Despite the fact that the financial sector is still suffering the effects of the pandemic, the multiple-purpose financial company (Sofom) Together Financial undertook a process of raising capital of between 2.5 and 3 million dollars in a first stage in the remainder of this year and a “more important” amount for 2023.
“We signed an agreement with Trouver Capital for them to be in charge of doing this survey. We hope to do the first part by the end of the year and, later, during the coming year, quarter by quarter, we will continue lifting”, commented Mauricio Hubard, founding partner of the company.
“Our products are for pure individual credit, we do not handle group credit” and they have to be used for productive investment projects. Loans range from 15,000 pesos to 750,000 pesos with an average interest rate of 5% per month, added the manager.
“Having technology, having digital onboarding and the best systems, we believe, should not undermine the vision that we have as a financial entity of maintaining a close link and a very personalized service with customers, with this long-term vision,” said Miguel Gallardo , also a founding partner, whose experience is in the legal, regulatory and compliance areas.
“We will be one of the great success stories in the financial system, we have everything to achieve it,” Hubard predicted.
Expansion
The finance company that started in 2018, after a “talk between two friends,” Hubard recalled, adding that the company’s goal is to transcend time and reach beyond Mexico. With the raising of capital, they will open service centers, starting in CDMX and the State of Mexico. In case their clients do not need a credit, they will also offer a debit account or insurance.
One of the alternatives that Juntos Financiera is working on has to do with offering loans to catalog sales companies. “We can reach massive issues and complement each other very well with clients; help many people in this way. Let it be a win-win, for people, for companies and for us”, he said.
Another of the products that will underpin has to do with the seasonal product. For example, the founder of Juntos Financiera pointed out, poinsettias were planted in July to be sold in November and December, so they contract a loan in the middle of the year and pay it when the product is sold.
Since they began, Juntos Financiera grants loans to projects with a social vision, that is, “that have a positive impact on the communities where we participate,” explained Hubard.
In addition, they do not finance companies that produce pollutants or that are related to activities that are harmful to the environment.
As far as collections are concerned, in addition to the direct debit of payments and transfers through the Broxel application, with which its clients can receive remittances and payments with debit and credit cards, Juntos Financiera achieved an alliance to make deposits at convenience stores and pharmacies.
“If the client presents his debit card, even with the name of Juntos Financiera, but on the back it says a company operated by Broxel, the money goes to the Broxel debit account. At no time does Juntos Financiera receive a fundraising peso, it is prohibited by the authorities,” Hubard stressed.
New members
In August it was announced that Jaime González Aguadé and Bernardo González Rosas, former heads of the National Banking and Securities Commission (CNBV), were joining the Juntos Financiera team. On that movement, they arrive as partners. González Aguadé is part of the board of directors and González Rosas is part of the corporate governance committee.
The objective, highlighted Miguel Gallardo, is to involve people whose interests and values are aligned with Juntos Financiera, in addition to having the appropriate preparation and experience. “It’s not just money for money,” he said.
Sofom has a corporate governance, eight directors -three independent-; in addition to committees such as audit, risk and ethics, among others.
Security
Security not only has to do with avoiding fraud, but also with avoiding economic problems such as those that have occurred in recent months with companies such as Unifin -in the process of restructuring- and Crédito Real -in bankruptcy-.
To avoid payment problems, Juntos Financiera has security filters and credit scoring , which provides security and risk calculations for its customers, creating a traffic light, checking that the customer is who they say they are. In addition, with the support of the BGBG office, there is a team of Financial Together responsible for preventing crimes such as money laundering.
Regarding the frauds using the name of Justos Financiera, something that they warn about on their website, Hubard specified that “we never ask for a peso to authorize or grant a loan; We do not ask for anything in advance,” he said. “This is an issue that affects the entire financial sector,” he lamented.
Regarding the information of its clients, “all the data is encrypted and cannot be removed,” assured Mauricio Hubard.
