Fintech News MX - August 2023

Presenting Our Monthly Fintech Roundup! Revealing Mexico's Thriving Financial Innovation Scene

Greetings to the August issue of Fintech News MX! In this month's overview, we delve into the vibrant and swiftly changing realm of financial technology in Mexico. From the acquisition of neobanks to groundbreaking payment solutions, the fintech sector in Mexico is generating remarkable impacts.

For a comprehensive synthesis and analysis, don't miss our detailed Spanish-language publications:

August Headlines:

albo Bolsters SME Credit with delt.ai Acquisition ????

Mexican fintech Albo has made a strategic move by acquiring Delt.ai, a neobank specializing in SME credit solutions. With a purchase price of $20 million, Albo aims to strengthen its presence in the SME lending segment, leveraging Delt.ai's expertise and achievements in facilitating over $90 million in financing.

Nu México Expands Amidst Impressive Growth ????

Nu Mexico celebrates the opening of its new 5,000-square-meter headquarters in Mexico City. Having gained 3.2 million customers within just three years, Nu Mexico emphasizes its commitment to the local market. This milestone demonstrates the company's remarkable growth trajectory, surpassing its Brazilian counterpart's early success.

Asamep : Aggregators Drive Financial Inclusion Growth ??

ASAMEP, the Association of Payment Aggregators in Mexico, announces a significant 29% increase in financial inclusion since its establishment in 2017. With a focus on traditionally underserved populations, ASAMEP's efforts have resulted in the activation of 4.5 million point-of-sale terminals by the end of 2021.

Klar Expands Services to Savings and Investment ????

Mexican fintech Klar broadens its product offerings with the introduction of a high-yield savings account and a flexible investment product. Following its acquisition of a Popular Financial Society (Sofipo), Klar's expansion aims to further its growth plans in Mexico's financial market.

Bitso and Payoneer Enterprise Revolutionize Digital Payments ????

Bitso, a leading Mexican fintech in the crypto space, partners with Payoneer to facilitate seamless conversion of USD balances into cryptocurrencies. This collaboration enhances international transactions for professionals and small businesses, ensuring swift and cost-effective cross-border payments.

Licify Sets Sights on Mexican Construction Industry ?????

Colombian startup Licify secures $3.4 million USD in capital to establish its presence in the Mexican construction industry. With a mission to transform industry interactions, Licify's innovative platform is already a success in Colombia, with over 10,000 users.

Nelo Introduces Innovative Credit Card Concept ???

Nelo introduces a novel credit card concept to the Mexican market, eliminating revolving balances and integrating with Google Wallet for contactless payments. This innovation promises clearer and more predictable payment structures, catering to users with a strong payment history.

Mercado Libre Surpasses Expectations ????

Latin American e-commerce and fintech giant Mercado Libre reports impressive Q2 results, with a 57.3% increase in revenue and substantial growth in net earnings. The success is attributed to both its e-commerce and fintech sectors, with Brazil and Mexico leading the way.

Jüsto Celebrates Exponential Growth ????

Jüsto, the digital supermarket disrupting traditional retail, commemorates its fourth year with a 400% growth rate. Operating on advanced technology and fair commerce principles, Jüsto's innovative approach reshapes grocery shopping and supports local economies.

索迪斯 Ventures into Mexican Fintech Market ??

French company Sodexo gains approval from the CNBV to operate as an Electronic Payment Funds Institution (IFPE) in Mexico. This significant step allows Sodexo to diversify its services, bridging the gap between traditional services and digital fintech offerings.

Clara Expands to Brazil with New Services ??????

Mexican fintech Clara relocates its headquarters to Brazil after obtaining a license from the Brazilian central bank. This expansion enables Clara to provide new services, including express transfers and deposits using Brazil's PIX system, while maintaining operations in Mexico and Colombia.

Comisión Nacional Bancaria y de Valores : Regulatory Shifts in Mexican Fintech Supervision ????

Regulatory oversight of the Mexican fintech sector undergoes restructuring, aiming for more efficient administrative collaboration between regulatory bodies. The transition reflects the sector's continued growth and its need for adaptable regulatory frameworks.

Nubank Accelerates Growth in Mexico ????

Brazilian neobank Nubank identifies Mexico as its fastest-growing market, driven by low credit card penetration and limited formal savings. With expansion plans that include personal loans, insurance, and investment products, Nubank seeks to diversify its portfolio in Mexico.

Hey Banco Plans Independent Listing ????

Hey Banco, the digital banking arm of Banregio, secures its own banking license, setting the stage for operational independence and potential independent listing on the stock exchange. The move follows four years of successful growth and the acquisition of 650,000 customers.

Stripe Boosts Mexican Digital Exports ????

Global financial infrastructure leader Stripe reports a 117% increase in digital exports from Mexico to the United States, solidifying Mexico's position as a key trade partner. Businesses show growing interest in digital commerce across markets including Canada, Colombia, the UK, and Ireland.

BBVA : Fintech's Impact on Remittances ??????

In a transformative shift, fintech disruptors have gained significant ground in the remittance market, capturing 82.3% of remittance transactions in Mexico. This marks a remarkable transformation over five years, during which non-bank institutions have seized a considerable portion of the market from traditional banks.

Doopla : The Rise of Crowdfunding in Mexico ??

Crowdfunding is rapidly gaining traction in Mexico as a viable investment avenue, with 74% of investors seeking improved income through these platforms. While backed by regulatory support, experts caution that these platforms may not offer the same level of security as traditional banking institutions.

Huge impact of Mercado Pago on SMEs ????

Mercado Pago celebrates a milestone with over 800,000 SMEs utilizing its financial solutions. The company's user base has doubled in a year, fueled by the success of its point-of-sale terminals.

Clara launches Global Payments Module ?? ??

Clara introduces a groundbreaking "Clara International Payments" module, revolutionizing cross-border transactions for businesses. The platform offers transparent pricing, currency flexibility, and extended credit terms.

Wonder Brands Secures $15.5M ????

Mexican firm Wonder Brands secures a $15.5 million Series A funding round led by Nazca and BID Invest, marking a significant step in expanding its presence in Latin America's e-commerce market.

PYMNTS & Cybersource : The Future of Retail in Mexico ?? ???

Though the majority of purchases still occur in physical stores, digital elements are increasingly integrated into the purchasing process. The study suggests that retailers need to enhance security and return policies to encourage the adoption of digital payment methods.

Bitso Facilitates International Crypto Payments ?? ??

Bitso launches an international payment service for businesses, signaling its commitment to enhancing Latin American economies through crypto solutions.

Banking Evolution: Banorte 's Mobile Check Deposits ?? ??

Banorte pioneers mobile check deposits in Mexico, allowing users to deposit checks from any financial institution through the Banorte Móvil app.

Sustainability Spotlight: BBVA En México and Sistema B Collaboration ???????

BBVA Mexico and System B join forces to transform SMEs into sustainability leaders, offering financial incentives and the opportunity to obtain B Corp certification.

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