The Mexican economy is projected to grow by 5% in 2021 and 3.2% in 2022. Manufacturing exports will support growth benefiting from the strong recovery and policy support in the United States. Private consumption will strengthen gradually, aided by remittances and the rollout of vaccines. Mexico’s startup ecosystem has an extremely positive outlook, which is made possible by its success stories with companies like Uber and Spotify, which have proven it to be one of the industry’s largest and fastest growing markets.
Mexico is a huge and important tech market and the population is increasingly online and using smartphones. Some of those startups already launched have shown excellent product/market fit, demonstrating the potential of the country for disruption. The Mexican government actively supports startups in many ways. Multiple government-funded initiatives such as Startup Mexico and NAFIN also offer funding and accelerator programs to startups. The financial tech industry is the most relevant sector for venture capital in the country, representing 46% of VC investment and showing an 18% growth from 2018 to 2019. We have also compiled a list of active angel investors who are spreading Mexico’s tech renaissance.
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List of Top 25 Startups to Watch in Mexico
1. Zave App
Zaveapp was founded in 2015 by Octavio Novelo and Pedro Calmell. It is a multicurrency wallet that enables people to save money for short term goals, promoting financial inclusion enhanced with behavioral economics. Zave App is a money-saving application that enables its users to save their change and travel around the world.
Industry: Travel
Founders: Octavio Novelo, Pedro Calmell.
Total Funding: $20.2K
Founded Date: 2015
2. Justo
Jüsto is an online delivery-only grocery store chain that offers a wide range of fruits, vegetables, meat products, beauty products, and house supplies that can be delivered at every consumers’ doorstep. Jüsto is working to improve the lives of Latin Americans by providing them with a new generation of supermarkets.
Industry: E-Commerce, Grocery.
Founders: Ricardo Martinez Finger, Ricardo Weder.
Total Funding: $92M
Founded Date: 2019
3. Grin Scooters
Grin Scooters is a software company that operates a network of operational shared electric scooters. Currently, Grin only operates in Mexico City, Guadalajara, Monterrey, Sao Paulo and Bogota but it has plans to expand to other cities throughout Latin America. The app enables users to search, locate and rent electric kick scooters on-demand. Its mobile app is available for iOS and Android devices.
Industry: Mobility, Transportation.
Founders: Bryan Zambrano, Guilherme Freire, Jonathan Lewy.
Total Funding: $72.7M
Founded Date: 2018
4. Klar
Klar is a digital financial services platform allowing users to manage their money in a secure and personalized way from their smartphone. Clients can also send and receive payments and collections money instantly to Klar accounts and other banks. The Klar card is linked to an app where users can see all their movements in real-time.
Industry: Fin-Tech
Founders: Daniel Autrique, Gianluigi Davassi, Stefan Moller.
Total Funding: $77.5M
Founded Date: 2018
5. Albo
Albo is the leading Mexican challenger bank founded in 2016 by Angel Sahagun. Albo offers users a mobile banking app, a banking account, and a Mastercard card, allowing users to easily spend, save and invest their money. Users can also be able to make free money transfers to whichever bank 24/7.
Industry: Banking, Fin-Tech.
Founders: Amgel Sahagun.
Total Funding: $72.1M
Founded Date: 2016
6. Bitso
Bitso is a cryptocurrency exchange platform that allows users to buy and sell bitcoin and other cryptocurrencies. Bitso specializes in the fields of bitcoin, fin-tech, and blockchain. Its platform enables its users to make payments using their mobile and other devices. Bitso also provides market analysis charts and insights as a reference to the trader.
Industry: Fin-Tech, Cryptocurrencies.
Founders: Ben Peters, Daniel Vogel, Pablo Gonzalez.
Total Funding: $378.4M
Founded Date: 2014
7. Pulpomatic
Pulpomatic is a cloud-based, fleet operation software: it maximizes vehicle utilization, saves costs, and reduces management time. It is a fast-growing software startup, focused on changing the way companies manage their vehicles and fleet operations. Its cloud software solution helps companies to save time and money by making better decisions and working more efficiently.
