Mexican Fintech got founded by the crowd in a few hours

In a few hours, the Mexican fintech opted for collective financing through the crowdequity platform known as Play Business.

The crowdlending startup had as a goal to get 5 million pesos. However, in a few hours it had already achieved twice what it needed to be funded, running out of open quotas for investors.

Players, as the Play Business platform calls its investors, will receive as a guarantee at least 12% of their investment in the first six months after the startup is funded, and will be able to obtain annual benefits of up to 35%. In addition, in the event that the company is acquired by another company, as is often the case with this type of startups, investors will get their investment back plus 35% per annum multiplied by three.

The guarantees offered by the startup, added to the rapid growth that has had in recent years, made this company too attractive, so that in a few hours the quotas had already been exhausted.

Learn more about through this video (in Spanish):

Will the first Mexican unicorn be a fintech?

Mexico is considered the main technology hub in Latin America for the Fintech sector. Along with Brazil, it is the country in the region that has seen most companies emerge in this area. and Play Business, the platform used to finance it, are a couple of examples. However, unlike Brazil, in Mexico, no unicorn-like Nubank or Creditas has yet emerged.

The numbers presented by for potential investors suggest that this company could be on its way to becoming the first Mexican unicorn.

This P2P Lending startup was founded five years ago and also became the first company to submit its request to the National Banking and Securities Commission (CNBV) to comply with the Fintech Law.

Other Mexican companies with a similar business model than are Prestadero and Yopreso.