Fintechs in Mexico take on the challenge of competing with banks, in a country that lags most Latin American peers in financial inclusion.
Payments fintech Pacto raised $4M from VC investors to expand its point-of-sale software to restaurants and bars in Mexico.
Marketplace lending loan servicer First Associates has announced the opening of a new operations center; the operations center is located in Baja California, Mexico with capacity for 1,000 seats; in comments regarding the announcement, First Associates CEO David Johnson said: "We couldn’t be more excited about our new Baja facility. We are able to deliver the same outstanding quality and service as our San Diego operations center, offer an economically advantageous option to our clients and provide significant opportunities in a developing business community that is an important part of the greater San Diego/Tijuana metro area." Source
Millions of people in Mexico do not have access to basic financial products, but fintechs have been working to radically change the scenario.
The Mexican operation represents Nubank's second-largest market and is seen as a strategic target in the company's internationalization plan.
Through its platform, Solvento seeks to build a stronger supply chain through reliable, flexible, and easy-to-use financial solutions.
Yave, a mortgage and credit fintech that aims to capture the Mexican mortgage market, won the day after an excellent presentation by co-founder and CEO Bernardo Silva. He said he wanted to break into the slow-moving trad marketplace for mortgages and help brokers put the mortgage right into the sales process.
Buy Now, Pay Later companies are gaining ground in Latin America, with Kueski reporting more than 1 million customers.
Despite high interest rates and risks of a reccesion, many BNPL fintech providers now vie to offer loans to the underbanked in Mexico.
Santander InnoVentures has led a $5 million round in the SME lender a55; a55 currently lends in both Brazil and...