Fintech Cuenca wants to bank the younger population and for this it has just signed an alliance with the global payments company, Mastercard to offer its customers a credit card.
With this agreement, Mastercard will be able to reach more fintech players by providing them with a secure and globally accepted payment infrastructure.
Cuenca offers banking services mainly to young people and, in an interview with Expansión, the company’s co-founder and CEO, Matin Tamizi, affirms that they are the ones who are usually offered their first card when they start their working career.
“For many millennials and centenials we are their first account. The alliance with Mastercard is one more step towards the customer and on the technology side we invest a lot in infrastructure to be able to have a connection closer to Mastercard possible ”, said Tamizi.
The company also promises to reimburse up to 35 pesos in withdrawal fees from any ATM in the world.
Regarding investment, Cuenca emphasized that the efforts were focused on an integration that will affect the expansion of the business, however, he did not mention specific amounts.
“What is materialized is the card, there is a base of integrations and important technology leverage. At Mastercard, the role we have to bring the digital economy to everyone is to put our infrastructure to new local players, ”said Pablo Cuaron, director of New Payment Flows at Mastercard Mexico, in an interview.
In the future, both companies will work to offer their customers monthly purchases without interest, among other benefits.
When questioned if the alliance included any employment plan in the country, Cuenca highlighted that it works with people from communities in Querétaro, Oaxaca, Hidalgo, Puebla and Chiapas from whom it buys covers for embroidered cards.
“When you ask for a Cuenca card, you have the option to request a cover that is embroidered and it is a way of working with those communities; they have made 100,000 covers. It is a way in which we invest in the Republic, in the communities and in general, ”said Tamizi.
Cuenca arrived in Mexico in 2018 and to date has accumulated 100 million pesos in transactions and another 100 million deposits on its cards. Its clients, mostly young people over 18 years of age, have an average balance of 2,500 pesos.
Although the fintech did not give details of the number of clients, it said that the number is not the company’s goal but rather to be the app that is best valued by its clients.
For Mastercard, the challenges facing the fintech ecosystem in the country vary depending on the geographical area because while in remote communities, the challenge is the infrastructure, for the more developed places the challenge is financial education as well as a more personalized offer for the users.
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