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• App users answer some questions, input their financial data sources and get long-term personal financial planning, Chávez said.Seven years after creating Zenfi, the company has more than 3 million users, many who use the platform to consolidate and pay off their debt from another bank, he added.
• “We are trying to make a dent in the Mexican financial system and want to go from $100 million in loans to $2 billion, so we will build the internal capabilities around the team and infrastructure.”Mexico’s fintech success: How tech is driving the population to banking
• Luis Rubén Chávez, founder and CEO of Zenfi, says consumer finance in Mexico and across Latin America “is basically broken.”“Achieving basic financial health in Mexico for around 50 to 60 million people is really hard,” he told TechCrunch.
• It also plugs into the country’s tax system so that users can access tax returns and filing tools.One of the newest features is a personal finance manager.
• In addition, Chávez will hire more people to add to Zenfi’s 60-person team.“Right now, we have the biggest fintech lending licenses and personal loan company in Mexico and a benchmark for volume and portfolio quality,” he added.
• Cometa, Redwood Ventures, Polígono, Conny & Co. and an AngelList syndicate led by Peter Livingston participated as well.Chávez intends to deploy the new funds into dozens of features in the pipeline, including debit and credit products.