10 companies that seek to heal the personal finances of Mexicans, according to SAFINN Unreasonable

December 9, 2020 5 min read

Opinions expressed by Entrepreneur contributors are their own.

• In Mexico only 34.8% of Mexicans keep a budget or record of their income and expenses.
• SAFINN Unreasonable is the first initiative to bring financial health to all Mexicans.
• One year after the first generation of SAFINN, the initiative managed to positively impact more than 99,079 people, created 115 jobs and raised more than 110 million pesos in capital.

According to data from the National Financial Inclusion Policy (PNIF) , in Mexico 58% of the population could cover their expenses with current income, while 43% could face an economic emergency, 40% established long-term economic goals and only 34.8% kept a budget or record of their income and expenses.

Given this, Unreasonable Mexico in alliance with the MetLife Foundation co-created SAFINN Unreasonable, the first initiative to bring financial health to all Mexicans.

Through this initiative, they selected 10 entrepreneurs, who use innovation and technology to improve the personal finances of Mexicans, by promoting savings, granting loans and insurance, and creating financial capacities and job skills in Mexico. . Today, with SAFINN Unreasonable, the selected entrepreneurs, out of more than 300 applicants from each state in the country, are accelerating their business and impact, under a personalized program.

“The SAFINN initiative seeks to scale solutions to promote financial health among Mexicans and thus achieve that more people have greater economic stability, the opportunity to better manage their finances, find better income opportunities and face any emergency, while planning with their future financial peace of mind, ”said Nalleli García Gutiérrez, manager of social responsibility and the MetLife Foundation.

One year after the first generation of SAFINN, the initiative managed to positively impact more than 99,079 people, created 115 jobs and raised more than 110 million pesos in capital.

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“This great alliance that we have formed with the MetLife Foundation has allowed us to economically empower more than one hundred thousand people. Today more than ever, entrepreneurs like them are the ones that are required in Mexico. We need to end financial uncertainty as in these difficult times, the power of solutions that incorporate innovation and technology to scale is evident. We believe that this alliance has the potential to change the rules of the game in Mexico, ”said Raúl de Anda, co-founder of Unreasonable Mexico.

These are the 10 companies selected from SAFINN Unreasonable, who shared their story and mission to more than 18 thousand people at the recent Festival Unreasonable, organized by Unreasonable Mexico and the MetLife Foundation:

1. Avanza Sólido : They provide microcredits at fair rates (Rate of 36% and CAT of 40%) to women in vulnerable situations, for productive projects or housing improvement. They have benefited more than 22,000 people.
2. Échale Financiera : Échale has provided access to housing to one million vulnerable people. Now with Échale Financiera they have benefited 4,000 families with customized loans and programs with savings goals.
3. Endemika : They connect decorative plant producers with value markets, through technology transfer processes, increasing their income to more than 300% and have reached more than 1,000 beneficiaries.
4. Ethic Hub : They provide micro-producers of honey and coffee with access to basic financial services through blockchain technology. So far 730 people have benefited.
5. IF : They provide financial diagnostics in minutes for micro and small businesses, through a virtual business assistant. They have 1,850 miPymes benefited in Asia and America.
6. Ingenia Concretos : They grant sustainable and dignified housing to people in vulnerable situations, allowing them to build up a wealth through accessible loans (annual rate 20% CAT 23%).
7. La Cosita Chula : They connect artisans in vulnerable communities with high-value markets, increasing their income more than 200%.
8. María Josefina : They empower women entrepreneurs in a situation of poverty, through purchase and sale contracts in value markets, increasing income and reducing volatility.
9. MoyoAi : Based on artificial intelligence, they create credit scores, which allow the most vulnerable sectors to access decent goods and services. They have more than 3,000 beneficiaries.
10. Smartfish : It is the only marketer in Mexico that exclusively sells seafood of sustainable origin, which also manages to lift hundreds of fishermen out of poverty.