Cinthia Merlos, Vexi: Helping Mexicans Build Credit, Ep 188

Only one in ten Mexicans has access to a credit card. Many people have monthly incomes too low for traditional banks or are part of the 55% of Mexicans who form the informal cash-based economy.

Vexi helps Mexicans get their first credit cards by analyzing data banks don’t use to issue credit. Users can build up credit by using credit responsibly and paying their bills each month. Vexi combines this credit card with financial education to help people learn how to use their new credit cards.

In this episode, I caught up with Cinthia Merlos, co-founder and chief product officer of Vexi, to talk about the Mexican financial system and the lessons learned during her journey as an entrepreneur.

Take a leap of faith

Cinthia had to learn early on to overcome challenges with the tools at her disposal. Although she didn’t have the money to attend a major Mexican university, she was able to get a scholarship and a job to pay for her college education. After graduating, she landed a job at a big company and quickly rose through the corporate ranks.

Like most entrepreneurs, Cinthia was unhappy with the status quo and the way business was going in Mexico. So she jumped into entrepreneurship to help solve a problem she knew well: access to credit. In conversation, Cinthia tells us more about her entrepreneurial journey and her motivation behind the development of the Vexi product.

The importance of listening to your customers

Vexi is a starting point for many Mexicans who are beginning to build their credit history. To create a product that people use and need, Cinthia spends a lot of time talking to Vexi customers.

Listen to this episode to learn how Vexi is improving the lives of Mexicans by giving them access to affordable credit and helping thousands of people build a strong financial future.

Overview of this episode:

  • [01:18]: About Vexi
  • [03:53]: Cinthia’s past
  • [06:54]: Cinthia’s motives
  • [07:51]: Breaking into the entrepreneurial world
  • [09:21]: Lessons learned from his corporate career
  • [11:23]: The best thing about Vexi as a company
  • [12:15]: Where is Vexi going
  • [13:36]: How do people use their credit card
  • [16:06]: Cinthia’s book and podcast recommendations

Resources and people cited:

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