8 min read
The opinions of the employees of You are personal.
- Approximately 57 million people live in Mexico every day.
- A priority for the Mexican company is helping people who process a loan through other lending institutions get away from it all.
14 years ago, Pablo Robles, Jorge Dorantes and Alejandro Castillo, the three Mexicans, decided to emigrate to Canada alone for a while. This experience made her understand the importance of good personal finance and budget management in the life of a “live after the day” person; Concepts that later became the inspiration for starting your own company.
Upon her return to Guadalajara, her hometown, each started their careers separately and years later they came together to achieve financial success. The three from Guadalajara, however, always wanted to start a business based on personal experience during their stay in Vancouver. So he was born later, exactly in 2019 Ixhua.
In an interview with in SpanishIxhua co-founder Pablo Robles said that he and his two partners discovered a problem in the country. And there are approximately 57 million people in Mexico who live daily, and more than half of them see the need to borrow money from their family, friends, or co-workers to get rid of the fortnightly expense.
After inquiring about the problems faced by Mexican wage earners, Pablo noted this, um They took care of their difficulties and set out to find a solution “Technological, fair and agile”.
Ixhua is a Mexican fintech that enables the user to process credits according to their monthly income. The customer can apply for a loan of 1,000 to 8,000 pesos or advance up to 25% of their monthly payroll in just 10 minutes.
Photo: Ixua via Facebook.
“We at Ixhua aim to guide the 57 million Mexicans who live every day to achieve their financial success and to give them the opportunity to access liquidity in a fair manner,” said the entrepreneur.
One factor of great importance within Ixhua’s business model is that the platform does not charge any interest, explained Pablo Robles: “A financial product is pretty difficult to understand. So we decided to get rid of the entire interest rate problem and only charge one commission per transaction. “When the user finishes processing their balance, they will only be charged 49 pesos plus VAT. “It’s very easy to understand, very down to earth. It’s similar to an ATM commission, ”Pablo added.
A priority for the Mexican company is helping people who process a loan through other lending institutions get away from it all. Because in many cases the process can be lengthy and the interest payments lead to financial problems in the applicants’ portfolios.
“A payroll loan is a relief when they give you it. They make you happy, but that happiness probably only lasts a month. During the sixth month, if you keep paying, it’s like putting rocks in a backpack and that happiness becomes stressful. ”
Ixhua provides an instant financial solution with a single payment for an economic operation so that the applicant can get back to their daily life without paying a monthly loan.
A fintech that is different from everyone else
The co-founder of the platform assured that he had succeeded in developing a “winning product”. Well, thanks to its business model and the implementation of a technological platform with the highest level of encryption for its databases and the use of machine learning and artificial intelligence, Ixhua becomes a company “Agile and Competitive” in terms of its processes.
The Ixhua algorithm model is based on the method of “crop analysis”, which is based on the observation of the factors of the working life of Mexican employees. Observing these factors enables the algorithm to determine the best payments profile in order to offer the fairest terms to those applying for a loan.
Photo: Ixhua via Facebook.
Because of these characteristics, the company has grown by 300% in the past few months. In addition, only in May and June of this year, applications filed rose 188% and advances paid wages rose 55%, the platform’s CEO said.
“Over 75% of first-time users are likely to return to Ixhua in less than two months because they are very satisfied. Those who have used our service give us a score of 93 out of 100 ”.
Aside from the distinguishing features that Ixhua has in terms of the characteristics of immediacy and the algorithm model that Pablo calls his “Secret Sauce”. This fintech It is the only company in the Mexican market that offers pay advances without the company having to be involved in any process as a loan community.
Likewise, at no point will the employee applying for the loan be drawn into any bureaucratic process that requires confirmation from the company where the user works. The entire process is carried out by Ixhua directly with the applicant’s company.
In addition, the fintech offers the public salary advances. This means that the company the customer works for shouldn’t necessarily be an Ixhua employee. “”Anyone in Mexico with payroll can enter our portal and request their advance payment on fair terms, ”added der Guadalajara.
ship in the face of the crisis
Before founding Ixhua, Pablo Robles had had the opportunity to start two more companies, one of which was developed during the 2008 real estate crisis. Now the entrepreneur and his partners had to face the adversities he had imposed – the COVID-19 pandemic.
However, the Guadalajara man noted that his fintech development has shown positive results due to the new economic needs that have emerged in the country. He also assured that Ixhua had set up a social fund with two purposes: to allocate a percentage to each commission of its procedures to foundations that support education, health, the environment and culture. On the other hand, we offer free Ixhua service to all health workers during the health emergency.
Despite the current panorama, Pablo Robles invites all entrepreneurs to move forward, even in a time of crisis like today, as the Mexican businessman assures that “in the midst of the strongest crises, the greatest opportunities arise”.