Mexican fintech Vexi raised a $24M funding round in debt and equity. The equity portion of the financing was led by Magma Partners, while Accial Capital led the debt funding. Other investors include Alpha4Ventures, Village Capital, Pomona Impact and Noa Capital.
Vexi provides credit cards with a 100% mobile and digital experience to the rising middle income population in Mexico, and Vexi’s strong unit economics has helped it bootstrap part of its growth.
“We have a higher annual revenue run rate than the total equity we have raised so far.”Gustavo Rojo Blasquez, CEO and Co-Founder at Vexi
The team spent the first years developing the main systems: the payment processor and the core credit card system. So, unlike almost all the neobanks, Vexi doesn’t depend on any third party software to operate. After refining the product offering, Vexi now offers to the first-time users a world-class value proposition attractive even to already banked customers: meses sin intereses in the largest number of top retailers, up to 2% cashback, free insurances like protected purchases or travel, digital credit cards for secure online purchases, data-less physical cards to improve security and interest rates lower than many platinum credit card in the market, among others.
“We’ve been working with Vexi for 2 years and have been impressed how they continue to help mexicans improve their access to the financial system and we are excited to invest again to support Vexi’s mission.”Nathan Lustig, Managing Partner at Magma Partners
Gustavo Rojo Blasquez met co-founder Gabriela Estrada at Citibank and they envisioned how banks needed to be transformed to serve the underbanked. They jumped out of the bank with the clear objective to provide the best credit card in Mexico, so they launched Vexi.