5 entrepreneurs who are revolutionizing the fintech industry in Mexico

June
18, 2021

4 min read

Opinions expressed by Entrepreneur contributors are their own.

Fintech companies, those that use technology to offer financial services in a safe, efficient, comfortable and agile way, are growing in Mexico and Latin America.

The industry was already in significant growth, the pandemic accelerated this process. The sector has become popular with consumers, companies and business owners as a way to bring financial inclusion options closer to a population that has been typically unreachable by traditional banking services. According to Unreasonable Mexico , the fintech market in Mexico grew at a rate of 50 to 60%, creating more than 60,000 jobs.

“Unreasonable Mexican entrepreneurs know that inclusion is key to reducing poverty and boosting prosperity and, with the support of Unreasonable Mexico , they are making a difference in our country, while fighting PPUs ( Pin *** s Problems Urgentes ) de México ”, says Raúl de Anda, CEO and co-founder of Unreasonable México.

We tell you about five startups that, with innovation, are revolutionizing the fintech industry:

1. Microwd : This fintech combines economic profitability with social impact by connecting unbanked women from Latin America with investors looking for something more than good profitability. Microwd has supported more than 5,000 women who pay per day, save, train and are leaders in their community. Microwd arises as a proposal to go beyond profitability.

2. IF : The deepest cause of the lack of financial skills is found in the cultural gap of financial knowledge in Mexico and Latin America. In Mexico, 80% of companies close during their first 2 years and the ventures do not achieve success due to lack of indicators (48%), poor planning (44%) and due to problems in execution or failures in the business hypothesis and opportunities in the market.

   IF serves thousands of businesses on 5 continents. IF is a virtual business assistant for micro and small businesses that helps generate financial diagnoses in minutes to help make the best decisions and mitigate financial risks.

3. EthicHub : It is an enterprise with social, economic and environmental impact that uses blockchain technology so that anyone in the world can finance small farmers with profitable activities but without access to the traditional financial system, with rates up to 70% lower when connecting regions complementary economic activities, improving their productivity and exporting to value-added markets. EthicHub finances the links of a shorter and more efficient supply chain, where small farmers also benefit from the final price of the product.

4. Échale Financiera : These entrepreneurs are revolutionizing housing with more than 1 million homes and loans for families in communities throughout the Mexican Republic. Échale Financiera offers tailored loans focused on construction and housing so that savers can acquire a worthy equity; They promote a culture of savings and the responsible use of money in vulnerable communities in the country. They have 3 own branches in states such as Morelos, Durango and Tabasco. Through its 6 types of credit and financial products, they have benefited 80% of their savers with new homes.

5. MoyoAI : Transforms access to financial services through Artificial Intelligence to create credit scores with non-traditional data, validate the identity of applicants, perform facial recognition and prevent fraud. With more than 6 million people evaluated and more than 4 million beneficiaries in 9 countries, MoyoAI helps bank and non-bank financial institutions to assess the credit risk of the unbanked and sectors neglected by the traditional system, so that their applicants can access financial opportunities. MoyoAI has solutions to determine your credit score and alternative to the traditional credit bureau; with an efficiency ranging from 75% to 95 percent.