“Can a mobile-first, no-annual-fee credit card issuer with behaviour-based incentives become the primary financial on-ramp for Mexico's underbanked emerging middle class?”
Founded in 2016 as GRIBMA S.A.P.I. de C.V., Vexi set out to solve Mexico's deep financial exclusion problem — only ~10% of the population holds a credit card. The company issued its first cards under an American Express license in 2018, targeting young adults and gig workers with no credit history, no income proof required, and zero annual fee. Over time it expanded to a second card network (Carnet) and added cashback, instalment (MSI), and embedded insurance/telemedicine benefits, positioning itself as a full-featured digital credit card issuer rather than a bare-bones secured card.
Vexi's cards run on American Express and Carnet.
Vexi's embedded insurance is provided by AIG Latin America and AXA Assistance.
The Embedded Finance Index 2026 maps 3 layers in Vexi's stack: Card network (American Express and Carnet); Lending (Revolving credit card credit line (Tarjeta Vexi American Express®), Revolving credit card credit line (Tarjeta Vexi Carnet) and Meses Sin Intereses (instalment plans on credit card)); Insurance (AIG Latin America and AXA Assistance).
Vexi was founded by Rojo Blasquez, Gabriela Estrada, Cinthia Merlos, Salvador Michel and Carlos Franco and is founded in 2016, headquartered in Mexico City, Mexico.
Vexi has raised $51.4M in total (latest round: Debt, 2023+).
Get a read on where your own stack stands against Vexi and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.