They create a bridge so that British scaleups can grow in Mexico

May
20, 2021

5 min read

In the midst of a health contingency period, the United Kingdom Department of International Trade (UK DIT) , Grupo Financiero Banorte and the Monterrey Digital Hub , joined forces in the joint ScaleUp Bridge program , with the aim of supporting five British fintechs to connect them with Mexico’s digital entrepreneurship ecosystem. Banorte, one of the largest banks in the Mexican financial system, promotes this program by providing specialized advice and mentoring to fintechs to reactivate the economy through innovation and attracting talent.

Scaleup Bridge is a joint program of the British government, Banorte and Monterrey Digital Hub, through which the English FinTechs with the highest growth projection were identified and selected to promote their growth under the areas that the institution identified as essential for this program: payments and remittances, scoring , identity and fraud, corporate financial management and crowdfunding , and serving the needs of the Monterrey Digital Hub business community.

The companies selected for this business linkage program between the United Kingdom and Mexico are:

• Pollinate (Payments and remittances) : Platform for the accelerated induction of MSMEs to digital banking, enabling virtual payments and income and expenses analytics.
• DIGISEQ (Payments and remittances): They enable contactless payment methods and identity management through private devices through account tokenization.
• Wiserfunding ( Scoring , Identity and Fraud): Specialized in the accurate assessment of the credit risk of small and medium-sized companies through technology and Artificial Intelligence.
• Trade Ledger ( Scoring , Identity and Fraud): Digital company that optimizes loan operations for clients and individuals thanks to its recommendation engine and profile grouping
• RedCloud Technologies (Enterprise Financial Management): Platform to enable frictionless payments for small and medium businesses without digitized banking offering an approach to global distribution chains and market intelligence solving the enormous cost of managing cash.

The binational program was presented at an event with the assistance of Juliana Correa (Director of the International Trade Department of the British Embassy in Mexico), Guillermo Güémez (Deputy General Director of Innovation of Grupo Financiero Banorte) and Eduardo de la Garza Sánchez (Manager General of the Monterrey Digital Hub).

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“With the support of the British government, these five fintech business innovation companies will be able to start operations in Mexico, where they will have the opportunity to join an attractive local digital transformation ecosystem,” said Juliana Correa, Director of the Embassy’s International Trade Department. British in Mexico.

“At Banorte we constantly pursue innovation and we know that investing in it, not only within our institution but also abroad, means providing more opportunities to promote growth of the technological financial ecosystem in Mexico. We are grateful for the opportunity that Monterrey Digital Hub gave us to continue serving the needs of its business community with our expertise, ”said Guillermo Güémez, Deputy General Director of Innovation at Grupo Financiero Banorte.

“Programs such as Scaleup Bridge and allies such as Banorte and the United Kingdom are key to attracting, retaining and growing the best entrepreneurs in Mexico, no matter where they come from. Today we have five new fintech companies in the ecosystem that will create opportunities to invest and grow our country “, commented Eduardo de la Garza, General Manager of the Monterrey Digital Hub.

Scaleup Bridge arises after in 2019 the British fintech companies were the ones that attracted the most investment in all of Europe, with 3.4 billion euros, which represented 42 percent of the investments in that continent, according to the report Finnovating Fintech Investment in Europe.

For this reason, the United Kingdom has established itself for some years as the most important center of operations in the world for the financial technology industry, this country being one of the pioneers in regulatory matters for these companies.

Mexico currently represents 20% of the investment of all Latin America in the fintech ecosystem, capturing a total of 567 million dollars in 2020 alone, according to a report by LatamFintech Hub. Of a total of 640 Fintech, it is located in the state of Nuevo León according to Finnovista, a company specialized in financial technology companies.

This initiative is part of the broad transformation process promoted by the Monterrey Digital Hub, the United Kingdom Department of International Trade and Banorte through synergies with leaders in digital innovation.