Broxel issued $31.2m debt certificates

Broxel successfully issued $31.2 million in debt certificates in the Mexican public markets as part of a US $100 million public debt programme that was approved by Mexican authorities and rating agencies (Moody’s and HR) with the aim of potentialising its growth in the upcoming years. This made Broxel the first fintech company in Mexico with listed securities.

A 100% privately held Mexican technology business, Broxel is dedicated to creating flexible financial ecosystems that can be accessed anywhere and at any time. In order to provide B2B clients with value-added services and products and a financial ecosystem to manage their resources, the firm was created in 2011. To create infrastructure, data analysis, and product development for LATAM enterprises, as well as a financial marketplace, Broxel and Google announced their partnership in 2021.

With over 13 million B2B accounts and a successful first decade, the firm made the decision to provide end customers with financial technology solutions. The business debuted its B2C segment in 2021, utilising the same technologies and core.

With the B2C solution from Broxel, users can open accounts in Mexico in MXN$(pesos) and the United States in dollars, both of which are accepted everywhere Mastercard is accepted. Once registered, users can send money for free, providing a cross-border financial solution for the country’s Hispanic population as well as a timely economic disruption.

Remittances from the Mexican community to their families totalled $51 billion in 2021, surpassing oil exports as Mexico’s top source of foreign exchange. Remittances are projected to reach $60 billion or more in 2022. Due to the potential influence of its platform for strengthening the Hispanic community in the United States, Broxel was recently asked by The Clinton Global Program to join the first cohort of the Greenhouse Entrepreneurial initiative.

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