About Fintoc and its Relevance
Fintoc, a Chilean financial technology company specializing in payment solutions for businesses in Chile and Mexico, has received authorization to operate as an Institution of Electronic Payment Funds (IFPE) in Mexico, according to information shared with El Economista. The authorization is still pending publication in the Diario Oficial de la Federación (DOF).
Founded in 2020 by Cristóbal Griffero and Lukas Zorich, Fintoc has raised a Series A funding round of $7 million in 2024, following a seed round of $3.6 million three years prior. The company went through the Y Combinator accelerator, which supports high-potential startups.
Fintoc views Mexico as a strategic growth engine, aiming to become a leading digital payments provider in the region by 2026. Lukas Zorich, CTO and co-founder, stated: “This achievement marks our evolution into a solid financial entity in Mexico, paving the way for the future of digital payments in Latin America.”
Selective Authorization Environment in Mexico
In 2025, only two new institutions have been approved, out of a total of 87 regulated fintech companies in Mexico. Of these, 59 are IFPEs and 27 are Crowdfunding Financing Institutions. With Fintoc’s approval, the regulated universe would reach 88 entities under the supervision of the CNBV and Banco de México.
Fintoc’s Application and Processing Time
Fintoc submitted its application on February 7, 2024. The process took approximately 558 days, which is less than the current average of 809 days from submission to publication in the DOF.
Fintoc’s Payment Model
Operating under a model called “pay-by-bank,” Fintoc enables Chilean and Mexican businesses to receive payments directly from any bank via the Electronic Payments Interbank System (SPEI) without using credit cards.
This solution offers advantages over other payment methods, as transactions are processed instantly through direct bank connections, reducing costs and avoiding intermediation by networks like Visa or Mastercard.
Addressing Mexico’s Payment Ecosystem Challenges
Fintoc aims to tackle some of Mexico’s payment ecosystem challenges: high processing costs, low acceptance rates, and slow fund settlement.
With its model, Fintoc ensures businesses receive more income per transaction while providing consumers with a swift payment method that completes operations in under 60 seconds, without needing to download apps or register on additional platforms—only using their bank account.
Key Questions and Answers
- What is Fintoc and its significance? Fintoc is a Chilean fintech company offering payment solutions for businesses in Chile and Mexico. Its recent authorization as an IFPE in Mexico marks its evolution into a solid financial entity, paving the way for digital payments in Latin America.
- Why is Mexico important for Fintoc? Fintoc views Mexico as a strategic growth engine, aiming to become a leading digital payments provider in the region by 2026.
- How selective is the authorization process in Mexico? In 2025, only two new institutions have been approved out of a total of 87 regulated fintech companies, highlighting the selective nature of the process.
- What is Fintoc’s payment model? Fintoc operates under a “pay-by-bank” model, enabling businesses to receive payments directly from any bank via the Electronic Payments Interbank System (SPEI) without credit cards.
- How does Fintoc address Mexico’s payment challenges? Fintoc aims to tackle high processing costs, low acceptance rates, and slow fund settlement by providing a swift payment method that completes operations in under 60 seconds using only a bank account.
