MexMoves

We speak with Ana Cristina Gadala-Maria, Principal at QED Investors, the world’s premier fintech venture-capital firm and among the most active in Mexico, with investments including Bitso, Konfío, Aplazo, Covalto, Kavak, Félix Pago and FEMSA’s new lending venture.

She explains what QED now looks for in Mexican startups, why fintechs are becoming multi-product companies, and where the next opportunities lie, from cross-border payments and stablecoins to AI. We also discuss why Mexico still trails Brazil in digital payments and why QED invested in FEMSA’s new lending business, atypically a carve-out.

First, Eduardo and Damian cover the week’s business news:

* The World Cup’s smaller-than-expected economic impact, despite Mexico’s strong performance as a host.
* Weak June ANTAD sales and the changing mix of consumer spending.
* Nu’s banking licence, exaggerated claims about its size, and the harder task of turning “15 million customers” into profitable primary relationships.
* Mexico’s emerging AI-infrastructure opportunity.
* Chipotle opens its first actual Mexican restaurant.

We speak with Francisco Ramos, Netflix’s Vice President of Content for Latin America, about why Mexico has become one of the company’s most important global creative hubs, and what Netflix now needs to do to stay ahead as competition from YouTube creators and influencer-led content rises.

Since launching in Mexico in 2011, Netflix has grown its local team to nearly 400 people, filmed in more than 50 cities across 25 states, and announced a US$1bn commitment to Mexican productions over the next four years. We discuss the economics of major productions, how culture can become a driver of growth, competitiveness and national influence, and why Mexico has so far produced relatively few truly global streaming hits.

First, Eduardo and Damian cover the week’s business news:

* Toyota to gradually move Tacoma production from Baja California to San Antonio: why the shift from Tijuana to Texas is a warning sign for Mexico’s export model as USMCA uncertainty bites.
* China’s rise in Mexico’s auto market: domestic vehicle sales are at record levels, but a growing share is coming from imported Chinese brands, making the industrial story less positive than the sales numbers suggest.
* Equifax buys Círculo de Crédito for US$750m: what the deal says about the value of Mexican credit data, why U.S. firms will now fully control the country’s credit-information infrastructure, and how this could benefit competition in fintech and lending.
* Aviva raises US$18m: why some investors believe Aviva’s hybrid physical-digital model may be better suited to expanding credit access in the informal economy in Mexico than app-only finance.
* Mexico’s investment rebound: gross fixed investment finally bounced in April, helped by construction and public spending, but private productive investment, while improving, remains soft.

We speak with Rafael García, VP of External Affairs at TC Energy and President of CanCham Mexico.

We discuss Mexico’s energy infrastructure needs, TC Energy’s role in the country’s natural gas pipeline network, and why reliable infrastructure to facilitate low-cost natural gas imports from Texas is key for Mexico’s competitive electricity generation, nearshoring and industrial growth. We also look at how the Canada-Mexico business relationship is evolving as both countries navigate USMCA and seek a common front with the United States.

First Eduardo and Damian discuss some of the main news of the week:

* The USMCA outlook: the treaty remains in force, but the US has opened the door to annual reviews for the next decade unless a new agreement is reached.
* Mexico’s top 1H26 stock market moves, focusing on Diablos and Fibra Nova on the upside.
* Tulum’s tourism troubles.
* UBS data showing Mexico’s fast-growing millionaires.

We interview Leandro Cuccioli, Senior VP at Mercado Libre, on the company’s Mexico strategy, booming e-commerce sales, Mercado Pago’s fintech ambitions, the impact of AI adoption, market concerns around operating margins that have hit the stock price, and the company’s long-term growth opportunities.

First, Eduardo and Damian dissect the main business and economic news of the week, which brought some unusually positive headlines for Mexico: stronger growth data, a welcome low-inflation surprise, renewed momentum behind clean energy investment, and Sinda’s potential IPO as one of the more interesting new Mexican silver stories.

We then discuss two new reports: Hi Ventures on AI adoption across Latin America, and UBS on billionaire family offices, and what makes Latin American plutocrats different from their peers elsewhere.’

Two standout interviews this week.Harry Krensky, Managing Partner of Discovery Americas, shares his views on what it takes to succeed in Mexico private equity — what works, what doesn't, and where the industry is headed. And before that, Pamela Starr joins us to discuss her new book The Making of Mexico: Revolution, Reform, and Transformation. And as always Eduardo and Damian begin the episode by dissecting the week's news: World Cup ticket pricing; Mexico's education challenges and their drag on economic growth; Banxico's latest digital payments push; the Stablecoin Conference 2026 and the convergence of traditional and decentralised finance; and the Plata 2 hour documentary; the improbable story of how a team of Russian fintech exiles joined forces with local hires to build Mexico's 53rd bank, now valued at over $4bn.