L’Oréal has partnered with global payment technology company Mastercard to create a business card designed for beauty professionals and entrepreneurs.
The card, first issued in Mexico by Clara – a Latin American spend management company, aims to advance financial inclusion and fuel small business growth in the country.
The card is currently available for salon owners, independent stylists, beauty creators and distributors within L’Oréal’s professional network in Mexico.
Expansion across other markets in the Latin America and Caribbean (LAC) region is also planned with additional financial partners.
“Our mission is simple – Mastercard is the force for good for small and medium enterprises (SMEs),” said Mark Barnett, Global Head of Small and Medium Enterprises at Mastercard.
“We are dedicated to bringing SMEs into the digital economy and turning passion into profit.
“By partnering with leading consumer packaged goods brands like L’Oréal, we are helping entrepreneurs and creators access essential financial tools through the platforms they trust – turning everyday purchases into opportunities to build credit, earn rewards and unlock digital solutions.”
L’Oréal said the card will help to cut down the credit-decisioning process and embed financial products where salon professionals operate.
The card will also offer discounts and points on salon products purchased through L’Oréal’s network, as well as a US$150 welcome bonus on initial inventory purchases.
For purchases outside of the L’Oréal network, card owners can accumulate points on other salon expenses, such as utilities and insurance.
This also includes access to L’Oréal Academy training – hands-on workshops and industry events to build skills and grow networks.
Card owners can also access a “one-stop-shop” for managing inventory, making payments and accessing professional resources, embedded into L’Oréal’s new B2B marketplace.
Stéphanie Speeckaert, Latin America VP for the Professional Products Division of L’Oréal, said: "At L'Oréal, we recognise that beauty professionals are the heart of our industry – they are artists, entrepreneurs and dream builders who transform lives every day.
"For too long, many talented stylists have faced barriers to accessing the tools, training and financial resources they need to reach their full potential.
“Through this partnership with Mastercard, we are not just offering a card – we are opening doors to L'Oréal Academy trainings, exclusive educational opportunities, and the financial flexibility that will empower beauty professionals across Latin America to invest in their craft, grow their businesses and thrive in the digital economy."
L’Oréal is not the only beauty business investing in Latin America, after Estée Lauder Companies (ELC) recently announced a minority investment in Mexican luxury fragrance brand XINÚ.
This is the first time ELC has invested in a Latin American brand, which made the minority investment via its strategic early-stage investment and incubation arm, New Incubation Ventures.