The fintech obtained the funding in a pre-seed round that included investors such as BoostCapital Partners, Clocktower Technology Ventures, Graph Ventures, 99 Startups, and Lotux.VC.
The company aims to grow financial inclusion by enabling direct sellers to extend credit services to unbanked customers in Mexico. According to previous reports, the platform also makes it possible for sellers to boost their core distribution business by leveraging digital tools and working capital lines. Ximple’s model reportedly targets the around 320 million people in Latin America who do not currently have access to credit.
Ximple intends to use the funding to introduce new products that seek to further improve financial inclusion rates in the Mexican market. Despite the significant growth of fintech companies in Mexico over the past five years, inclusion rates remain low in the country.
As of May 2022, only 49.1% of adults aged 18-70 in Mexico had a bank account, according to the National Survey of Financial Inclusion by Mexico’s National Institute of Statistics and Geography.
As per Statista, the banking market in Mexico is anticipated to see a notable growth in net interest income and reach USD 42.39 billion in 2024. Given the high penetration of mobile phones – reports show that 35 million Mexican adults (38%) do not have a bank account but do have a mobile phone – mobile banking is anticipated to play an important role in ensuring financial inclusion.
What is more, fintech services are also seen as a way to fix the financial accessibility issues in the country. Statista’s research indicates that the digital payments segment of the fintech industry in Mexico is on the rise. In 2023 alone, an estimated 54.76 billion users made digital payments, with the number expected to rise in the coming years.
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