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Fintechs and lending have become a strategic focus for economic development in Mexico, especially in an environment where millions of people and small businesses still lack access to formal financing, according to the financial platform Credex.
These technology platforms have managed to expand credit coverage thanks to agile processes, advanced data analysis, and products tailored to users that traditional banks do not always serve.
An example of their importance is that Mexico has nearly 1,000 fintech companies, consolidating its position as the second-largest ecosystem in Latin America, according to the report FinTech Mexico 2025: Evolution and Regulation of the Ecosystem in Mexico.
“Fintechs play a key role in the democratization of credit since, before their arrival, many people and businesses did not have formal options adapted to their real needs,” said Miguel Carreón, Marketing Director at Credex, in an interview with Contxto.
Looking ahead, although fintechs represent about 10% of the total credit portfolio in Mexico, their growth will continue to be driven by user confidence, hyper-personalization, and advances in artificial intelligence, according to the firm.
Main challenges for granting credit
According to the company’s executive, the challenges for fintechs in granting credit remain, even when the delinquency rate remains at healthy levels within the sector.
One of the main challenges lies in granting credit to people with little or no information in the credit bureau, which forces fintechs to identify actual payment capacity in a context marked by persistent inflation, Carreón explained.
Another challenge is the fact that personal credit is on the rise, while business credit is not growing at a significant rate.
In this regard, Mexico’s Federal Economic Competition Commission indicated in its report Study of Competition and Free Market Access in Digital Financial Services that fintech business credit has not grown at the same rate as consumer credit.
“One obstacle that was identified is that onboarding cannot be done completely digitally, as in the case of individuals, which prevents greater automation of the credit granting process,” the study noted.
The Credex executive also mentioned that a significant obstacle for fintechs and credit granting arises from the lack of financial education, a factor that directly influences the responsible use of financial products.
“The existence of financing alternatives is critical for companies and small and medium-sized enterprises, since relying on a single source, such as traditional banking, increases risk in periods of economic volatility,” said the Credex executive.
Some solutions to increased credit granting
To address this challenge, Credmex is committed to technology and the use of alternative data, which allow individual risk to be assessed and loans to be tailored to each person’s profile, says Carreón.
Given this scenario, some fintechs are integrating financial education tools into their platforms, with the aim of helping users make better decisions and strengthen their relationship with credit.
The percentage of loans granted can be increased through more sophisticated risk analysis technologies, which are capable of profiling applicants more accurately and reducing uncertainty in the assessment.
“Better credit behavior by users allows them to build solid credit histories within fintech platforms, which facilitates access to new personalized loans,” said the financial executive.
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