Gabriela Estrada: Starting and scaling a LatAm market leader

Vexi stemmed from an in-depth understanding and personal involvement in the Mexican financial industry. With over 15 years dedicated to this sector, we personally witnessed through our own experiences and those of our families, the widespread inequality exacerbated by the industry's inefficiencies. We identified a concerning pattern where millions of individuals were excluded from the system, creating a detrimental cycle: people lacked credit access due to the absence of a credit history, and the lack of credit history resulted in entities' unwillingness to provide credit. This situation left a significant portion of the adult population relying on excessively costly informal loans to address emergencies.

Fintech in Mexico (and Latin America in general) evolved massively over the last few years. What has changed since you started Vexi?

Since Vexi's launch in April 2018, the Fintech landscape in Mexico and Latin America as a whole has undergone significant and transformative changes.

There has been a notable surge in the recognition and adoption of fintech solutions among consumers. Rapid advancements in technology have enabled fintech companies to offer more personalized and efficient solutions. The fintech ecosystem has witnessed increased collaboration between traditional financial institutions and Fintech startups. We currently issue an American Express-branded card, which has forged close ties in our relationship with the brand. Fintech has played a pivotal role in expanding financial inclusion across Mexico and Latin America.

Vexi's mission aligns with this trend, as it aims to break the cycle of financial exclusion by providing accessible and inclusive financial services to a broader segment of the population.

Vexi is one of the few truly successful neobanking products, with excellent performance despite difficult macro environment. How does your product differ from competition?

We have become one of the few (or the only) neobank that is already cash positive in Mexico, and soon-to-be profitable. We are the only non-bank credit card in Mexico and one of the very few in Latin America with the prestigious American Express brand. This distinction not only strengthens our credibility but also underscores our commitment to providing high-quality financial services.

We outline five key elements that define our uniqueness: proprietary technology platform, exclusive data and risk models, operational efficiency (1 million customers approved), positive unit economics and experienced founding team.

We aspire to establish ourselves as the primary financial services platform catering to the underserved population throughout Latin America. Beyond addressing the fundamental need for credit accessibility, our commitment extends to resolving the multifaceted challenges that our customers encounter in their daily lives. Micro-entrepreneurs, in particular, face obstacles such as limited access to personal loans for their businesses, payment solutions, opportunities for savings and investment, remittance services, and insurance tailored to our specific demographic.

While our initial focus involves building trust with our customers through credit offerings, our vision transcends the confines of a traditional credit card service. We are dedicated to expanding our scope to encompass a comprehensive range of financial services, with the ultimate goal of serving the entire Latin American region. By addressing the diverse financial needs of our customers, we aim to make a meaningful and lasting impact on the lives of the underserved, fostering financial inclusion and empowerment across the region.