Creation date: 2017
Location: Ciudad de México
Sector of activity: Financial brokerage and insurance
Social issue: Financial inclusion
Vexi is a 100% Mexican credit card that is applied for and approved online. It is managed by an app that also provides educational information. Its target market are young people who do not have access to banks, with no credit history, or no way to verify income. The company is offering the market a new, more secure, more agile, more convenient, and dynamic product.
In Latin America, consumers and businesses alike suffer from scarce access to credit. With no formal access to credit, they are left to find credit from organizations that provide it at prohibitive prices. Vexi leverages the smartphone penetration among young people (+85%) with a highly technology-intensive. low-cost operating model. Vexi offers credit cards so that its customers can begin to build a credit history, take advantage of online purchasing, address emergency situations, and even finance themselves.
The credit rating (automatically applied and helping banks make decisions about approving or declining loans) is based on non-traditional and innovative sources, including social, behavioral, and psychometric networks. It is a fully digital offer.