Industry: Enterprise Software.
Founders: Evaristo Babe, Javier Arambarri, Pablo Sosa.
Total Funding: $7.8M
Founded Date: 2017
8. Zubale
Zubale is the critical infrastructure that enables retailers to win in e-commerce through its gig workers marketplace and technical integrations. In the last year, Zubale has completed over 3 million jobs across 90 cities and 16,800 stores. It operates in Mexico, Colombia and Costa Rica and is scaling across Latin America.
Industry: E-Commerce, Retail Technology.
Founders: Allison Campbell, Sebastian Monroy.
Total Funding: $8M
Founded Date: 2018
9. Runa
Runa is a modern, cloud-based payroll and human resources software built for companies in Latin America. Companies can manage payroll, human resources, time tracking, performance management and reporting all in one platform. It offers a cloud-based software solution to change the way they pay payroll and human resources management.
Industry: Human Resources, Software.
Founders: Courtney McColgan.
Total Funding: $3.5M
Founded Date: 2017
10. Worky
Worky is revolutionizing the way HR is managed at Small and Medium Companies. The modules of the product include recruitment, requests & incidents management, payroll management, reports management, time clock, benefits management, etc. The product is offered on a subscription-based pricing plan.
Industry: Fin-Tech, Human Resource.
Founders: Carlos Marina, Maya Dadoo.
Total Funding: $3M
Founded Date: 2017
11. Plerk
Plerk was founded in 2019 by Angel Arias, Antonio Martinez and Miguel Medina. Plerk is helping companies to increase productivity by making employees happy with flexible perks and benefits. The platform enables companies to create custom benefit plans for their employees.
Industry: Enterprise Software.
Founders: Angel Arias, Antonio Martinez, Miguel Medina.
Total Funding: $1M
Founded Date: 2019
12. Stori
Stori’s mission is to democratize credit card access to the 80 million underserved Mexicans. Its team is powered by experience and expertise from 100+ years working in the top consumer finance, banking and technology companies including Mastercard, Capital One, Intel, Morgan Stanley, and GE Capital. It can be used for bill payments, cash withdrawal, and online/offline purchases.
Industry: Fin-Tech.
Founders: Bin Chen
Total Funding: $50M
Founded Date: 2019
13. Minu
Minu revolutionizes the financial health of Mexican employees, offering them access to their already worked salary when they need it. Minu allows employees of affiliated companies to withdraw part of their already earned salary, without having to wait for payday. Employees receive the funds in the salary account. It also provides an app-based platform that is available on iOS & Android devices.
Industry: Fin-Tech.
Founders: Nima Pourshasb, Paolo Rizzi.
Total Funding: $26.5M
Founded Date: 2019
14. Creze
Creze is a fin-tech company that uses technology to facilitate and make the process of risk assessment more efficient. Creze provides unsecured loans to Mexican companies seeking to grow and improve the management of their working capital. It caters to all types of businesses and industries.
Industry: Financial Services.
Founders: David Lask.
Total Funding: $17M
Founded Date: 2015
15. Coru
Coru was founded in 2014 by Enrique Horcasitas, Freddy Dominguez and Stefan Bruun. It is a financial gym platform enabling financial wellness, starting in Mexico. By employing the power of machine learning and artificial intelligence, Coru enables a financial coach for everyone.
Industry: Insur-Tech, Fin-Tech.
Founders: Enrique Horcasitas, Freddy Dominguez, Stefan Bruun.
Total Funding: $15M
Founded Date: 2014
16. GAIA
GAIA is a furniture e-commerce platform for the sale of home products and designer accessories. It offers a range of products such as sofas, chairs, drawers, and textiles that let consumers purchase home furnishing products at affordable prices.
Industry: E-Commerce, Furniture.
