Techreo, Mexico’s first digital platform for financial services, is doing plenty to disrupt the tired, predictable and entrenched status quo of traditional banking in Latin America.
The Techreo app since its January 2022 launch has been serving Mexico’s underbanked population with a range of services that includes savings accounts; small business loans; insurance; and the means for paying utility bills and phone data usage costs. All that is needed to access these services is a mobile phone and a valid Mexican ID.
But even as the Techreo team continues to shift the financial services paradigm away from tradition, this new way of banking is adding depth to its wide reach by adding an eCommerce feature to its platform. With its Marketplace feature, Techreo is driving growth in the Mexican economy because merchants can expand their markets and consumers can choose from a wider array of products.
By expanding its app and reaching a wider audience, Techreo is placing the entire nation of Mexico on firmer financial footing and setting the stage for continued expansion in Latin America and beyond.
The Techreo Marketplace brings the traditional Mexican marketplace into the digital age by giving merchants in local communities the option to sell their products online. As with all things Techreo, the Marketplace is yet another opportunity for its team to revolutionize an entire way of life.
Consider, if you will, a merchant in a Mexican village who sells honey or hammocks. They typically have one opportunity a week, a certain day upon which the local market is open, to sell their wares. With the Techreo Marketplace, that same merchant now has a national reach in Mexico, across thousands of miles, 24 hours a day, seven days a week.
But even as it offers a groundbreaking solution for eCommerce, the Techreo team found itself up against another obstacle. The address system for low income communities in Mexico is deeply flawed, as in, it doesn’t exist for many people.
So the team simply generated another solution in the form of drop-off and pick-up points that allow merchants to ship their products and consumers to receive them with little fuss.
Looking beyond the mechanics of the marketplace, Techreo is also positioned to support merchants with their expansion plans and the costs of growing their businesses. All of this continues to emanate from the Techreo Marketplace.
With more than 200,000 users and plans in place for more than a half million users, Techreo is positioned to offer financial services that cover transactions from start-to-finish. With just a few clicks on a mobile phone, a Techreo user can pay for the honey or the hammock from their account, and that payment is sent to the merchant’s Techreo account.
And, Iliana said, “The lady that sells honey may want to take out a loan to produce more honey. She’ll need financial services in order to produce more of her products, which she can get through Techreo. And then that money is staying in that woman’s community, as does the profit she earns by selling across thousands of miles in Mexico.
The Techreo Marketplace also sets the stage for restaurant and shop owners to purchase products like the honey and the hammocks wholesale, then turn around and sell them in their small businesses. This is yet another way for the merchant to increase sales, and for Techreo to shore up the Mexican economy.
“We're creating economic development within these communities and allowing them to thrive.”
The Techreo Marketplace is scheduled to launch in spring 2023.