Latin America Advisor

Financial Services Advisor

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What Factors Are Driving Fintechs’ Growth in Mexico?

Financial technology companies including Nubank and Stori have been reporting strong growth in Mexico. // File Photo: Clay Banks via Financial technology companies including Nubank and Stori have been reporting strong growth in Mexico. // File Photo: Clay Banks via

Nubank CEO David Vélez said July 18 that the fintech bank is seeing faster growth than expected in Mexico, having reached 2.1 million customers in a year and a half. Also in July, Mexican fintech Stori announced that it had become the second Mexican start-up this year to reach “unicorn” status, or a valuation of more than $1 billion. What factors are driving the growth of Mexican fintechs, and to what extent will that growth accelerate in coming quarters? To what extent are fintechs supporting financial inclusion in Mexico? What are the biggest obstacles and headwinds that fintechs operating in Mexico are facing?

Álvaro Rodríguez Arregui, cofounder and managing partner of IGNIA Partners: “It is important to first keep in mind that only 30 percent of adults in Mexico have access to formal credit, versus, for example, the United States, where 70 percent have access. Therefore, there is a lot of room to grow for everyone without stepping on each others’ toes. Having said that, it would be interesting to know the actual data (and not just the narrative) of what percentage of Nubank and Stori clients did not previously have a banking relationship, as well as the income decile of their clients. My guess is that for most, it is not their first banking relationship and that Nubank and Stori are capturing disgruntled customers from incumbents, and that the average income of their customers is middle and upper middle class. So, until we see the data, I would not follow the ‘financial inclusion’ narrative from them, as they seem to be capturing customers from incumbents with a very low net promoter scores (NPS). The average…”

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About the Financial Services Advisor

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Erik Brand, publisher of the Advisor, at

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