Bankaya has been growing rapidly and increasing its outreach toward the unbanked. They are a Mexican financial company that was founded in 2019 by CEO Mauricio Cordero, Ramón Chedraui, and Diego Vargas.
Over time they have grown into a brand that has grown to over 450,000 customers targeting a market of 50 million. It’s pretty impressive and it shows that they have room for growth.
In December the company processed more than 800,000 transactions from customers. This includes withdrawals, purchases, and other banking activities. Mr. Cordero explained his strategy for what is leading to Bankaya’s success.
“We’re working with the truly unbanked customer. So we’re about building trust and financial education. The human element in these cases is so important. Just really critical. And that impact agenda is our competitive advantage.” He said.
Another important factor that led to Bankaya’s success is the fact that its platform is built via banking as a service system. This allowed them to take a different angle on the market from other incumbents.
“We’re something in between,” Cordero said. “We’re one of the first BaaS platforms connected to one of the 50 banks, and that has allowed us to have a really strong product. Fintech laws say that IFPEs are not allowed to touch consumer deposits — they can’t lend with them or share returns. But we are allowed to because we use the BaaS license of Consubanco.”
Bankaya is challenging the traditional market leaders within the finance industry to rethink their strategy in a new age of disruption.
Currently, their marketing strategy of having sales reps on the ground and interacting with the unbanked is doing wonders for the company. While their competitors are doing all things digital, they target different consumers with a mindset that doesn’t trust mainstream banks.
