Ferratum Opens in Mexico
Here at the Ferratum Group, we are pioneers in financial technology and mobile lending. We have continued our expansion through last year; during 2015 we began offering our fast online loans in Norway, Canada, France and Mexico. We are now active in 23 countries worldwide. Our CEO and Founder, Jorma Jokela, is very excited by the company’s new developments.
By entering the Mexican market, we have taken the next major step towards setting ourselves up even more broadly geographically in order to best serve our customers, wherever they are in the world.
Mexico - the Natural Step Into the Latin American Market
We offer our customers a fast, easy to use road to mobile lending and banking services for consumers and businesses. Mr. Henrik Andersson, Regional Director of Ferratum, has very high expectations for the Mexican market.
Mexico is a natural step into the Latin American market. The country has a population of 120 million people, and it is expected that more than half will own a smartphone within the next 3 years. “This gives Ferratum an obvious potential to offer mobile financial services in high volume”, says Mr. Andersson.
We are targeting our fast online microloan services to the Mexican middle class consumers in the range of 1000 - 10000 Mexican Pesos (approx.$80- $800) with 7 - 45 days maturity. We also have other new products to launch in Mexico in the near future.
Entering new markets is part of our growth strategy, and we want to be serving 30 different countries worldwide within the next few years.
We plan to continue transferring our established credit business to new markets and expand it in the markets we are already active in. We will use the opportunities that present themselves from this to improve our product and bring a better experience for our customers.
Furthermore, we have just opened our Mobile Bank in Sweden and intend to offer it in other European countries in the first half of 2016. “We are confident that our platform can revolutionize the private banking business – simple, mobile, in real-time and independent of currencies – these are the key traits that characterize our Mobile Bank.” Mr. Jokela explains.