In 2024, as LATAM faces a funding winter that has slowed venture activity across the region, Mexico's startup ecosystem stands out as a beacon of resilience. Despite the challenging environment, innovative Mexican startups have managed to secure significant funding rounds, driving forward solutions in sectors such as manufacturing, digital payments, credit services, and financial inclusion. These achievements underscore the adaptability and ambition of entrepreneurs in Mexico, who continue to push the boundaries of innovation despite tightening economic conditions.

Konfio

Konfío, a Mexican fintech company founded in 2014, specializes in providing working capital loans and business credit cards to SMEs through a digital platform powered by advanced big data analytics. Headquartered in Mexico, Konfío has financed over $1.46 billion in loans to more than 85,000 businesses, achieving unicorn status in 2021 after a $110 million Series E funding round. In 2024, the company secured $430 million in financing from Goldman Sachs, JPMorgan Chase, and Afore Sura Mexico to expand its credit offerings and support SMEs in key sectors, aligning with its mission to enhance financial inclusion.

Stori

Stori, a Mexican fintech company founded in January 2020, specializes in offering inclusive credit card services designed for the underbanked population. Headquartered in Mexico City, the company provides no-fee credit cards with a 99% approval rate, attracting over 3 million active users, primarily in Mexico. In 2024, Stori secured $212 million in debt and equity financing, led by Notable Capital, GIC, and Goldman Sachs, to expand financial inclusion and invest $360 million in Mexico over the next two years.

Baubap

Baubap, a Mexican digital lending platform founded in 2018, specializes in providing microloans ranging from $500 to $5,000 MXN without requiring credit bureau checks. Headquartered in Mexico, the company leverages alternative data and AI to assess creditworthiness, offering financial education alongside its services to promote financial inclusion. In 2024, Baubap secured $120 million in debt financing, led by Six Point Capital Management, to expand its credit offerings across the country.

Clip

Clip, a Mexican fintech company founded in 2012 by Adolfo Babatz, is a leader in digital payment solutions for small and medium-sized businesses (SMBs). Headquartered in Mexico City, Clip provides a comprehensive suite of payment, financial, and software solutions designed to simplify operations and drive growth for SMBs. In 2024, Clip secured a $100 million investment led by Morgan Stanley Tactical Value and a prominent West-Coast mutual fund manager to accelerate its mission of advancing financial inclusion in Mexico through innovative technology.

OCN

OneCarNow (OCN) is a fintech company based in Mexico that specializes in providing all-inclusive car subscriptions tailored for gig workers, particularly those engaged in ride-sharing services like Uber and DiDi. Founded in 2022 by Mairon Sandoval, OCN aims to address financial barriers faced by these workers by offering a unique subscription model that allows them to access vehicles without the need for traditional credit checks. The company has served over 25,000 customers across 22 Mexican states and Florida. In 2024, OCN raised $86 million in a Series A round led by Caravela Capital, Collide Capital, Great North Ventures, and i80 Group. This funding will support the company’s expansion plans, including a potential launch in Brazil by 2025, and the development of its technology infrastructure to enhance services for gig workers.

Jüsto

Jüsto, a Mexican e-grocery startup founded in 2019 by Ricardo Weder, is the first fully digital supermarket in Mexico, operating exclusively online to deliver fresh produce and a wide array of products directly to customers. Leveraging AI and proprietary software, the company optimizes demand forecasting, waste reduction, and supply chain efficiencies while eliminating intermediaries to provide competitive prices. In 2024, Jüsto secured $70 million in equity and debt financing, with General Atlantic leading the $50 million equity round and HSBC arranging a $20 million debt facility, supporting its growth strategy and operations across Mexico, Brazil, and Peru.

Aplazo

Aplazo, a Mexican fintech startup founded in 2020, specializes in "Buy Now, Pay Later" solutions, allowing consumers to make flexible installment payments for purchases both online and in physical stores without requiring a credit card. Widely accepted by brands like Steve Madden, American Eagle, and Levi’s, the platform also integrates marketing and AI tools to enhance e-commerce performance. In 2024, Aplazo raised $45 million in a Series B round led by QED Investors, bringing its total funding to $175 million and supporting its mission to expand market reach and improve customer experience.

Prima

Prima, a technology-driven manufacturing and supply chain integrator founded by Juan Pablo Ramos, Daniel Autrique, and Patricio Servitje, is transforming the procurement process for North American companies. Based in Mexico City, the company works with over 150 leading businesses across diverse industries, including mining, retail, and energy. In December 2024, Prima raised $42.5 million in total funding to enhance its operations and expand its presence in both the U.S. and Mexico.

CXC

CXC, a financial services company founded in 1992 and headquartered in Mexico, specializes in private credit management and distribution. With a strong presence in Mexico and Colombia, the company currently manages around $9 billion in assets in Mexico and $1.5 billion in Colombia. In 2024, CXC raised $32.6 million in a funding round led by Kaszek, aiming to expand across Latin America and into the US market, while enhancing its technological capabilities to support further growth and strategic partnerships with industry giants such as MercadoLibre and BTG Pactual.

Minu

Minu, a leading employee wellness platform founded in 2019 by Nima Pourshasb, offers a comprehensive and gamified solution that includes on-demand salary, financial education, and wellness benefits like mental and physical health support. Based in Mexico City, Minu serves over 2,000 companies, including major players such as Liverpool, Grupo Modelo, and Smartfit, and recently partnered with Citibanamex to offer on-demand salary to 5 million payroll clients. In 2024, Minu raised $30 million in a Series B round, bringing its total funding to $47 million, which will support its expansion in Mexico and further strengthen its wellness offerings.

Bravo

Bravo, a Mexican debt settlement startup founded in 2009 by Javier Velasquez and Juan Pablo Zorrilla, helps individuals manage and settle debts over $2.5K through personalized credit solutions. The company operates in multiple countries, including Mexico, Colombia, Spain, Italy, Portugal, and Brazil, and has resolved over 380,000 debts worth $1 billion. In 2024, Bravo secured $27 million from BBVA Spark to expand its credit division and continue its mission of improving financial well-being for over 450,000 clients.

As LATAM navigates a funding winter, Mexico’s startups demonstrate that innovation and resilience can thrive even in challenging times. With critical funding secured, these companies are not only addressing pressing local and regional issues but are also positioning themselves as key players in global markets. Their ability to adapt and grow amidst adversity reinforces Mexico’s role as a pivotal hub for innovation in Latin America, inspiring confidence in the country’s long-term potential despite the current financial headwinds.