# ID Finance grows footprint in Latin America with launch of Mexico operations Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-09-20 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: ID Finance Expands into Mexican Online Lending Market Meta Description: ID Finance, the emerging markets fintech company, grows in Latin America with launch in Mexico. Offering innovative online lending solutions for the unbanked URL: https://financedigest.com/id-finance-grows-footprint-in-latin-america-with-launch-of-mexico-operationshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd200917-3-1736843471847-compressed.jpg) Alternative lender now issuing over 60,000 loans each month [ID Finance](https://idfinance.com/), the emerging markets fintech company, has expanded its presence in Latin America with a launch into the Mexican online lending market. The announcement comes less than a year after the company launched operations in Brazil and represents another key milestone as it continues its aggressive global expansion. “It is an exciting time to be expanding our footprint in LatAm and we see enormous potential for online lending in Mexico. It is an [important step](https://www.financedigest.com/eu-u-s-step-up-russian-aluminium-nickel-imports-since-ukraine-war.html "EU, U.S. step up Russian aluminium, nickel imports since Ukraine war") towards becoming the number one alternative lender in the region,” comments Boris Batine, Co-founder and CEO at ID Finance. With a population of 127 million and 61 per cent of adults lacking a bank account according to [World](https://www.financedigest.com/world-bank-scrapping-ease-of-doing-business-index-is-a-reminder-to-focus-on-fundamentals.html "World Bank scrapping Ease of Doing Business Index is a reminder to focus on fundamentals") Bank, Mexico represents one of the largest opportunities for [fintech](https://www.financedigest.com/financial-technology-fintech-how-to-navigate-the-latest-trends-and-innovations.html) in Latin America. Mexico’s low bank branch coverage – 14 branches per 100,000 inhabitants compared to 33 in the US – together with an underdeveloped transport infrastructure further exacerbates the need for fintech services. The core of ID Finance’s business is its proprietary risk [management system](https://www.financedigest.com/energy-management-system-market-to-register-a-cagr-of-14-8.html "Energy Management System Market to register a CAGR of 14.8%"), which uses machine learning and advanced data science techniques for credit scoring. The company has one of the best performing risk [management systems](https://www.financedigest.com/traffic-management-systems-growing-at-a-cagr-of-22-5-for-2022-28.html "Traffic Management Systems growing at a CAGR of 22.5% for 2022 – 28") in the industry and is able to reach profitability within a year of launching into a new market. “The [growth in internet usage and smartphone penetration is creating an enormous opportunity](https://www.financedigest.com/increasing-trend-of-online-shopping-to-create-new-growth-opportunities-for-stretch-sleeve-and-heat-shrink-labels-market-says-tmr.html "Increasing Trend of Online Shopping to Create New Growth Opportunities for Stretch Sleeve and Heat Shrink Labels Market, Says TMR") for fintechs,” comments Yannickdel Ponte, Country Manager at ID Finance Mexico. “ID Finance’s unique scoring technology gives us a significant advantage over the competition while our Moneyman online [lending product](https://www.financedigest.com/u-s-markets-regulator-takes-aim-at-coinbase-lending-product.html "U.S. markets regulator takes aim at Coinbase lending product") will bring much needed simplicity and transparency for consumers here in Mexico.” Mexico is expected to have 91.6m active internet users by 2021 and 75.4m smartphone users by 2022. Proposed government [reforms](https://www.financedigest.com/explainer-how-britain-is-exploiting-brexit-to-reform-finance.html "Explainer-How Britain is exploiting Brexit to reform finance?") centred on financial inclusion, and upcoming regulatory changes are driving development of the sector. ID Finance was founded in Russia in 2012 and has rapidly expanded into Kazakhstan, Georgia, Poland, Spain, Brazil and now [Mexico.](https://www.financedigest.com/volkswagens-mexico-factory-workers-reject-union-pay-deal.html) The company posted 82 per cent [revenue growth](https://www.financedigest.com/experian-sees-annual-revenue-growth-on-steady-demand.html "Experian sees annual revenue growth on steady demand") for the first half of 2017 and has 3.8 million registered customers. It issues over 60,000 loans each month with monthly revenue of $15m. Latin America is fast [becoming one of the most fertile grounds for the fintech](https://www.financedigest.com/how-fintech-is-becoming-the-driving-force-of-ecommerce.html "How FinTech is becoming the driving force of eCommerce") industry. Fintech accounted for almost 30 per cent of [venture capital investment](https://www.financedigest.com/the-risks-and-rewards-of-investing-in-venture-capital.html "The Risks and Rewards of Investing in Venture Capital") in the IT sector in 2015, growing to 55% of IT dollars in 2016. [Goldman Sachs](https://www.financedigest.com/telefonica-hires-goldman-sachs-to-sell-uk-mobile-masts-stake-el-confidencial-says.html "Telefonica hires Goldman Sachs to sell UK mobile masts stake, El Confidencial says") estimates that the Brazilian fintech sector will generate potential revenues of $24bn over the next ten years, while fintechstartup accelerator Finnovista believes fintechs could take up to 30 per cent of the Mexican banking market in the next decade. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---