Miranda’s Weekly Mex FinTech Monitor
July 3, 2023
Mexico FinTech News
Mercado Pago now offers remittances via WhatsApp
In a move to capture a portion of Mexico’s massive remittance market, Mercado Pago has partnered with Félix Pago, an instant messenger-based money transfer platform, to allow users to send remittances via Félix’s WhatsApp chatbot to its users. The partnership seeks to make international transfers from the United States to Mexico as simple as possible and make funds available to those in Mexico almost instantly.
Axis Negocios, 06/28/2023, Staff: Mercado Pago y Félix Pago se unen para facilitar envío de remesas por WhatsApp
Vexi reaches 1 million credit cards
Founded in 2018, Vexi announced via LinkedIn that it had approved over 1 million credit cards, despite stiff competition from banks and more established FinTechs like Nu México and Stori. The company highlighted how 61% of users chose Vexi as their first credit card, contributing to financial inclusion in the country. The credit gap in Mexico remains massive with only 33% of Mexicans having a formal credit line, according to data from Mexico’s statistical agency. In February, Vexi closed a funding round for US $8 million.
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