Zinobe announced a foray into international markets through a joint venture with Mexican financial services company Mexarrend
Colombian fintech Zinobe announced a foray into international markets through a joint venture with Mexican financial services company Mexarrend. This was reported by Valora Analitik on 30 September.
According to this publication, as a result of this alliance, Centeo has been born, a platform to promote access to credit for small and medium sized companies in Mexico, through financing options for entrepreneurs and small businesses, via the Internet.
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Tarek El Sherif, CEO and co-founder of Zinobe, said: „This is a project that moves us greatly. We are convinced that with the advanced technological and analytical capabilities we have developed at Zinobe for our Lineru and Aliatu products, along with Mexarrend’s experience in the Mexican market, we will be able to generate a positive impact on an underserved sector.
Furthermore, according to Zinobe, this alliance demonstrates how traditional financial institutions, such as Mexarrend, can find opportunities to work together with companies from the fintech world.
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Alejandro Monzo, Mexarrend’s CEO, said: „We are very pleased to be able to develop this venture. In Mexico there are about ten million SMEs and only about 1.5 million of them have access to formal financing. Through Centeo, with the data analysis capabilities that Zinobe brings, we will be able to open more doors and help thousands of these companies“.