Mexico is one of Latin America’s most important economies. In recent years this country has recorded increased growth of its fintech sector comprising digital and app-based financial solutions. Other sectors include real estate, logistics, and automobiles.
Here are the 15 most promising Mexican startups in 2021.
Kavak: The platform recently raised $700 million pushing it at the top of the list of most valued Latin American startups. The Mexico City-based company focuses on purchases and sale of automobiles online and had 4,300 employees prior to the injection of funds. Kavak was founded in 2016 and apart from Mexico, it is present in Brazil and Argentina. Some of its prominent investors are soccer player Guillermo Ochoa and F1 driver Sergio “Checo” Perez.
Justo: The online supermarket was launched in 2019 and raised $100 million in funding this year to help it expand countrywide. Justo’s vision is to become the online supermarket of choice by 2030. Its investment in Brazil is worth $40 million and created 300 local jobs. Its key investors are S7 Ventures, Foundation Capital, and GE32 Capital among others.
Bitso: The Mexico City-based cryptocurrency exchange was founded in 2014. It’s valued at $2.2 billion after raising $250 million in funding this year. Also, its 430 full-time staff manages its 3 million accounts. Recently the Central American country become the first to make the cryptocurrency Bitcoin legal tender globally and so Bitso will support El Salvador’s Chivo wallet. QED Investors, Pantera Capital and Hard Yaka are some of the notable investors in Bitso.
Credijusto: The fintech was established in 2014 to provide financial solutions and credit to other brands. In conjunction with American Express, Credijusto launched alternative credit which is an entirely online solution targeting entrepreneurs. Using this solution the startup will help companies have greater control and visibility of their expenses. Further, it recently acquired Finterra, making it the first fintech in Mexico to purchase a bank. The aim is to venture into traditional banking activities and support SMEs in the agricultural sector. The online platform has raised $42 million in funding so far and its key investors are IGNIA, Elevar Equity and Argo Ventures among others.
Minu: The startup offers on-demand salaries to employees of more than 100 companies. This product doesn’t charge interest or commission and users withdraw cash from the mobile app at the same rate as a normal ATM withdrawal. The fintech began in 2019, has 76 full-time employees and attracted investment from tech investors such as Mark Zuckerberg, Bill Gates and Jeff Bezos. This is a clear indicator that the company has a lot more success to come in the future.
Homie: The Mexico City-based startup was established in 2015 to focus on real estate. The company uses its online platform to facilitate rentals, organize viewings, vet interested parties as well as oversee the rental process. Additionally, tenants pay their rent through the platform which gives landlords peace of mind and is convenient to tenants because they don’t need any third-party endorsement or deposit.
Clara: The company was founded in 2020 to provide company credit card services. By August 2021, the Mexican fintech had raised over $40 million in funding to boost the provision of two types of VISA credit cards, namely, executives’ infinite card and day-to-day company expenses. An online platform manages Clara’s payments and has an expense request feature. This process is estimated to have completed transactions worth over $50 million annually.
Cacao Paycard Solutions: The platform offers virtual accounts and bank cards as well as facilitates transactions using different types of other cards. The Mexico-based fintech was established in 2017 and the technology it is offering is critical to the success of the majority of neobanks. It has also expanded its presence in different territories in Latin America.
Cargamos: The logistic-focused startup delivers goods in a maximum of 11 hours compared to other providers who take up to 4 days to deliver what Cargamos does in 35 minutes. Established in 2019, the Mexico City-based startup targets individual users and e-commerce platforms with its 24-hour service which include immediate quotes for deliveries and live chat. Cargamos raised $11 million in investment to expand its coverage.
UnDosTres: This is a digital platform that provides mobile phone top-ups and secure payments for online gaming, utilities and a variety of other services. The Mexico-City based app was established in 2015 and has recorded over a million downloads by the end of 2020. The UnDosTres’ services are integrated with CoDi, Banco de Mexico’s platform.
Clip: The Mexico-City based startup was founded in 2012 to offer mPOS solutions to retailers without a digital presence (offline). Therefore these retailers accept payments on their tablet or smartphone via a Clip card reader. Also, the platform offers secured transactions using an SMS-based verification system called Clip lock Clip has raised $160 million in funding. Some of its investors are Fondo De Fondos, Sierra Ventures, 500 Startups and more.
Konfio: The online lending and financial management platform was founded in 2014 to provide different loans such as microloans, invoice financing, business credit lines, etc. Other services include a virtual credit card, and a tool for access a business’ credit score and history. Some of its notable investors are Launchpad Accelerator, Vostok Emerging Finance, Jaguar Ventures and more. So far Konfio had raised $143 million in funding.
Albo: The Mexico City-based digital bank for consumers was founded in 2016. The platform offers an app for accessing banking services and a prepaid card. For instance, customers can use the card and app to make money transfers, bill payments, cash withdrawals, and online/offline purchases. Also, users can monitor their transactions in real-time on its dashboard using iOS and Android devices. So far, Albo has raised $72 million in funding from key investors like Valar Ventures, Cadence Venture Capital, Flourish and more.
Klar: The Mexico City-based startup offers an internet-first bank for individuals via a partnership program. Users can access its services such as money transfers, savings accounts, online/offline purchases, bill payments and more through an app-based platform. The company was launched in 2019 and has raised $72 million. The app is available on android and iOS devices and has a credit card linked to it.
Kovi: The digital on-demand car rental platform for delivery and rideshare drivers was established in 2018. Its users can access rideshare companies like Uber, Taxi99 and more. It also partners with traditional car rental and automakers companies. The company has raised $41 million in funding from its key investors such as Accel, Maya Capital, Global Founders Capital and more.
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