Mexico City, October 26, 2022.- The Microentrepreneur Assistance Council S.A de C.V. S. F.P (CAME), Sociedad Financiera Popular specialized in personal finance and micro-financing with more than 29 years of experience, merges Te Creemos S.A. de C.V., S.F.P. (Te Creemos), becoming the SOFIPO with the most coverage at the national level.
The operation between both subsidiary institutions of TeCree Holding S.A.P.I. de C.V., takes effect as of October 31, 2022.
Now CAME is a super SOFIPO with assets of 7,053 million pesos, which represents 19% of the sector, according to the sum of data from the CNBV. And it will also have more than half a million customers and more than 400 branches.
“With this merger, we strengthen our position in assets and capital, to better meet the demand for financial services for the population in Mexico, promote the growth of micro-entrepreneurs and, above all, contribute to improving the quality of life of our clients”, he highlighted. Pablo Varela, General Director of CAME.
"It is a firm step to consolidate the work of recent years since in a single institution we have more strength and the experience of more than 50 years combined between the two Sofipos, gives us an advantage that no one else has," added José Manuel González , General Director of We Believe.
With the merger, the delinquency rate will be 2.21% below the 11.2% recorded by the Sofipos sector and an extraordinary capitalization rate of 247.94%, indicators that show its great strength.
CAME and TeCreo received authorization from the CNBV to operate their systems in the cloud, being one of the first financial institutions to have this authorization. This allows us to work with massive volumes and be agile in the development of financial products and services.
As a result of the above, CAME, driven by techreo, began to provide financial services digitally at the beginning of 2022 through its techreo application that, with an agile, simple and friendly user experience, allows all Mexicans to quickly and remote, access to savings accounts, investment, business loans, insurance, financial education among others. With these tools and in a regulated manner, the Super SOFIPO becomes the only one to provide the full range of financial services to its clients, differentiating itself from the new banks that have entered the market.
CAME will reach 10 million customers in the next 4 years, becoming a market leader underpinned by innovation and technology.
CAME is a Popular Financial Company (Sofipo) that has been operating in Mexico for 29 years offering productive loans to micro-businesses and options to savers, it belongs to the controlling company Te Creemos Holding since 2018. It has a presence in 32 states of the Mexican Republic.
All data is taken at the end of August, 2022.