10 FinTech Startups in Mexico Worth Your Attention

Since the start of 2018, Mexico’s financial regulators have adopted a progressive approach towards financial inclusion and policymakers are looking at FinTech startups & banks to help them. In January 2019, Mexico unveiled new measures to boost financial inclusion and promote new payments platforms for mobile devices. In 2018 alone, over 130 FinTechs were founded in Mexico. Overall, Payments & Remittances, Lending, and Enterprise Financial Management are the hottest segments in terms of the number of startups. Here is a list of 10 well-funded FinTech startups in Mexico:

  1. PayClip was founded in 2012 and has raised $42.3 million in total funding. PayClip enables merchants to accept payments on their smartphone or tablet using the Clip card reader. The company offers a portable card reader that fits into the headphone socket of smartphones and tablets. PayClip was formerly known as BlitzPay, Inc.

  2. Konfio was founded in 2013 and has raised $43 million in total funding. Konfio is an online lending platform that helps microbusinesses in Latin America which don’t have access to credit to obtain affordable loans.

  3. Mimoni was founded in 2008 and has raised $15.1 million in total funding. It provides a line of credit (lending) for customers, who are given the option to draw loans whenever they are needed. Mimoni was formerly known as MiCel.

  4. Bitso was founded in 2014 and has raised $4.4 million in total funding. Bitso is an exchange platform that enables users to buy and sell Bitcoin with Mexican pesos.

  5. kubo.financiero was founded in 2012 and has raised $11.2 million in total funding. kubo.financiero is an online community for financial services. Applicants with good credit profiles with regard to debt repayment conditions get better rates & terms, and investors get better returns on their investments.

  6. Conekta was founded in 2012 and has raised $8.6 million in total funding. Conekta helps businesses in Mexico and LATAM accept online payments using credit/debit cards, cash payments, and bank transfers. It allows companies and developers to create their own payment solutions with customized design and flow for any website.

  7. Sr.Pago was founded in 2010 and has raised $5.1 million in total funding. Sr.Pago provides a virtual point-of-sale (VPOS) service for e-commerce. This enables online retailers to accept payments from customers at OXXO, which is Mexico’s largest convenience store chain with more than 11,000 stores throughout the country.

  8. Prestadero was founded in 2011 and has raised $1.0 million in total funding. Prestadero is the first legally compliant, fully operational, peer-to-peer lending platform for the Mexican market. Through Prestadero, borrowers can have access to the lowest interest rates in consumer loans in Mexico by a mile (starts from 8.9% a year for unsecured loans); on the other hand, lenders can have access to returns that are currently averaging 16% while massively diversifying their risk. Prestadero lets users cycle through the entire credit operation completely online, which makes it the most efficient origination process for loans in Mexico. Prestadero takes care of all the hassles in the operation, from filtering loan applications to creating contracts, and even handling the entire collection process.

  9. Pago Fácil was founded in 2010 and has raised $1 million in total funding. Pago Fácil provides payment services for small and medium companies in Latin America. It currently handles credit/debit card transactions via the web, smartphones, and call centers. Pago Fácil also handles cash payments via retail stores.

  10. Salud Fácil was founded in 2011 and has raised approximately $1 million in total funding. Salud Fácil offers low-income customers access to credit to cover their healthcare and medical costs in Mexico, thereby addressing the need for quality and affordable care in a market in which few customers have access to traditional health insurance.