EconomyEconomic uncertainty? Doopla expects double-digit growth in 2023

Economic uncertainty? Doopla expects double-digit growth in 2023

Mexicans are looking for cheaper loans to pay their credit card debts, in a context where the reference rate of the Bank of Mexico (Banxico) aims to exceed 10%.

Doopla, a crowdfunding company authorized by the CNBV, claims that 70% of its clients use credit to pay “expensive debts”, mainly on bank cards.

“The smallest loan is 10,000 pesos and the largest is 300,000 pesos. The average ticket is 77,000 pesos and an application is funded by 150 investors on average,” explained Juan Carlos Flores, general director and founder of the firm.

Despite the global economic environment of economic slowdown and high interest rates, the director said that the demand for credit is inelastic, so there will always be demand despite a high cost of financing due to high interest rates.

Flores commented that it would be necessary to wait to see how the crisis behaves in the next year but he was optimistic because in 2020 they continued to place credit.

However, Doopla considers that the challenge is to improve the risk analysis of clients so as not to fall into default. In fact, the platform rejects 88% of the applications that are presented to it.

For this 2022, Doopla plans to place between 180 and 200 million pesos and by 2023, grow this amount to double digits.

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