The Business Year

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These companies are providing users with new financial products and alternative avenues to invest for the growing Mexican and Latam markets.

Sonia Michaca

Former Regional General Manager, Tribal

We completed our hybrid debt in January 2022, Latin America’s first foray into hybrid debt featuring fiat and cryptocurrency. We are currently working on a variety of use cases. As with all of our other projects, we have created a section dedicated solely to blockchain and cryptocurrency. It is working on a variety of options. The first was recognizing that there is a significant need for enterprises to conduct payments and other transactions in this corridor between Mexico and the US, which we did through Stellar and Bitso, utilizing what we already had as part of the loan round digital currencies through USDC. Our clients do not need to know anything about cryptocurrencies, because we handle all of the backend work, leaving them to enjoy the benefits. The only thing they know is that it was completed in a timely and cost-effective manner. As a result, this was one of the first solutions we implemented, leveraging the debt we had at the start of the year. It is one of a growing number of solutions being produced around the world, using blockchain and in this new ecosystem. Although it is still relatively new in Latin America, there are numerous applications that can be developed.

Daniel Vogel

Co-Founder & CEO, Bitso

We started the company in 2014. Some of our earliest investors thought Bitso would quickly become an important player in the remittances space, overestimating what the technology could do. Many expected people to just switch to Bitcoin in one or two years, which obviously was not the case. However, when we look at where we are at today, we have processed billions of dollars in transactions and are becoming a meaningful player in the international remittances space. This is a great example of overestimating what the technology could do in the short term and underestimating what it could do in the long term. We just continue to work on the problems that need to be solved, and slowly and surely, many things fall into place, and suddenly we are on track to do billions of dollars in remittances on a yearly basis. When I look at the future, one thing that I believe we are underestimating is the power of crypto as a payment mechanism. There are not many start-ups trying to do crypto payments and so on. It is always unclear how things will end up looking, and you need to be creative in your approach and be conscious of external forces and adjust accordingly.

Iñigo Castillo

Managing Director, Uniclick, Mexico

The last few months have been exciting for Uniclick. We have been going a bit faster than anticipated, which is good news. There are the challenges of scaling up as fast as we need to, but it has been positive overall. Most of this scaling up has been done in our tech and product areas. We have also been growing our team at Uniclick. We started 2021 with only around 30 people but currently number almost 150. We are consolidating ourselves as a technology company at heart, and we have been able to really grow the business in every important metric. For instance, we have been growing our total loan portfolio and client base. We have also been doing a great execution in developing our product pipeline, so we are getting closer to becoming a one-stop shop for SMEs in Mexico, which is what we want to achieve. We also have plenty of products ready for launch. At the moment, we are focusing on a corporate credit card. It is a hot sector right now in the fintech environment in Mexico and Latam. More than just creating new clients, we are rolling out our product as an add-on to current loans or current clients.

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