Founders: Hassan Yassine, Philippe Cahuzac, Raffaello Starace.
Total Funding: $82.9M
Founded Date: 2015
17. Flink
Flink is a consumer trading platform that allows its users to save, spend, and invest their money. Founded in 2017 in Mexico City, it is a fin-tech company that intends to put the new funding to work improving its product, infrastructure, and security, as well as building a team to address scale.
Industry: Banking, Fin-Tech.
Founders: Ricardo Rafael Bueno, Sergio Jimenez.
Total Funding: $70M
Founded Date: 2017
18. Atrato
Atrato was founded in 2019 by Rogelio Rea. It is a leading buy now, pay later solution for merchants in Mexico. Atrato uses it technology to help leading brands to sell more and increase their loyalty through its payment method: easy and fair installments at their points of sale.
Industry: Financial Services.
Founders: Rogelio Rea
Total Funding: $17.7M
Founded Date: 2019
19. Morada Uno
Morada Uno underwrites and insures house rentals by equipping real estate professionals with tools and technology. The company aims to simplify and create trust and security in real estate transactions, promoting fairness in every interaction, and promoting a positive change in the mentality and way of doing things in Mexico.
Industry: Real Estate.
Founders: Diego Llano, Ines Gamboa Sorensen, Santiago Morales.
Total Funding: $2.1M
Founded Date: 2020
20. Flat.mx
Flat.mx is a property tech startup that simplifies the process of buying or selling a home, with a deep layer of technology and data. Flat.mx simplifies the painful process of buying or selling a home. With Flat.mx, sellers are able to sell their homes for a fair price in a matter of days, and move-in to a new apartment effortlessly.
Industry: Real Estate, Property Management.
Founders: Bernardo Cordero, Victor Noguera.
Total Funding: $49.6M
Founded Date: 2019
21. Yaydoo
Yaydoo is a procurement platform that combines cloud-based procure-to-pay software and AI tools for automated vendor management. Yaydoo builds and distributes financial automation technologies that help businesses streamline B2B payments using software focused on procurement, spend management, accounts payable and accounts receivable processes, as well as connect an entire ecosystem of financial solutions.
Industry: Artificial Intelligence.
Founders: Guillermo Trevino, Roberto Flores Riveroll, Sergio Almaguer.
Total Funding: $20.4M
Founded Date: 2017
22. Treitus
Treitus is a platform for helping businesses manufacture their products at the best quality, cost and time, using the manufacturing installed capacity of companies. Treitus is the bridge between those to exchange information through a web platform and take advantage of the machine´s capabilities to make business in new ways faster, better, and cheaper.
Industry: Internet.
Founders: Karim Ariceaga.
Total Funding: $30K
Founded Date: 2016
23. Midoconline
Midoconline was founded in 2016 by Fernando Caravajal Pla and Pedro Aspe Bernal. It is a technology company that offers medical and wellness services to enhance the quality of life. Midoconline revolutionizes medical care and wellness programs to enhance people’s lives.
Industry: Healthcare.
Founders: Fernando Caravjal Pla, Pedro Aspe Bernal.
Total Funding: $500K
Founded Date: 2016
24. Nelo
Nelo provides an app-based purchase financing platform for individuals. It enables users to make installment payments at partnered stores. It began operation on April 8, 2019, with its headquarters in Mexico City. The application is available for android devices.
Industry: Fin-Tech.
Founders: Kyle Miller, Stephen Hebson.
Total Funding: $3M
Founded Date: 2019
25. Cargamos
Cargamos was founded in 2019 by Ivan Ariza. It turns excess capacity in malls, parking lots and storage facilities into fulfillment centers closer to the consumer for quick commerce across Latam. It helps users to book for parcel delivery and connects with drivers. It also offers real-time tracking of parcels to customer.
Industry: Delivery, Real Estate.
Founders: Ivan Ariza
Total Funding: $5.3M
Founded Date: 2019