Magma Partners and Accial Capital led a USD24m equity and debt round for Vexi, a Mexican credit card issuer for middle class consumers, with participation from alpha4 Ventures, Village Capital, Pomona Impact and Noa Capital. Fuse Capital made an undisclosed debt investment in October 2020.
(LatamFintech) – 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.
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.
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.