Lime on Time
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Lime on Time

Mexicans and FinTech — what are opportunities for business?

Luis Trejo, managing director of Lime company in Mexico, describes why for fintech startups Mexico is the door to Central and South American markets.

How everything got started: Lime entrance into the Mexican market

Lime business in Mexico is a result of the forward-thinking vision that its founders, Alexey Nefedov and Stanislav Sergushkin, have on the worldwide markets. They discovered that around the world there was a really updated need for instant loans — financial services that are very fast to the customer. It is the basic premise for a product. Both founders have considered Mexico as a huge country and a hub that develops a healthy commercial power .

Furthermore, Mexico is just aside the USA. We call our country “the door to Central and South America” because if you are going to make business on these markets, you will normally headquarter in Mexico; or if you are to start your big dream and make business in the USA, you will also headquarter yourself in Mexico. Thus, it is considered as a commercial hub of the Americas.

The demand on credit services in Mexico

Nowadays, there is an increasing need for this type of services and there are basically two main reasons for this. First one is the population. In Mexico, more than 70% of population are young. We are around 130 million people living in Mexico but almost 70–75% of them are below 30 years old.

The second factor is that Internet service penetration in Mexico is really high. For the first time, coverage in Mexico goes beyond 80% of the population, so, basically, this gets to the one point. Most of people in Mexico are young and most of people that are young are connected. It is a great opportunity for the platform services like the one that Lime is offering. Mexico is a green market.

What marketing tools are effective for Russian entrepreneurs

We, Mexicans, have a particular way of understanding our culture. It is difficult to put in some very specific things but I think that everything worldwide and particularly with Mexicans is all about trust. If you feel confident on a service and on people, you will normally be very loyal to a brand or to a service. Thus, I think the part of the marketing strategy should be directed to building this trust bridge. We don’t care if you are Russian or Russian-based or anything based, we care that we can feel trust with you.

In fact, we are really fond of Russian culture because it is completely opposite in weather, in language of course, but there are a lot of things that get us together like food. Russians are food lovers, and we love their food and they love our food. We love drinking and dancing and having fun and I think Russians are pretty much similar to that. There are a lot of things that connect us and that we can use that in marketing strategy to create this bridge of trust.

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Lime on Time is a publication, devoted to the hot-button issues of the FinTech industry. It covers a range of issues, concerning financial solutions and international financial market trends.

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