Mexican Fintechs A deep-dive: New turf, new challenges

Research evidence excerpt

Mexican Fintechs A deep-dive: New turf, new challenges

11 June 2026

Mexican Fintechs EquitiesDiversified Financials

A deep-dive: New turf, new challenges Mexico

◆ Fintechs in Mexico gained prominence as MELI and Nu geared- Neha Agarwala, CFA

up investments; today, many local champions have emerged Senior Analyst, Fintech & LatAm Financials HSBC Securities (USA) Inc.

neha.agarwala@us.hsbc.com

◆ Nu, Klar and Stori are now profitable; Nu is outpacing them +1 212 525 5418

on loan growth (60% vs 20-30% y/y), NPL ratios improving Carlos Gomez-Lopez, CFA

Head of EM and LatAm Financials

HSBC Securities (USA) Inc.

◆ Limited data so far, but Plata appears geared-up; BNPL players carlos.gomezlopez@us.hsbc.com

embark on key partnerships; lucrative SME-niche and payments +1 212 525 5253

Big opportunity, but changing consumer behavior is arduous... With merely c35%

credit penetration, the Mexican banking sector exhibits opportunity for long-term growth.

However, heavy cash usage remains a bottleneck; roughly 40-45% of POS transactions

and c60% of all consumer payments are in cash. Structural reasons for the persistence of

cash (informality, income volatility, lack of trust, rural infrastructure gaps) are deep-seated,

very slow to change and not easily solved by better apps. Top questions answered on pg6.

…however, the fintech landscape is already getting crowded... Along with deep-

pocketed, well-established LatAm champions like MercadoLibre and Nubank, we have

international players like Revolut as well as locally-rooted players like Klar, Plata, Stori,

Clip etc. geared-up to conquer this market. While international players bring capital,

technology, and brand, they typically lack local context – Revolut's 30+ currency, cross-