Fintech continues to dominate the startup scene in Mexico. The country provides fintech startups with the unique opportunity to serve the largely unbanked population that is now coming online. Mexico is also the perfect gateway for expansion into the United States and globally. Here are 12 of the most disruptive fintech startups in Mexico to watch.
Konfio is a startup dedicated to helping Mexican “microenterprises” secure the financial backing they need to grow and prosper. The Konifo team works to provide loans up to $500,000 at exceptional rates. Applying for a loan is simple and hassle-free with Konfio’s online approval platform. The startup is working to improve Mexico’s financing process, one small business at a time.
Bitso is bringing cryptocurrencies to the Mexican and LatAm markets and encouraging innovation in the Mexican finance sector. Bitso utilizes Bitcoin technology to ease the process of international electronic payments. With minimal costs and an easy-to-use application, Bitso boasts no charge-back risks. The startup is working to revolutionize international business – starting with the transaction side.
Kueski is a unique platform that offers instantaneous loan features. With this online platform, clients know the exact amount of money owed, right off the bat. Kueski has created an efficient and secure process that cuts down on the loan application time.
With a clientbase that includes Coca Cola and Cabify, Conekta uses artificial intelligence to improve user experiences. Certified in PCI-DSS, Conekta makes security a priority with encryption for every transaction. Also complete with eCommerce plugins, this platform is compatible with Internet, mobile, and local applications.
Similar to Square in the US, the Clip Reader simply plugs into the audio jack on any mobile device. Clip’s simple and practical tool accepts cards with a magnetic stripe or chip, and comes with a rechargeable battery. The sleek design permits secure, encrypted transactions and does not store card information. Clip Reader can be taken on the go, for all intents and purposes.
Saldo is a mobile application, compatible with both the Android and iPhone that allows customers to “pay without borders.” The app lets users pay friends, family, and businesses in Mexico anytime, and from any bank. To pay a company, Saldo requires a reference number and the company name, and the payment will be sent securely through the application.
No credit card? No problem. ComproPago allows customers to pay with cash instead. The idea behind ComproPago is to help online businesses increase their sales by allowing them to accept all forms of payment. With ComproPago, customers can make online purchases with cash through storefronts like 7-11 and various pharmacies around Mexico.
Kiwi believes in debt-free payment plans for medical products and services. Kiwi’s digital platform allows users to plan out their finances and make payments via mobile device. Customers can customize their plan, paying as frequently as desired. Kiwi sends payment reminders and allows customers to track their progress.
Mexico’s first virtual bank offers customers a different kind of banking. The first of its kind, Bankaool is Bio online, allowing customers to open accounts and apply for a line of credit via the web. Striving to empower its clients and save the environment, Bankaool is the founder of Financial Alliance for Sustainable Trade and supports responsible, sustainable practices.
10. Kubo Financiero
Kubo Financiero is bringing crowdfunding to Mexico. The idea behind Kubo is to connect real people in need of a loan with people looking to invest. Regulated by the National Banking and Securities Commission, Kubo’s lending system is regulated, ensuring a secure, peer-to-peer loan process.
Uniko is taking wedding registries to another level. The online community gives newlyweds the option to personalize their gifts. Unlike other registries, through Uniko's simple platform, couples can convert gifts into cash. This unique platform is all about personalizing the honeymoon experience, giving couples the chance to hand-pick their gifts or vacations without the all the fuss. Most importantly, Uniko streamlines the gift-giving process, expelling the return process entirely, and easing the experience for newlyweds and guests alike.
Winner of the Fintech Prize at the Global Seedstars Summit 2017, Undostres, has created an easy way to recharge mobile devices. No need to stop at a storefront – with this online platform, customers can add data to their devices without leaving the comfort of their homes. The best perk of all? With every recharge, customers receive discounts.
Want to learn more about the fast-growing startup scene in Mexico? Seedstars World is hosting its 5th annual competition in Mexico City. On May 12, some of the hottest new startups will compete in Seedstars’ competition for a chance to win big. The hand-picked winners will continue on to a 3-month intensive program where they will have the opportunity to network with professionals and learn under mentors. Not to mention, an opportunity to win an investment up to USD $1,000,000. May the odds be ever in their favor!