Miranda’s Weekly Mex FinTech Monitor

June 5, 2023

Mexico FinTech News 

Banco Afirme launches FinTech while Stori announces it has reached 2 million users

  Banco Afirme’s FinTech Billú formally launched operations this week, with an initial goal of reaching 250,000 clients this year. Billú will compete against FinTechs and other banks which have also launched their own digital offerings such as BanRegio’s Hey Banco and Invex’s Now. Apparently, Billû will focus on gamers, use blockchain, and will not seek a separate license to Affirme. Banorte and Santander are also in the process of creating their own FinTechs. Meanwhile, consumer credit card-focused FinTech Stori announced that it had reached 2 million clients and received a $50 million credit line. As its co-founder and CEO Marlene Garayzar pointed out that this is more than most established banks. According to a new report from the Bank of Mexico, Citibanamex had issued 4.37 million credit cards, Banorte had issued 1.60 million credit cards, and HSBC had issued 1.36 million as of June 2022.