Background and Relevance of Credijusto and Banco Covalto
Founded in 2015 as a fintech, Credijusto, specializing in serving small and medium-sized enterprises (SMEs), Banco Covalto was established in 2021 following its acquisition of Banco Finterra. Today, four years later, Covalto has experienced significant growth in credit, deposits, and profits.
Mark McCoy, CEO of Covalto, states that this success demonstrates a digital model can thrive in the banking sector.
Growth and Performance
According to McCoy, Covalto has been growing at an average annual rate of 30% since taking control of Finterra in 2021. In the first half of 2025, the growth was even more robust, with financing increasing by around 60% and deposits rising by triple digits.
These figures suggest Covalto can maintain an average annual growth rate of 30% over the next five years, despite the economic climate.
“We have consistently achieved this growth target over the past four years, and we are confident in our ability to sustain it for the next five,” McCoy asserts.
Financial Performance in 2025
McCoy highlights that the first half of 2025 was a strong period for Covalto, with a portfolio balance of 7 billion pesos, deposits totaling 5.6 billion pesos, and a profit of 85 million pesos.
“We have evolved from a fintech that acquired a bank to a digital-focused bank that is now profitable,” McCoy emphasizes.
He adds that while some fintech companies have prioritized growth without achieving profitability, Covalto has managed to grow while maintaining profitability.
“Our investments are yielding results, as we continue to expand our digital platform while generating profits,” McCoy explains.
Focus on SMEs and Plan México
Banco Covalto concentrates on serving SMEs, a sector included in Plan México, introduced earlier this year by the Federal Government. The goal is to finance 30% of businesses with credit.
McCoy considers this target ambitious yet achievable, given Mexico’s low credit penetration compared to other countries and the significant role SMEs play in the economy.
“I believe there is a commitment from the financial system, particularly from our sector, to address this,” McCoy states.
Covalto’s value proposition, according to McCoy, is providing quick response times, a positive user experience, and supporting clients in their growth.
Recently, Covalto announced it will provide SMEs with 5.9 billion pesos in credits this year, with over 3.1 billion pesos allocated for the second half of 2025.
Balancing Regulation and Digital DNA
Despite its digital roots, Banco Covalto complies fully with banking regulations, according to McCoy.
“The biggest challenge is fostering a culture that allows for innovation, speed, and a digital focus while adhering to regulatory requirements,” McCoy points out.
