Neobank Vexi raises millions to offer young Mexicans lower interest rate credit cards

Mexico City-based Vexi describes itself as a neobank but doesn’t offer checking or savings accounts — yet. For now, its only offering is a credit card, which it offers through American Express without using any third-party issuers or processors. Vexi’s offering also includes interest-free installments, cash back, purchase insurance and “competitive” interest rates.

And today, the company is announcing it has raised $8 million in an “oversubscribed” Series A round of funding led by Magma Partners. It secured $3.7 million in a seed round, and about $20 million in debt from Accial Capital at the end of 2021. Previous investors Alpha4Ventures, Noa Capital and Pomona Impact also participated in the Series A round, along with new backers Redwood Ventures and U.S.-based Rebalance Capital. 

Read more: TechCrunch