The Business Year

Harry Sacal

MEXICO - Finance

Banking Solutions for All

President & CEO, PlusCorp


Harry Sacal is an experienced entrepreneur in the finance industry, having founded PlusCorp over 25 years ago, a SOFOM specialized in credit and leasing. He has also overtaken high-level volunteer roles such as Administrative Director of the Memory and Tolerance Museum in Mexico City, which focuses on the consequences of indifference and discrimination through historical memory.

PlusCorp offers innovative banking solutions to SMEs, ranging from simple and revolving lines of credit to leasing solutions, through its subsidiaries Sofoplus and Plus Leasing.

How will the new administration impact the Mexican economy and your business?

Mexico is facing a new type of leadership and a new mode of doing business, and we remain optimistic about it. The new administration is fulfilling some campaign promises, and the market has reacted negatively, but we still believe the country has strong economic fundamentals. We will continue to invest in Mexico and be on the lookout for opportunities to grow.

What are the main areas of opportunity you have identified in Mexico’s financial market?

The main areas of opportunity in the financial market remain in the underserved SMEs. SMEs in Mexico represent 99.8% of the economic units in the country, generating over 40% of the GDP and employing over 78% of the country. However, there is a lack of institutional sources of capital for them. PlusCorp, through its subsidiaries Sofoplus and Plus Leasing, offers innovative banking solutions to SMEs, ranging from simple and revolving lines of credit to leasing solutions.

What differentiates you from other multi-purpose financial companies (SOFOMs) in the market that focus on mid-sized companies?

Most SOFOMs in Mexico are focused in micro-credit and financing payrolls; however, we look to target high-growth SMEs that need capital to scale and grow. We can build long-term relationships with cash flow generating SMEs that need access to capital to finance growth. We are nimble and have enough experience to understand our clients’ financing need so that we can provide them tailor-made solutions. Also, being a regulated entity has given us access to competitive sources of funding from public markets, including BMV and BIVA, and development and commercial banks, enabling us to have competitive prices.

What sectors are you focusing on?

We always look to maintain a diversified portfolio. The main sectors we focus on include construction, services, tourism, and manufacturing. We expect significant growth in the tourism and services sectors in the Mexican market in 2019. As noted, we are sector agnostic and have enough experience and expertise to give the best solutions for our clients.

What kind of steps do you need to take to launch an IPO in the future?

We have been thinking of an IPO since the creation of the company. In 2015, we became a regulated entity and later began the CEBURE program in the BMV and BIVA. We also operate with a high degree of corporate governance, having independent committees and a board of directors. We have always complied with all the National Banking Commission audits. In 2018, we partnered with Creation Investments and are currently working on a business plan that includes aggressive growth in portfolio and improvement in our best practices. In the next few years, we will reach the scale to have a liquidity event through an IPO.

How was PlusCorp developed?

The founding team of PlusCorp has been heavily involved in the financial sector in Mexico for the last 30 years. Prior to PlusCorp, it developed one of the largest currency exchange companies in the country. While operating the currency exchange, the founding team realized that many of the institutional customers were SMEs who needed networking capital financing. In 2006, Sofoplus was created with the premise of providing tailor-made lending solutions to Mexican SMEs. In 2014, we founded Plus Leasing, focused on leasing solutions for SMEs, and PlusCorp as the holding company.



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