Financial inclusion is scarce in Mexico with over 40% of the population considered financially “excluded” from traditional financial tools (ENIF, 2021).
Numerous reasons account for why a considerable portion of the Mexican population lacks access to financial services such as banking, insurance, credit, and savings; among these, an inefficient financial infrastructure plays a significant role.
Enter Monto. Monto is an all encompassing platform that provides a wide array of services to improve efficiency across multiple sectors.
Traditional banks have historically struggled to improve financial inclusion due to lack of technology, legacy systems, high operating costs due to brick and mortar presence and labor costs, but more importantly lack of trust from the general public. More recently, direct to consumer Fintechs have been fighting for the same market share with banks as consumers seeking out better products and more digital offerings.
Our approach differs, in that we´ve created technology that allows us to offer financial products through employers or partners leveraging their relationships to potential users which helps to increase adoption and simplify the user experience considerably. Andres Quintanilla, Co Founder of Monto
First Things First
For many Mexicans the traditional monthly payroll cycle can feel like a frustratingly long wait, especially in Mexico, where only half the population manages to cover daily expenses with their regular income throughout the year.
Monto is revolutionizing financial access by bridging this gap with their innovative "Salary on Demand" platform an offering quite different from more traditional “Salary Advances”
A “Salary Advance” occurs when an employee requests payment in advance of a future paycheck. In contrast, “Salary On Demand” provides employees with access to their earned wages – an important difference because of the employees´ behavior, risk and therefore associated cost. - Andres Quintanilla
