The crowdfunding platform Monific and the electronic payments fintech Mozper recently became the latest new fintechs endorsed by Mexico’s National Banking and Securities Commission (CNBV).
With the new regulation, the first startup will operate in the country as a Collective Financing Institution (IFC), while the second will act as an Electronic Payment Fund Institution (IFPE).
These are the first two authorizations of 2023 — with the two fintechs, there are now 42 such companies that have received the go-ahead from the CNBV since 2018 when the Law to Regulate Financial Technology Institutions, or Mexican fintech Law, came into force.
The first fintechs to be authorized in Mexico this year
Last year, 16 fintechs were licensed in Mexico. Among them, Albo, Belvo, Todito Pagos, Argentina’s Mercado Pago (from Mercado Libre) and Femsa’s Spin by Oxxo.
Monific and Mozper will be subject to the supervision of the CNBV and Banco de México (Banxico) in exercising their respective powers.
In the case of Monific, which was founded in Mexico City, its authorization took more than three years since September 2019, exceeding the timeframe expected by Spin by Oxxo, which filed its application on the same date but received permission last October.
The crowdfunding platform specializing in the tourism sector offers investment opportunities in hotels from 1,000 Mexican pesos (or $53) with estimated annual returns between 12% and 16% through hotel occupancy, Monific claims.
Expanding product efficiency with competition
Created in 2018, this fintech has 24,000 active users. Regarding its endorsement to operate in Mexico, the founder and CEO, Ted Senado, commented in a public statement, “it is a privilege to be a proudly Mexican and regulated crowdfunding, which offers investment products in the tourism and real estate sector, in an agile, efficient and highly profitable way.”
“This step motivates us to continue growing and reaching more and more everyone who wants to make Mexico a prosperous, competitive, and healthy country,” said the executive.
Mozper was launched in August 2020 and had a presence in Mexico and Brazil. Its first venture was through a debit and credit card – products that were later expanded to an app with digital payments.
One of its co-founders, Gabriel Roizner, said he was very proud to be competing with the country’s largest financial institutions. “We are confident that Mozper will become a fundamental pillar in raising a new generation of children and young people with a solid financial education,” said Roizner.
“This great achievement has been possible thanks to a great team that shares the passion and commitment to bring financial education to every child and every family in Latin America,” he said.