4 Mexican FinTechs transforming the financial sector

By Pavithra R

In Latin America, a huge percentage of its population is still underbanked. However, with more and more FinTech companies emerging, the region is seeing an increasing drive towards digital transformation.

FinTech’s funding in Latin America is highly concentrated in Brazil, Mexico, and Colombia. Mexico is emerging as a FinTech hub, with more and more consumers turning receptive to financial technology companies and new banking options to drive financial inclusion.

Credijusto (2015)

Capital raised: $253 Million

Credijusto is a new alternative for small businesses in Mexico who are in need of credit. The company provides an online lending platform designed to offer easy, reliable, and transparent credit for SMEs. Its personalized service is supplemented with fair interest rates and clear and transparent fees.

Since its founding, Credijusto has sought to address the market inefficiencies largely present throughout the Mexican banking system. The FinTech promotes financial inclusion by providing affordable asset-backed financing products. Its operational success has been supported by its strong fundraising track record. 

Konfio (2013)

Capital raised: $461Million

Mexican FinTech startup Konfío is an online lending platform committed to being a growth ally for small and medium-sized companies. The company offers agile credit and tools that will boost its growth. The FinTech helps companies to achieve economic growth through the access of credit solutions with a proprietary algorithm that combines data and technology to measure creditworthiness.

Clip (2012)

Capital raised: $101.3Million

Clip is Mexico’s leading solutions for SMBs to accept digital payments. The FinTech delivers mobile point-of-sale (mPOS) solutions that enable Mexican merchants of all sizes to grow their business by accepting digital payments. It has transformed card acceptance in Mexico by offering different models of portable card-reading hardware to accept all credit and debit cards, vouchers, points, Samsung Pay and contactless technology.

Clip has the necessary technology that banks require to process a payment received by a company. All transactions are supervised by the National Banking and Securities Commission (CNBV) and Banxico. 

Albo (2016)

Capital raised: $27.1Million

Albo is a Mexican FinTech company offering consumers a digital account with access to an international Mastercard and an app to receive, transfer, and spend their money.

The FinTech offers any person with a smartphone the possibility to open an account seamlessly and better manage their money with the help of features such as real-time notifications for every transaction, card blocking and unblocking through the app, automatic categorization of expenses and easy to read reports. All of that at zero cost, with no hidden fees or account minimums. Through the app, any user can see categorized expenses and income reports, an important first step in better understanding finances and developing better financial habits.

ALSO, READ: Cool FinTech Report by IBS Intelligence