EFX Enters Mexico with Circulo de Credito

Research evidence excerpt

EFX Enters Mexico with Circulo de Credito

9.4x including synergies. Importantly, EFX expects to be able to maintain Quarter 2025 Prior Current Prior Current

its leverage ratio below 3x even after $1.5B in acquisitions and buybacks in '26. Q1 1.53 - 1.86a - 2.41

Q2 2.00 - 2.17 - 2.81

Mexico offers an attractive financial opportunity given its scale, Q3 2.04 - 2.22 - 2.84

Q4 2.09 - 2.25 - 2.87

underpenetrated credit market, and accelerating demand for digital lending

e = Morgan Stanley Research estimates, a = Actual Company reported data

infrastructure. As the second-largest economy in Latin America, Mexico has a large

consumer base, yet more than 25% of consumers still lack access to formal financial

products and nearly 44% do not have a bank account, creating a meaningful runway

for financial inclusion and credit adoption. EFX estimates Mexico credit bureau

spend will grow at a 15% CAGR from approximately $350M in 2025 to $600M by

2029, driven by credit expansion via FinTech and retail credit growth. The

acquisition of Círculo gives EFX a scaled entry into this fast-growing market while

further strengthening its LatAm credit bureau footprint, where EFX holds #1 CRA

positions across several markets, including Argentina, Chile, Peru, Ecuador, Central

America, Paraguay, and Uruguay, as well as a #2 position in Brazil through Boa Vista.

Círculo’s differentiated data assets create a strong competitive position for EFX

in Mexico. Círculo brings a proprietary data moat that is particularly valuable in an

underpenetrated credit market, including 1700 bank, retail, fintech, SMB,

microfinance, and telco customers with ~2B tradelines across 80M validated

identities and alternative data such as gig-economy transactions and utility payment