New York, October 13th, 2020: Venio, the mobile application providing “nano-credit” facilities to unbanked consumers in emerging markets accessed via a smartphone, today announces its launch in Mexico. Venio Aplicaciones de Mexico, the Company’s Mexican business arm, has been established to support Venio’s expansion across the high growth emerging market.

Venio’s international rollout has been expedited on the back of an oversubscribed and successful debut in the Philippines. The Venio app has now been translated into Spanish and will be available to consumers across Mexico with a strong foothold in Mexico City, Guadalajara, and Monterrey.

Venio’s aim is to lift a generation of unbanked people into the financial system, help them to achieve financial discipline and a credit footprint in order to open up fair and equal access to useful financial services that wouldn’t otherwise be available to them. The need for these services has become more acute as COVID-19 has caused unprecedented impacts, increasing hardships and difficulties in accessing basic necessities.

The Mexican market is well placed to benefit from Venio’s “nano credit” loan facilities due to underlying demographic trends and high mobile penetration alongside the unmet demand for fintech payments in the population, where rates of financial exclusion remain high. According to the latest report from the World Bank Group, as many as 1.7bn adults are unbanked globally, a figure approaching one fourth of the global population, the majority of these cases are in emerging markets. In Mexico a high proportion of the population is unbanked with 63% of its 126 million inhabitants without access to a bank account.