![]() “We have to tackle the problem together.” It’s going to be a good business for everyone – for the lender, for the merchant, for the shopper,’” Hernández says. “We decided to become a marketplace, so that we could get everyone together and say, ‘Okay guys, we have to solve the problem. In his new land, Hernández set to work to shrink those disparities, ultimately launching Finvero, a platform that offers credit to consumers through a payment option on e-commerce websites. “When I saw that in my family, it was, ‘no, I cannot see this,’” says Hernández, who came to Mexico from Spain, where he led a digital banking and payment-processing company. Across Latin America, seven in 10 people are unbanked or underbanked, according to Latin America Reports, and this has fueled one of the world’s highest rates of income inequality. Mexico, not so much: the World Bank estimates that 63 percent of adults there, nearly 100 million people, lack a bank account and rely solely on the bills tucked in their wallet or stashed in their home to pay for food, shelter, medicine and every other commodity. His Mexican in-laws, Hernández learned, were struggling to obtain a formal loan from any bank, placing them firmly in that nation’s all-cash majority.įinancially, the family is faring better. When Mario Hernández first arrived in Mexico in 2010, he met his wife’s family, exchanged some happy hugs and immediately entered the world of the unbanked.
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