Miranda’s Weekly Mex FinTech Monitor
May 8, 2023
Mexico FinTech News
Invex Banco and eFactor Network partner
Invex Banco reached a partnership agreement with FinTech eFactor Network to allow the bank’s clients to offer financial leasing of its accounts receivables - a process known as factoraje in Mexico - to support their providers by allowing them to increase their working capital. The alliance intends to expand this service to new companies, which is used approximately by 1,788 companies. According to a study from the IDB, the credit gap for small and medium-sized enterprises is estimated at US$ 163.9 billion, pointing to the size of the unseized opportunity.
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