Miranda’s Weekly Mex FinTech Monitor

July 24, 2023

Mexico FinTech News 

New FinTechs emerge in Mexico  

Three more FinTechs received approval from Mexico’s Securities and Banking Commission to begin operations. That said, it will be interesting to see if they can establish themselves so long after having submitted their original applications. Efectifintech, which is operated by the vouchers company Efectivale, received authorization to operate as a digital wallet after submitting its application on September 13, 2019. Likewise, Quantum Pay, which presented its original application to operate as a wallet over a year ago in May of 2022, and Pretech, which presented its application in September 2019, both received authorization. There has been a significant amount of movement in the sector at the early-stage level, as other FinTechs wind down operations as they fail to raise additional funding rounds and new ones enter the market to try their luck.  

El CEO, 07/17/2023, Italia Lopez: Fintech Quantum Pay y Pretech reciben aval de la CNBV para operar como monederos electrónicos 

Axis Negocios, 07/20/2023, Staff: Efectifintech recibe aval de CNBV para operar como institución fondos de pago 

Kushki’s transaction volume doubles  

Kushki, the Ecuadorian digital payments provider, announced that its transaction volume had doubled in Mexico during the first quarter of 2023. The announcement comes after the company acquired the Mexican payments processor Billpocket in August 2022, allowing it to operate as an acquirer and adding a POS device to its local offering. In 2022, Kushi reported over 54 million transactions throughout the region.   

DPL News, 07/20/2023, Staff: Kushki triplica transacciones en México y nombra nuevo country manager