For its part, the fintech industry has been one of the startups that, despite economic challenges, has managed to grow and is now at a point where it has important exponents and a market with great potential that will allow it to continue its expansion.
This dumbbell is one of the great opportunities because while SMEs are companies that suffer from economic challenges and require urgent financing, fintechs are the ally capable of providing stability to these businesses and, with this, promote the survival and growth of the units. that generate more than 70% of employment nationwide and close to 52% of GDP in Mexico.
keep surviving
In Mexico, SMEs have been characterized as resilient businesses, they have survived pandemics, inflation, world crises, lack of support, etc. However, they need more than “continue surviving”, they require financial tools that understand their needs and provide accessible solutions.
Let’s remember that the vast majority of SMEs are traditional unbanked businesses and that they recently began to implement digital processes, but what does this mean? This is relevant because it speaks of a sector in which financial inclusion has not had a significant impact, because traditional financial institutions have not turned to these spaces where the need for financial products is great, but the challenges are great as well.
According to the X-ray of Entrepreneurship in Mexico 2021from ASEM, among the main reasons why SMEs fail in Mexico are: lack of liquidity, problems obtaining financing and poor business administration.
If we look closely at these causes, they are problems that fintechs are solving, since while some focus on custom loans, others grant business cards, others insurance, etc. The core point is that they not only provide financial products and services, but also have tools that allow their users to make optimal use of these products, that is, they seek financial education for entrepreneurs.