Ecuadorian fintech firm Kushki has expanded its footprints to Mexico, as demand for digital payment services rises across the region amid travel restrictions imposed in response to the coronavirus outbreak.
Kushki serves as a payment platform for small merchants struggling to keep pace with the digital economy. Most of its customers appear to be brick and mortar shops, but it also counts telecom firms Claro, Telefónica, and the Colombian delivery startup Rappi among its clients.
Its popular payment platform, “Cajita de Pagos” allows businesses to accept payments through a range of channels, including debit cards, social media, email, or text messages. Its other offerings include payment box, recurring payments, smart links, and tokenization.
Founded by two Ecuadorians in New York City, Kushki has a significant presence in Chile, Colombia, and Canada, in addition to Ecuador.
“We believe Kushki offers Mexican businesses a unique service when it comes to electronic payments,” noted Sebastián Castro, the fintech’s co-Founder in a press release.
“It gains further relevance today, given the healthcare contingency and economic situation we’re facing, wherein digitization is crucial to keep businesses moving forward.”
Mexico, where less than 50% of people have a bank account, is the second biggest market for fintech firms in Latin America. More than 400 enterprises are providing a range of financial services, such as crowdfunding and digital banking.
Moreover, it is one of the few Latin American countries with an exclusive law for regulating fintech firms.
Mexico’s fintech consumer adoption rate stands at 72%, one of the fastest-growing rates in the whole world, according to EY’s Global Fintech Adoption Index 2019.