ImpactAlpha, July 7 – Mexico City-based Vexi aims to serve underbanked Mexicans with credit cards and a mobile app for managing transactions and budgeting. A $500,000 debt investment from Pomona comes as Vexi prepares to launch a new American Express card for “buy now, pay later” promotions, said Vexi’s Gustavo Blasquez.
Pomona invested via its second venture fund, which is looking to raise $30 million to invest in early-stage businesses in agriculture, renewable energy, financial services and other sectors. The vehicle is backed by Capria Ventures, IDB Lab, the Fund for the Promotion of Development, and others.
Pomona launched its inaugural $20 million fund in 2017 (see, “Pomona Impact’s “big push” strategy for agriculture in Central America”).