Founder & Co-CEO, Fintonic
Fintonic is an application designed to help people improve their personal finances, so we will fit well into Mexico’s market. The feedback has been quite positive across the board, and we are happy to have over 80,000 active users. In fact, we are not so much focused on increasing the numbers, but rather on maintaining them. It is true that Mexico has certain peculiarities in that the Open Banking activity is not regulated. This means that Mexicans may face more difficulties than in Europe, for example, where there is already a specific regulatory framework in place. In fact, fintech law appears as an area which is yet to be developed. However, we see a booming market, with many talented fintech companies emerging. We offer a consumer financing model, which is to say that we offer consumer loans ranging from MXN10,000 to MXN150,000. On the one hand, we do this with our own money and on the other we invite other lenders to offer loans via our platform. Our job is to present customers the best option on the market according to their economic situation and help them in the process. 80% of users receive the money on the same day, which is swift in the Mexican context.
Flink was created in 2017 and the main idea was to offer the option to open their first account with various functionalities that would enable them to efficiently manage their money. In 2019, the neobanking sector in Mexico had many players, though users did not understand the advantages and added value of using this kind of platform. We conducted a survey of over 100,000 people, and 98% told us they want to invest but do not know where to invest. Most stock market issues were focused on wealth management and were not covering the retail aspect. That is why we started working on financial inclusion by creating an investing platform. In 2020, we announced a trading platform without conditions and also offered fractional shares, which gives people the opportunity to invest from MXN30 without any commissions. As a result, we started to receive calls from the media interested in finding out how this worked. We have 1.7 million users. We have a partner in the US that deals with the accounting side of things. We are working on developing a new ecosystem in Mexico. These products are aimed at the average Mexican without any investing experience. Of the 1.7 million users, over 90% are new investors.
Managing Director, Iñigo Castillo Badia
Our vision for the company is to be the one-stop shop for the Mexican SMEs sector, by promoting their growth with our offer of financial and digital services. Uniclick was established by UNIFIN in 2020, and since then I have been part of the executive team of the company, which gave me the opportunity to get to know the DNA of Uniclick since the beginning, before being appointed managing director. We have a structure similar to that of a start-up, we are passionate about disruption, we foster great company culture, we have focus and want to build and engaged SMEs community in Mexico. Our ultimate goal is to help Mexican SMEs as much as possible through financial inclusion and enabling their development. We are working to have the best risk and credit statistics, through systems based in machine learning and AI. We want machine learning and AI to be at the core of everything we do. Another thing that also differentiates our online lending is that we have the support of an institution that has been in the market for more than 28 years. This gives us financial strength and a deep knowledge of SMEs. We have a start-up soul but the backing of a solid and experienced business.
Managing Director, Openpay
Openpay was established in 2014 out of a necessity from the founders to access payment methods. The founders decided to address that situation and initiated commercial activities with Openpay. Our goal is to provide access to digital payment methods to improve digital businesses. Through our network, we want everyone to have access to a digital payment experience. We want merchants to sell more as a result of access to multiple payment methods. Without a doubt, our strength is that we are completely merchant-oriented to know what they will need when they start to use our services. There is space for growth of credit and debit card penetration in Latin America, as well as opportunities for other payment methods. We offer a plethora of services to merchants to be able to sell. We are working hard every day to innovate and provide value-added services like Paynet, which is our network of cash payments. We have 32,000 points of cash-in locations in Mexico. We also handle many relevant issues in e-commerce, such as fraud prevention. We want to provide models that are adequate for each market, having a global vision. Furthermore, the fact that we have the backing of BBVA helps us significantly.
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