Monterrey, NL. Invex Bank formed an alliance with eFactor Network that operates in the electronic factoring market, to promote a new agile and secure financing option so that medium and large companies can support their domestic and foreign suppliers and they can increase their working capital and have an optimal production cycle, he commented Liliana González Topete, Director of Financing Products at Invex Banco.
For his part, Víctor Manuel de la Cruz, eFactor’s Director of Financial Intermediaries, pointed out that “with this alliance, a new channel is opened to reach new companies, facilitating payment to their suppliers and favorably impacting their growth.”
This alliance between financial entities and companies fintech It is of great importance for the market, because it combines the experience and support of banking institutions, with technological tools and efficiency in the processes offered by Fintech, in an environment of economic recovery.
The complementary products offered by Fintechs such as eFactor, when used by financial institutions, generate large positive economic spillovers for the business market in Mexico.
According to figures from the Mexican Association of Financial Factoring and Similar Activities (AMEFAC), said association concentrates the information of the majority of financial intermediaries that operate factoring in Mexico, which represents approximately 90% in Mexico.
Financial intermediaries presented a volume operated at the fourth quarter of last year of 659,826,000 million pesos, while eFactor through its platform presented a volume operated of 131,000 million pesos.
Regarding the segmentation of the factoring portfolio, the industry covers 37%, followed by the federal government with 29%; the trade sector with 27%; construction and services 6%, according to AMEFAC data as of June 2022.
In turn, the participation of Invex Banco by segments, the industrial sector represents 37.3% and commerce 26.5 percent.
In relation to electronic factoring operations in Mexico, on average there are 1,788 companies operating under this scheme, according to figures from AMEFAC as of December 31, 2022. It is expected that the alliance between eFactor and Invex will increase the possibilities of business, favoring the growth of the supply chain.
INVEX is an institution with more than 30 years of experience in the financial sector from the country. According to the figures for the fourth quarter of 2022, Invex Banco presents a credit portfolio of 30,000 million pesos, currently being the sixth credit card issuer in Mexico.
eFactor Network is a Fintech company, leader in financing solutions and optimization of supply chain working capital.
The eFactor platform provides immediate liquidity in different currencies, to more than 15,000 suppliers, with funds from the most important financial institutions in Mexico and other countries, since it has alliances with development banks such as International Finance Corporation (IFC), World Bank, Inter-American Development Bank (IDB) , Invest, Bancomext and PrimeRevenue. Today it has around 150 corporations and 20,000 users in more than 21 countries.
