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§ Private Profile · Azcapotzalco, Mexico
Vexi is a technology company.
Vexi provides a digital credit card solution for the Mexican market, offering a mobile experience for credit access and management. The company issues cards with features like cashback and interest-free installment options, all controlled via its application. This technology streamlines credit approval, serving a population often underserved by traditional institutions.
Established in 2016, Vexi was founded on the insight that many Mexicans lacked formal credit access. Founders, including former Citi executive Rojo Blasquez and Co-Founder Cinthia Merlos, envisioned a digital-first credit offering. They leveraged technology to create an inclusive financial product, empowering individuals to build credit history and participate in the digital economy.
Vexi targets young, rising middle-income, and underbanked individuals in Mexico seeking initial credit or an accessible financial solution. The platform helps customers build and manage credit digitally, fostering financial inclusion. Vexi’s vision is to expand financial accessibility across Latin America, equipping individuals with credit tools and fostering economic participation.
Vexi has raised $32.0M across 2 funding rounds.
Vexi has raised $32.0M in total across 2 funding rounds.
Vexi has raised $32.0M across 2 funding rounds. Most recently, it raised $8.0M Series A in January 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 1, 2023 | $8M Series A | Magma Partners | Dreamit Ventures, K50 Ventures, Long Journey Ventures, Manchesterstory Group, Next Level Ventures, Oropos GmbH, Rebalance Capital, Streamlined Ventures, Wollef Ventures, Y Combinator, Justin Mateen, Alpha4 Ventures, NOA Capital, Pomona Impact, Redwood Ventures | Announced |
| Mar 1, 2022 | $24M Series U | — | K50 Ventures, Long Journey Ventures, Magma Partners, Streamlined Ventures, Wollef Ventures, Y Combinator, Justin Mateen | Announced |
Vexi is a Mexico City-based neobank and challenger bank that provides a proprietary, 100% digital credit card experience tailored for the underbanked and rising middle-income population in Mexico, addressing financial exclusion for around 30 million people.[1][2][4] It serves young millennials (18-30 years old) in socioeconomic levels C to D+ by using non-traditional data for credit approvals, offering features like *meses sin intereses* at top retailers, up to 2% cashback, free insurances, digital cards, data-less physical cards, and lower interest rates than many premium cards.[1][2][3] Since launching operations in 2018, Vexi has achieved strong growth with over 65,000 approved cardholders (up to 850,000-1 million cards issued per reports), 75 NPS, $8M+ in purchases, $1.6M revolving portfolio, $1.5M ARR, and 2.5-3 million applications processed—all while maintaining profitability from day one, low delinquency (1.9% capital loss even during the pandemic), and bootstrapping much of its expansion with under $11M in equity raised.[1][4][5][6]
Vexi was founded in 2016 (with operations starting in April 2018) by co-founders Gustavo Rojo Blázquez and Gabriela Estrada, who met at Citibank and identified the need to transform banking for Mexico's underbanked.[2][4] Gustavo, with banking experience, proposed disrupting financial exclusion by building a superior credit card; Gabriela, previously Commercial Director at The Warranty Group (making it one of LATAM's most profitable divisions), brought sales, marketing, and strategic expertise (Bachelor’s in Marketing from ITESM, MBA from Thunderbird).[2][3][5] The team, with half a century in retail/commercial banking and IT (including a co-founder with 15 years in software engineering and project management at HP), developed in-house systems like payment processors and credit engines, avoiding third-party dependencies.[1][2][3] Early traction came from refining risk models with non-traditional data, leading to rapid approvals and sustainable growth even through the pandemic.[4][6]
Vexi rides the fintech wave of financial inclusion in Latin America, targeting 30M+ underbanked Mexicans amid rising middle-class demand for accessible credit in a market rigid with traditional banks.[1][2][4] Timing aligns with Mexico's 127M population, digital adoption post-pandemic, and regulatory shifts favoring neobanks; competitors like Stori, Klar, and ZenFi highlight a booming segment, but Vexi's in-house tech and profitability set it apart for sustainable scaling.[5][6] It influences the ecosystem by integrating underserved users into formal finance—building credit histories, enabling micro-entrepreneur loans, payments, savings, remittances, and insurance—pioneering a "Capital One of Latin America" model with positive unit economics amid economic volatility.[4][6]
Vexi is poised for explosive growth by expanding its customer base ("adding more Vexicanos"), enhancing retention/UX, and broadening its marketplace with new products; it eyes acquiring a SOFIPO for full banking (deposits, loans) to become a one-stop platform for LATAM's middle class.[4][5] Trends like AI-driven risk models, regional expansion beyond Mexico, and embedded finance will propel it, especially with $24M recent funding (equity led by Magma Partners, debt by Accial Capital) fueling talent, tech upgrades, and onboarding.[2][6] Its influence could evolve from credit pioneer to dominant neobank, reshaping inclusion if it sustains profitability amid macro headwinds—positioning it as Mexico's go-to for the next 100M underserved lives.[1][4]
Vexi has raised $32.0M in total across 2 funding rounds.
Vexi's investors include Magma Partners, DreamIt Ventures, K50 Ventures, Long Journey Ventures, ManchesterStory Group, Next Level Ventures, Oropos GmbH, Rebalance Capital, Streamlined Ventures, Wollef Ventures, Y Combinator, Justin Mateen.