INVEX introduces Now, its neobank

After monitoring the market of more than 11 million users of digital services, this neobank was created to cater to their needs for convenience, financial security, and access to the banking system.

Now offers consumers a clear, open, and appealing banking experience that enables them to pay bills, save money, and maintain complete control over their finances while constantly looking out for their financial wellbeing.

Customers of Now will have the ability to select from a variety of options the one that best fits their lifestyle. Users can access the bank through their phone in less than six minutes without any paperwork or lineups. Similarly, customers will decide how to communicate with Now – whether through digital means or directly by speaking with a support agent.

INVEX hopes to attract more than 1 million new customers with its latest bet. Currently, INVEX is the sixth credit card provider in Mexico and oversees a portfolio worth more than USD 1.58 billion.

Now’s competition in Mexico

When it comes to Latin America, Nubank is a well-known brand. The neobank was founded in Brazil but has now extended to other countries. In 2020, it introduced the Nu credit card in Mexico, and ever since, it has sought to enhance its features.

In an effort to gain market share, it introduced Mexican savings accounts in November 2022. The savings accounts, which will be made available to customers currently using the company's services and members of its online community Comunidad Nu, have a waiting list open at Nu Mexico.

Later, as it works to expand its activities there, Nubank declared a USD 330 million equity capitalization. As one of the biggest foreign investors and one of the best capitalized financial institutions in Mexico, the transaction increases the company's prior USD 1 billion investment in Mexico.

Along with Nubank, Ualá has made the decision to broaden its offerings by partnering with ABC Capital to offer personal loans in Mexico.

Mexico’s fintech ecosystem

With more than 700 fintech companies operating in numerous industries, Mexico is the fintech leader in Latin America. Mexico is a prime location for fintech due to its supportive regulatory environment and favorable consumer demographics. Mexico benefits from an exceptional demographic bonus of millennials who love immediacy and online services, which accounts for the region's resounding success in ecommerce as well as businesses like Uber, Spotify, or AB&B.

Furthermore, only around one-third of small and medium-sized businesses (SMBs) in Mexico have access to bank loans, and there are an estimated 42 million unbanked consumers in the country.

The development of this type of neobanks appears to be just getting started in Mexico, but there is already an intriguing offer sponsored by seed capital, crowdfunding, and even the most significant VC there. With the entry of titans like Revolut and other digital-only banks, the Mexican market will only get better.