Liquido, the fintech firm based in Mountain View, California, is determined to strengthen its presence in Mexico, a market it considers strategic and where it will seek to implement different tools that simplify user processes, such as a payment system through WhatsApp.
Founded in 2020 by Shanxiang Qi and MengKe ