MexMoves

• 41. Finsus: Mexico’s Profitable Fintech — Plus Aeroméxico’s IPO; GE–Xignux’s $5.3B Prolec Deal; Insurer VAT Truce, GM Mexico Tariff Boost; and Revolut’s Long, Long-Awaited Launch

  This week we interview Sebastián de Lara, Chief Regulation and Expansion Officer at Finsus, one of Mexico’s few profitable fintechs, to explore its path toward regulated scale. We then preview Aeroméxico’s upcoming IPO, highlighting its impressive post-COVID recovery powered by higher fares and sharp efficiency gains. In M&A, GE Vernova’s $5.3 billion purchase of Xignux’s remaining 50 percent stake in Prolec underscores investor appetite for electricity-infrastructure assets amid the AI-driven energy boom and highlights the valuation gap between Mexican industrials and U.S. buyers—echoing the Grupo Herdez joint-venture sale earlier this year. We also unpack Mexico’s insurance VAT truce, where firms like Qualitas and AXA avoid massive retroactive tax bills but accept higher costs from 2025 onward. Meanwhile, GM’s strong Q3 results show Mexico’s tariff exposure easing more than expected, though new investment flows are shifting north as the automaker doubles down on U.S. production. Finally, Revolut secures its long-awaited banking license in Mexico—after four years of waiting—and now faces the ultimate challenge: how to compete and profit in Latin America’s toughest fintech market without offering credit.Try Whitepaper 30 days freeBuy your Whitepaper merch here

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• 40. HR Ratings on Mexico & the U.S.; Mexico Tech Week; Mercado Libre Fights New Tax Rules; Plata Valued at $3.1 B; Orbia Jumps on Divestiture Rumors; and AFORES Keep Growing

  We interview Pedro Latapi, CEO of HR Ratings, on the firm’s growth in Mexico and now the U.S. and its rating outlook for both markets. Bernardo Cordero, founder of Mexico Tech Week, joins to discuss Mexico’s startup and tech ecosystem. Plus: Mercado Libre challenges the government over planned withholding taxes on third-party sellers, Orbia jumps on divestiture rumors, Plata’s valuation climbs to $3.1 billion after another $250 million raise, and AFORES’ influence keeps growing across Mexico’s capital marketsTry Whitepaper 30 days freeBuy your Whitepaper merch here

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• 39. Mexico Dealmaking, Arbitration & Amparos; Chico Pardo Wins Banamex; Bitso Rolls Out Free U.S. Stock Trading

  We interview Jean-Michel Enríquez, partner at Creel, García-Cuellar, Aiza y Enriquez SC, on the impact of the judicial reform on dealmaking, arbitration as a workaround, the amparo debate, and the business of corporate law in Mexico. Eduardo and Damian cover Chico Pardo’s apparent win over Grupo México in the battle for Banamex; potential disruption in the brokerage market after Bitso’s move to offer free U.S. stock trading; the paradox of splashy foreign investment announcements versus declining fixed investment; and fresh USMCA risks.Try Whitepaper 30 days freeBuy your Whitepaper merch here

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• 38. Mexico & Robots, Capital One Bets on Mexico Nearshoring, Slim’s Pemex Ties, and the $100K H1-B Visa Twist

  Nikolaj Lippmann, Latin America equity strategist at Morgan Stanley, explains how realistic it is for Mexico to develop a domestic robotics manufacturing industry over the next decade. What policies would the government need to implement to attract investors? Could the USMCA help—or hinder—Mexico’s chances in this growing sector? Capital One’s investment plans in Mexico, not in finance, but in tech hub; Carlos Slim’s expanding relationship with Pemex after Grupo Carso secured a $2 billion drilling contract; and President Trump’s controversial decision to charge $100,000 for H1-B visas, which could open new opportunities for Mexico to lure small and mid-size tech firms. Plus, the latest on tequila in the business headlines—and a few items more.Try Whitepaper 30 days freeBuy your Whitepaper merch here

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• 37. BanCoppel’s New Retail Strategy, Data-Center Power Constraints, Chico Pardo’s 25% Banamex Controlling Stake, and Slim’s Rail Contract Wins

  Estephany Ley, Head of Retail Banking at BanCoppel, lays out the bank’s strategy to broaden its client base and product offering—from its traditional retail financing to car loans, credit cards, mortgages, payroll loans, and more. She argues that branches, scale, trust, and technology working together will prove a winning formula. Daniela Dib explains how Querétaro is booming for data centers, but the electricity grid isn’t keeping up. We look at Fernando Chico Pardo’s purchase of a 25% controlling stake in Citi’s Banamex for US$2.3bn at 0.8x book. Banamex now must grow loans and revenues, cut costs, better use its cheap deposits, and lift ROE before the upcoming IPO. Carlos Slim—through Carso and FCC—wins a big Saltillo–Monterrey passenger railway contract. Finally, Tito’s takes a majority stake in LALO Tequila as the US tequila market cools—too many brands, price hikes that stretched consumer budgets, and Gen-Zs binge drinking less.Try Whitepaper 30 days freeBuy your Whitepaper merch here

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