Mexican startups that should be watched out in 2020

As the first article of 2020, I’d like to talk about the startup scene in Mexico, there are a lot of new players in Latin America that are, or could become promising companies and change different industries, in this article I’d like to mention 5 startups that in my opinion are interesting players in the Mexican market.

KONFÍO

  • Industry: Finance
  • Foundation year: 2013
  • Funding status: Series D — $100 million dls
  • IPO Status: Private
  • Website: https://konfio.mx

Konfío is a startup that offers financial services to boost the SMB sector in Mexico. Their value offer is to give access to loans to small and medium business owners. Their process is agile and simple; users make their online request without having to go to a branch, the business information is analyzed in seconds based on billing and credit history, once the loan is approved the user just needs to sign digitally and finally the money is deposited in the account that the user chooses.

ALBO

  • Industry: Banking
  • Foundation year: 2016
  • Funding status: Series A — $19 million dls
  • IPO Status: Private
  • Website: https://www.albo.mx

Albo is a fin tech that offers a digital debit card supported by MasterCard without any hidden fees and no commissions that traditional banks usually have in debit products as well as letting customers open a bank account in just 5 minutes. This company’s value proposition is about transparency, cero bureaucracy, money control and a branchless experience to avoid waiting lines as everything can be done via their mobile app. 

KAVAK

  • Industry: Automotive
  • Foundation year: 2016
  • Funding status: Undisclosed
  • IPO Status: Private
  • Website: https://www.kavak.com

Kavak is an online platform to buy and sell used cars. They inspect and certified every vehicle that is showcased in their platform. Their promise is to offer a great purchase experience and better prices than used car agencies as they don’t have sellers nor expensive showcase rooms and once a customer buys a car, there is an the option of being delivered at home.

JUSTO

  • Industry: E-commerce / Grocery
  • Foundation year: 2019
  • Funding status: Seed — $10 million dls
  • IPO Status: Private
  • Website: https://justo.mx

Jüsto is a grocery delivery platform in which you can buy fruits, vegetables, meat, fish, personal hygiene items, etc. It’s kind of the same as other platforms out there such as Cornershop (which was acquired by Uber in 2019), but the main difference is that all the items that the platform sells will be direct from providers, this model takes advantage for producers and avoid the loss that supermarkets actually have, reducing it from 35% to 3%.

SAIVE

  • Industry: Insurance
  • Foundation year: 2019
  • Funding status: Undisclosed
  • IPO Status: Private
  • Website: https://saive.app

Formerly called Napify, Saive is an Insurtech company that wants to help private drivers to pay less for their car insurance. Saive has an interesting business model in which evaluates the driver habits to determine a “driver’s score” that calculates in real time factors such as; acceleration, braking, velocity, curve control, etc through their mobile app, so that they can offer discounts on the user’s car insurance between other benefits. 

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