4 promising FinTech companies in Mexico
By Edlyn Cardoza
Among others, one of the most important economies of Latin America is Mexico. The growth of the FinTech sector, inclusive of app-based and digital financial solutions in this country, has shown rising growth in recent years.
Mexico’s second-largest bank, Citibanamex, recently announced that it would be building new APIs to allow FinTech companies to access real-time information, such as its ATM locations and the services they provide. This move comes after the fierce boom of the FinTech ecosystem in Mexico, which has led to traditional banks embracing this growth or risk lagging in the sector.
Mexico was the first to implement a particular law for this industry. According to Informardor.mx, throughout Latin America, Mexico’s FinTechs garner 20% of total venture investment in the industry. The Mexican population also has grown with the ever-growing demands and talents of this sector.
Given the flourishing FinTech sector, here are 4 promising Mexican FinTech startups:
Bitso: Bitso is an online exchange platform that enables users to buy and sell cryptocurrencies via web and app-based platforms. It supports a broad range of digital currencies, including Ether, Bitcoin, Litecoin, Ripple, and XRP. Their app can be accessed on Android and iOS devices.
Clip: Clip is Mexico’s leading integral ecosystem that promotes the financial inclusion of people and businesses through innovative & technological trusted solutions, making it easy, accessible and transparent for all. Every solution is endorsed by the best talent making the extraordinary happen. In June 2021, Clip became the first payments Unicorn in the 12th largest economy in the world. This step only reinforces their commitment to continue building Mexico’s operating platform for commerce, fulfilling their vision to have Clip in every business in Mexico.
Klar: Klar offers digital banking space for individuals. Klar’s services can be acquired through money transfers, online/offline purchases, savings accounts, bill payments, and more through the app-based platform. It also provides a credit card that users can link to its application. Their app is available on Android and iOS devices.
Konfio: Konfío is one of the largest online lending platforms for Small and Medium Businesses in Mexico. They help these companies to achieve economic growth through the access of credit solutions with a proprietary algorithm that combines data and technology to measure creditworthiness in a matter of minutes. In the age of digital data, cloud computing and artificial intelligence, they are moving far beyond lending to create an array of services, tools and platforms that can help all types of businesses to understand and cease their growth opportunities and to accelerate their workforce so they can compete and respond to the ever-changing economic landscapes. The motto at Konfío is that they believe every businessman and woman possesses a superpower that can help communities, cities and entire families to thrive and achieve a prosperous life.
ALSO READ: US Financial Services Technology Report 2021
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