MICROCAPITAL BRIEF: Te Creemos Subsidiary CAME Launches Techreo App to Expand Digital Financial Services in Mexico

Consejo de Asistencia al Microemprendedor (CAME), a unit of Mexico-based Te Creemos, recently launched an app called Techreo to expand the ways it provides financial services such as savings, loans, insurance and financial education. The institution has raised USD 7 million for the app from angel investors, of which USD 1.5 million is a loan from Jeeves, a US-based financial technology firm that provides loans, fund transfers and payment cards in the Americas and Europe. The identities of the other investors have not been released.

Techreo Co-founder Jorge Kleinberg expressed confidence that the app will boost “the economic growth of the communities in Mexico.” Te Creemos is seeking to attract 100,000 new Techreo users during 2022.

CAME was founded in 1993 and acquired by Te Creemos in 2018. As of 2020, the institution reports a gross loan portfolio of MXN 2.4 billion (USD 117 million) and MXN 1.1 billion (USD 53 million) in client deposits. CAME has 500 branches staffed by 5,000 employees.

Te Creemos offers remittances, life insurance, accident insurance, savings and loans. These loans include products designed for housing as well as for micro-, small and medium-sized enterprises. Its clients are mostly women who run stores and do not have education beyond secondary school. The average monthly income of Te Creemos clients is MXN 12,000 (USD 583). The group’s assets total MXN 3.5 billion (USD 170 million) as of September 2021. Its investors include Mexico’s PC Capital and US-based Creation Investments.

By Sheen Gupta, Research Associate

Sources and Additional Resources

Techreo homepage
https://www.techreo.mx/

Apple App Store listing of Techreo
https://apps.apple.com/ng/app/techreo/id1586000300

Google Play listing of Techreo
https://play.google.com/store/apps/details?id=onsigna.wallet.techreo

CAME homepage
https://www.came.org.mx/

Te Creemos homepage
https://tecreemos.com

Jeeves homepage
https://tryjeeves.com

Previous MicroCapital article on CAME
https://www.microcapital.org/microcapital-brief-citi-dfc-announce-15m-local-currency-loan-to-came-of-mexico-to-boost-financial-inclusion-of-40000-smes/

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