Mexico's FinTech Startups Building a Competitive Ecosystem in the Region

The LTP team has been actively following local and regional FinTech ecosystems around the world and has already covered the awe-inspiring London FinTech, the massive Singapore FinTech as well as Hong Kong, New York, Silicon Valley and Russia. This time, we decided to look at the LATAM region and start the journey from Mexico.

Even though it hasn’t been covered much, the country definitely has interesting examples of FinTech startups and great opportunities to offer as the FinTech ecosystem is still in the early stages of development. According to TC, in Mexico, the PE/VC managers deployed 1.31 billion during 2014, but only $38 million was invested in startups across 54 deals, which means that a country of 120 million people and a GDP of $1.2 trillion has a similar VC activity for startups to Nebraska ($37.8 million in nine deals—$115 billion GSP and 1.8 million people) or Kansas ($42.3 million in seven deals). While incompatible with billions poured in FinTech startups in the US, in the near future, Mexico has a chance to see a certain boost once FinTech startups realize the opportunities of the market. Meanwhile, let’s look at some of the players in Mexico’s FinTech ecosystem.

Aspiria provides financial services for the underbanked SMEs in developing economies.

Banlinea sells software to financial institutions that allows them to offer online credit applications and integrated credit applications on e-commerce sites.

Prestadero is a Mexican company that provides an online portal to connect lenders with credit applicants.

Chapulin offers mobile remittances to the underbanked US-Latino population and the businesses that serve them.

ComproPago enables e-commerce platforms to accept cash payments.

El Buen Socio provides affordable loans with flexible payment plans to socially and environmentally impactful entrepreneurs.

Kiwi is a financial platform that allows low-income families to plan and pay for products and services without taking on debt while allowing merchants to widen their customer base and increase sales.

Netero partners with local retailers and service providers to offer immigrants in the US a way to send prepaid store credit to their relatives in their country of origin.

Volabit is a mobile wallet for bitcoin and pesos that users can deposit into with cash at corner stores. is an online P2P lending platform that facilitates lower interest rates.

Zave App helps people build savings and avoid interest payments by making saving easy.

Clip is the Mexican equivalent of Square, enabling merchants to accept credit and debit cards along with online payments.

Rocket.La is the first company in Latin America that connects the right user with the best affordable credit card.

Sr.Pago is a mobile payment solution for the unbanked.

Kubo.financiero is a regulated microfinance institution that provides accessible and affordable loans to borrowers in Mexico.

BillPocket processes payments for more than 5,500 Mexican merchants using a proprietary mPOS.

Credilikeme is an online lending platform that uses Facebook to reach, analyze and engage borrowers.

Konfio is an online lending platform that helps micro-businesses in Latin America who don’t have access to credit obtain affordable loans, thanks to a proprietary algorithm that uses technology to measure creditworthiness.

Eiya is an online payments service that allows sending money to friends, pay for services and pay bills.

Saldo is the first international payment service that enables global real-time micro-remittances using crypto technologies.

Cotiza & Contrata is a platform that provides quotes comparison for various services.

Fondeadora is a crowdfunding platform for creative, artistic and innovative projects.

Mi cancha is a personal bookkeeping platform with analytics that allows to better manage funds.

Zabivo provides personal finance tips and tools to help users choose the right financial products.

Ahorro Libre is an Internet platform for community financing that gives entrepreneurs and small-business owners the power to finance their goals and objectives through their own community.

Bitso is Mexico’s first bitcoin exchange that offers a platform for trading of bitcoin with the Mexican Peso.

CreditRent allows paying rent in five minutes with credit cards securely from anywhere.

diverza offers electronic invoicing and accounting services.

Qiwo creates new connections of people selling and buying from Facebook’s network, the Internet, telephone and local on-site purchases.

There are certainly more players in the FinTech space and the LTP team will be actively following interesting finds to share with our community.