This interview is the final in a series spotlighting the ten winners of the WeXchange Women STEMpreneurs Competition 2024. WeXchange is an initiative of the IDB Lab, the innovation and venture arm of the Inter-American Development Bank, to unlock growth opportunities for women entrepreneurs in STEM in Latin America and the Caribbean.
In this edition, we speak with Gabriela Estrada, Co-founder and CEO of Vexi. In this conversation, Gabriela shares her journey from a career in traditional banking to building Vexi, a fintech company committed to providing accessible, fair, and rewarding financial services to underserved populations in Latin America.
Overcoming rejection and building a financial revolution
In Latin America, 450 million people are underserved by traditional banks, leaving them without access to essential financial tools. Despite their hard work and financial discipline, many remain excluded from the formal banking system. Vexi is changing that.
Before founding Vexi, I spent 15 years in the banking sector, working at AMEX and Citi. I became the youngest Head of Cash Management Banking for Citi in Mexico, and the only woman in that role. I was responsible for the largest business at Citi in Latin America, generating $300 million in revenue and managing a $4 billion deposit portfolio.
The idea of Vexi came when I was denied a credit card by my own employer, Citi. That moment exposed a fundamental problem: the system wasn’t designed for people like me—or for millions of hardworking Mexicans who lacked traditional credit histories. In Mexico, only one-third of adults have credit, and just one in ten have access to basic financial products like credit cards to build their financial history.
After years in banking, I realized my work no longer fulfilled me. Seeking a purpose, I took a year off. When I returned to Mexico, my friend Gustavo, a former banker, invited me to join Vexi. The mission resonated with me immediately: to redefine access to credit and create financial opportunities for those excluded from the system.
Redefining credit for the underserved
Traditional banks and neobanks struggle to profitably serve the 450 million underserved people in Latin America. More than 60% of the Mexican population lacks a formal credit history, and the banking sector primarily profits from the top 10% of earners. Expanding financial access is challenging due to legacy infrastructure, high operational costs, and outdated technology.
As a team with backgrounds in banking, technology, and business growth —and as Mexicans from middle-class backgrounds—we understood what was missing. The financial system was never built for the majority.
Instead of adapting traditional banking models, we built Vexi from the ground up, reimagining credit with proprietary technology, risk models, and a customer journey tailored specifically for the underserved. Our goal was to make credit accessible, sustainable, and beneficial for those left out of the financial system.
Vexi: A fair and accessible solution
Vexi is a fully integrated credit card company designed for the underserved population in Latin America—people ignored by traditional banks and most neobanks. We go beyond offering credit; we provide a financial journey that is:
- Fair: Customers start with some of the lowest interest rates and fees in the market.
- Accessible: We eliminated barriers like credit history and proof of income.
- Rewarding: Users unlock a gamified experience where responsible credit use lowers their interest rates and increases their credit line over time.
- Valuable: Customers enjoy benefits like cashback, 0% APR installments (“meses sin intereses”) with our American Express-branded card, and travel, and purchase insurance—privileges typically unavailable to first-time cardholders.
Educating and empowering first-time credit users
At Vexi, financial education is a priority to ensure responsible credit use and long-term financial health. Instead of attracting customers with high credit lines that could lead to failure, we offer a step-by-step experience to help first-time users grow their financial skills while controlling their spending.
Customers start with a manageable credit line and unlock more benefits as they demonstrate responsible usage. Our AI-powered scoring system analyzes financial behavior in real time, guiding users toward better financial decisions and preventing debt cycles.
As a result, we have one of the healthiest loan books in Mexico, proving that financial inclusion and responsible credit management can go hand in hand.
Building trust and loyalty
Trust is the foundation of financial inclusion. We built Vexi around transparency, fairness, and technology: we focus on low fees, clear terms, and a system that rewards responsible usage, combined with proprietary scoring models that assess creditworthiness beyond traditional metrics.
Technology is central to Vexi, enabling us to provide scalable and cost-efficient financial services. We have a Cost-efficient infrastructure—we developed our own core banking system and payment processors, and Smart anti-fraud models to responsibly extend credit to first-time users. Today, 65% of our customers are first-time cardholders, proving that technology can bridge the financial gap without compromising risk management.
Profitability and social impact go hand in hand at Vexi. By offering a responsible credit product, we help people improve their financial health and quality of life. Access to credit can be life-changing, especially for financing essential needs like food, healthcare, and education. Our product has been a game-changer for microentrepreneurs and gig economy workers, enabling them to finance business needs and grow their businesses. Our model is built on the belief that financial health is a long-term strategy, and benefits both our customers and the broader Latin American community.
The future of financial inclusion
The future of financial inclusion in Mexico and Latin America is promising, and Vexi is excited to play a key role. Technology can drastically reduce costs, offer flexible products, and expand access to credit. As more people access digital financial services, we anticipate a rapid increase in financial literacy, responsible credit use, and wealth creation.
In the next five years, Vexi aims to be the one-stop shop for financial services for the middle class in Latin America, starting with Mexico. Our vision is clear: to build a seamless financial ecosystem that helps millions of people across Latin America thrive. We’re not just creating a credit card company—we’re building a movement for financial empowerment. By redefining access to credit, Vexi is unlocking new opportunities for millions, proving that financial inclusion and profitability can go hand in hand.
Connecting with Vexi
For more information visit Vexi’s website or or connect with Gabriela on LinkedIn