When it comes to tech innovation, Mexico’s fintech startups are a force to be a reckoned with—the country’s digital banking and finance pioneers have developed offerings that enable businesses and consumers to manage their finances on-the-go, buy/sell cryptocurrencies online, ensure regulatory compliance, and more.
These fintech startups have also assumed a critical role in serving communities marginalized and excluded by the traditional banking system, as a large percentage of Mexico’s population does not have access to traditional banking institutions.
The following are 11 fintech startups from Mexico you need to know about in 2018 and beyond.
Saldo’s mobile solution enables secure payments to individuals and businesses with a card from any banking institution. The app is available for both iOS and Android devices.
Bitso is a bitcoin wallet and exchange platform targeting the Mexican and Latin America cryptocurrency space. The easy-to-use solution features enhanced security and minimal costs for transactions.
Conekta develops technologies to help banks and financial institutions in Latin America (LATAM) secure and optimize their processes. Its AI-powered platform analyzes the behavior around transactions to identify fraudulent purchases while its PCI-DSS certified secure banking solution encrypts/protects banking and financial information.
ComproPago aims to help businesses increase sales by allowing customers to pay in cash—even online. Using its solution, retailers can accept online cash purchases through convenience stores, department stores, supermarkets, pharmacies, and banks across Mexico.
Similar to Square’s offering in the U.S., Clip transforms a regular smartphone or tablet into a POS terminal that can be transported and taken anywhere. The device attaches to the user’s mobile device and enables card purchases via magnetic stripe or chip.
Many newlyweds are stuck with a living room full of wedding gifts but no funds for a honeymoon. Uniko’s novel platform gives the newlyweds the option to exchange their wedding gifts for cash: users simply use the platform to share the items via social media and exchange them for cash.
Bankaool takes online banking to another level—the company is completely virtual, with no physical locations, commissions, and minimums balances. The all-digital bank offers an annual interest rate of 3.75% and is subject to all the standards and regulations of CNBV and BANXICO, Mexico’s banking and finance regulatory bodies.
Kubo.financiero offers a peer-to-peer lending platform that connects regional lenders to people looking for loans at more attractive interest rates. The company is regulated by the National Banking and Securities Commission.
It’s a sad, alarming fact: 50% of the patients diagnosed with an illness/condition don’t get the treatment because of inability to pay. Kiwi’s debt-free payment platform uses a point-based system that enables patients to get the healthcare they need without breaking the bank.
Konfío provides online loans to small and medium companies with less paperwork and shorter approval times—in 10 minutes, without the need of a mortgage. Applicants must be over the age of 25, able to connect to their SAT (Service Tax Administration) account, and have a proof of address.
Better things to do than topping off mobile credits or adding/modifying phone services at the store, in-person?UnDosTres allows users to buy credits or pay for services in just 3 clicks, less than 30 seconds. Users also receive special benefits such as promotions and discounts on apps, store items, and more.
In short, Mexican tech entrepreneurs are set to dominate the region’s fintech space—the country already lays claim to over 30% of the region’s fintech startup market. Be sure to keep these digital banking and finance innovators on your radar in 2017 and beyond.