The team at Techreo, Mexico's first digital platform for comprehensive financial services, knows plenty about resilience.
Maintaining a leadership position in Latin American financial services, while serving Mexico's underbanked population during a period of global economic uncertainty, demands resiliency. As 2023 continues to unfold, Techreo and its financial services app remain well-positioned to advance financial services beyond the digital age while expanding access to the economy for those who need it the most.
"Through the pandemic, the war in Ukraine, the looming recession," said Techreo Founder Iliana de Silva, "we remain on track, we maintain traction, we continue to grow."
A spirit of resiliency is what first lit the fuse that launched the Techreo app in January 2022, during the height of the pandemic. More than a year later, Techreo continues to grow as it provides alternatives to traditional banking, which has neglected many in Mexico. With just a mobile phone and a valid Mexican ID, the underbanked can broaden their horizons in a way that will change their lives-and their financial outlook-forever.
The startup's primary goal is to become the central hub for people to conduct all of their financial transactions in a single place. And with an expansion into Bolivia planned for March, Techreo has its eyes set on expanding across Latin America.
Currently, anyone in Mexico with access to a mobile phone can use the Techreo app to:
Set up accounts.
Pay utility bills.
Pay for phone data usage.
Transfer funds between accounts.
Apply for a small business loan.
Open a savings account.
Buy insurance.
Expanded services in the works include two new types of savings accounts; personal loans; consumer loans; loans for gig economy workers; and a "Digital Marketplace," in which Techreo assists merchants as they expand customer bases beyond their local communities.
As the Techreo team burnishes its reputation for resiliency, they are empowering their customers by affording them access beyond the digital age of finance.
The vision propelling Techreo's strategy for empowering the underbanked of Mexico and Latin America has great potential for success in strengthening the region's financial system. And the urgency and immediacy of the situation is illustrated by 2021 data from the World Bank:
Just 37 percent of adults in Mexico had bank accounts.
Only 32 percent of adults in Mexico had sent or received digital payments, a number significantly lower than in countries with similar degrees of development.
In 2019, credit issued to the private non-financial sector in Mexico was 42 percent of GDP, far below the 143 percent average for emerging markets worldwide.
Financial access gaps by gender, region and urban-rural setting are significantly larger in Mexico than in the Latin America and Caribbean Region countries. The lack of credit in rural areas depresses rural economic activity, perpetuating economic inequality.
The COVID-19 crisis worsened Mexico's financial trends through supply and demand shocks to the economy that impacted firms, employment, and households.
By multiple benchmarks, Techreo continues to generate anticipation as it disrupts the status quo in one of the world's most entrenched industries-banking and finance:
70 percent of Techreo's new customers are coming by way of referrals through loyalty program members.
Techreo has 200,000 users, with expectations in place to reach over 500,000 and an ultimate goal of ten million users.
Techreo raised an Angel Series of $2.6M in November 2021 with friends and family.
Techreo offers its customers an opportunity for the most empowering type of resilience possible-against financial uncertainty, toward financial security.
As Techreo builds momentum, it remains positioned to revolutionize banking for Mexico with opportunities to reshape the entire Latin American economy well within reach.
Visit techreo.mx to learn more.
