Vexi
“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.