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

Only one inf ten Mexicans has access to a credit card. Many people have monthly incomes that are too low for traditional banks, or they 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 that banks don’t in order to issue credit. Users can build credit by using credit responsibly and paying off their bills each month. Vexi pairs this credit card with financial education to help people learn how to use their new credit cards.

In this episode I sat down with Cinthia Merlos, Vexi’s cofounder and Chief Product Office to talk about Mexico's financial system and lessons learned on her journey as an entrepreneur.

Taking a leap of faith

Cinthia had to learn from early on how to overcome challenges with the tools she had. Although she didn’t have the money to attend a top Mexican university, she was able to get a scholarship and a job to pay her way through university. . After graduating she landed a job at large company and worked her way quickly up the corporate ladder.

Like most entrepreneurs, Cinthia wasn't happy with the status quo and the way business was being done in Mexico. So, she took a leap of faith 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 developing Vexi’sl product.


The importance of listening to your customers

Vexi is a starting point for many Mexicans that are starting to build their credit history. To create a product people use and need, Cinthia invests a lot of her time talking to Vexi’s clients.

Listen to this episode to know how Vexi improves the lives of Mexicans by providing access to affordable credit and helps thousands of people build a strong financial future.

Outline of this episode:
[01:18]: About Vexi
[03:53]: Cinthia’s background
[06:64]: Cinthia’s motivations
[07:51]: Breaking into the entrepreneurial world
[09:21]: Lessons learned from her corporate career
[11:23]: Best thing of building Vexi as a business
[12:15]: Where is Vexi heading to
[13:36]: How are people using their credit card
[16:06]: Cinthia’s books and podcasts recommendations

Resources:

Cinthia Merlos
Vexi
Podcast: Cracks with Oso Trava
Book: The Analyst by John Katzenbach
Book: Azteca by Gary Jennings
Book: Becoming by Michelle Obama
Book: Leaders Eat Last by Simon Sinek