Venio has announced its launch in Mexico. The Company’s Mexican business arm, has been established to support Venio’s expansion across the high growth emerging market.
The Venio app has now been translated into Spanish and will be available to consumers across Mexico with a strong foothold in Mexico City, Guadalajara, and Monterrey.
Venio said the Mexican market is well placed to benefit from its “nano credit” loan facilities due to underlying demographic trends and high mobile penetration alongside the unmet demand for fintech payments in the population, where rates of financial exclusion remain high. The company said a high proportion of the Mexican population remains unbanked, with 63 percent of its 126 million inhabitants currently without access to a bank account.
Warren Platt, Founder & CEO at Venio commented: “Mexico is a dynamic market where we have established key contacts and excellent partnerships and we now look forward to capitalizing on this to build Venio’s growth and achieve our targets for the Mexican market . Venio’s arrival in Mexico will have an immediate impact on the country’s underbanked where there is growing demand among customers for new products that meet their needs. Venio wants to change how people access financial services by making access to responsible loans easier and fairer, this will offer a whole segment of the population the chance to build a credit profile and take the first step on the journey to financial inclusion. Access to financial products and services opens economic opportunities for individuals and entire communities.”
At launch, loans with a value of MXN 25.00 to MXN 150.00 (USD 1.20 to USD 7.00) will be available to Venio customers and the app’s credit facilities will be redeemable with partners across retail, transportation and healthcare, added the company.
