer a credit proposal within 48 hours without the need for collateral. This was made possible by signing their credit agreements and endorsing promissory notes electronically using Mifiel’s solution.

Promissory notes that comply with the General Law of Credit Titles and Operations: the reason for choosing Mifiel

Achieving a 100% digital process was always a goal for Fairplay. The COVID-19 pandemic accelerated their efforts to make it happen. The company’s CFO, Javier Lizardi, understood the fundamentals of electronic signatures and the advantages of using them for contracts. But could they also sign and endorse promissory notes electronically?

A credit instrument (like a promissory note) must meet certain requirements set by the General Law of Credit Titles and Operations (LGTOC): it must be unique, and its chain of endorsements must be uninterrupted and verifiable. Simply signing electronically—even with an e.firma—is not enough to guarantee this.

For this reason, Fairplay sought a solution that would allow them to meet these requirements. The answer was Mifiel, which offered an electronic signature and endorsement solution that was compliant with the LGTOC, proven, scalable, and easy to integrate.

Lawsuits: the ultimate test for electronic promissory notes

But theory is one thing, and practice is another. In the event of a client defaulting, how would they fare in court enforcing electronically endorsed promissory notes?

The results were successful. Fairplay has taken promissory notes signed and endorsed via Mifiel to court; they have successfully enforced all of them, and judges have recognized their validity.

“We already had to enforce a promissory note in an executive lawsuit, and we won. It was a promissory note for a little over 4 million pesos that was electronically signed and endorsed with Mifiel.”
‍‍_{Javier Lizardi, CFO of Fairplay}

Integrating Mifiel into Fairplay without needing to code

For Fairplay, integrating an electronic signature process was essential for two reasons: they needed their clients to sign directly from their website, and they needed to automate the creation and sending of documents for signature (rather than one by one) to ensure the process was scalable.

Mifiel not only allowed them to do both, but did so in the simplest way possible. Javier and his team managed to integrate Mifiel without being programmers, using a no-code solution, and had the support of the Mifiel development team throughout the entire process.

"I’m not a programming expert, but integrating Mifiel is quite simple. Their documentation is super clear, making it easy to understand how to send a document for signature."
‍_{Javier Lizardi}

Mifiel supports Fairplay’s rapid growth

As a fast-growing startup, Fairplay needed to work with service providers that could keep up with their pace.

When it came to signing and endorsing promissory notes, they couldn't afford a platform that would crash at any moment or stop offering support. They needed a robust, proven platform.

In Mifiel, Fairplay found a long-term partner, one that always listens closely and quickly implements high-impact solutions for their users.‍

“For Fairplay to keep growing fast, I need to make sure I’m with a provider that can keep up with us. In Mifiel, we found what we needed, as they have grown their solutions right alongside us.”
‍_{Javier Lizardi}