Mexico's fintech ecosystem is growing year after year, with an average growth of 23% since 2016 according to the Mexico Fintech Radar, conducted by Finnovista in collaboration with the Inter-American Development Bank (IDB). After Brazil, Mexico is the country with the largest fintech ecosystem in the region. Here's our list of the top Fintech Startups in Mexico, based on their total funding amount:
Konfio → USD $705M
Konfio is a platform that offers financial and business solutions, payment collection and management tools that helps small and medium business secure loans.
Clip → USD $403M
Clip is the leading commerce and digital payment platform that is empowering businesses in Mexico to interact and transact with its consumers more effectively through innovative technologies, best-in-class customer service, and the ability to accept all payment methods digitally. Clip's mission is to empower small and medium sized business and promote financial inclusion across Mexico. The company's products are impacting the growth of first-time card payment adopters across Mexico - 9 out of 10 businesses that actively use Clip terminals experienced a growth in sales.
Stori Card → USD $399M
Stori is taking advantage of the rising use of smartphones to tackle a lack of financial inclusion within Mexico, with more than 60% of Mexicans now owning a smartphone. The company gives consumers access to credit card products along with the opportunity to build up their credit history, with all parts of the journey being carried out through the mobile app.
Bitso → USD $314M
Bitso is one of the leading cryptocurrency exchanges in Latin America. The platform allows users to buy and sell bitcoin, ethereum and other cryptocurrencies by using their mobile devices.
Kueski → USD $300M
Kueski is an online consumer lender in Mexico that provides financial services for users who are ineligible for traditional bank loans. Thanks to its technology and data analysis criteria, the company has positioned itself as a market leader.
Enjoying HyperLATAM ?
Klar → USD $257M
Klar has been working to democratize financial services in Mexico since 2019 by offering a 100% digital, transparent, free and secure alternative to traditional credit and debit services. Unlike traditional institutions, Klar provides users with a unique set of features and benefits, including:
Credijusto → USD $253M
Credijusto provides an online lending platform designed to offer easy, reliable, and transparent credit for SMEs. They focus on supporting entrepreneurs that are being ignored by traditional banks. Unlike their competitors, they do not take into account the business owner’s personal credit history.
Clara → USD $158M
Clara offers corporate virtual and physical credit cards, a solution based on the Interbank Electronic Payment System (SPEI) and a platform for managing supplier payments, as well as cost control and short-term financing for companies that use their services.
Tangelo → USD $150M
Tangelo is a technology company specializing in alternative credit. They develop and operate tailor-made credit solutions partnering with corporations and strategic investors.
Albo → USD $72M
Albo offers a commission-free account with which, through a Mastercard debit card and an application, you can receive, transfer and manage money easily and safely, in addition to making service payments.
Flink → USD $70M
Flink is a consumer trading platform that allows its users to save, spend, and invest their money. Their purpose is to ensure that anyone with access to a smartphone has the possibility to safely make an investment in shares. This platform allows its users to invest from $30 Mexican pesos (USD $1.5) without commissions in companies that are listed on the New York Stock Exchange.
Belvo → USD $56M
Belvo is the open finance API platform that enables users to connect their accounts to an app. The platform lets financial innovators access and interpret data from their end-users in an easy and scalable way.
Vexi → USD $50M
Vexi's attractive offer consists of its new Vexi American Express® Credit Card, which, according to the company, can be obtained by any resident of the country through a 100% digital application process, which does not require verifying credit history nor does it verify individual income. Vexi does however ask for a minimum monthly spend.
Aplazo → USD $42M
Aplazo is the leading buy now pay later (BNPL) provider in Mexico. Aplazo works with over 2,000 merchants, including brands like Adidas and Tommy Hilfiger, and 5,000 store fronts to offer greater credit to a rapidly growing pool of consumers. The company uses alternative credit sources to underwrite consumers on retail/apparel purchases (both online and in-store), offers an elegant “Pay-in-5” digital payment solution and is even the first report to the Bureau de Credito for many of their customers, establishing a credit file that the consumer can then build over time and use to access other credit products.
Fondeadora → USD $32M
Fondeadora is a digital banking services company that aims to eliminate the inefficiencies related to the traditional banking system. Their debit card is linked to a mobile application that allows you to send, spend and save money in a simple way, under the banner of financial inclusion. They have more than 150,000 users.
Kapital → USD $28M
Kapital empowers small and medium businesses in Latin America with a tech-banking platform giving them visibility and control of their finances. One of their main differentiators is that they offer their customers the possibility to pay every purchase in installments.
Arrenda → USD $26M
Arrenda is offering digital financial services to the real estate market of Latin America. Its first service is Adelanta, a revenue-based financing offering that leverages Arrenda’s proprietary technology to enable landlords in Mexico to advance up to a year of future lease receivables in 24 hours or less.
* Numbers are based on total funding amount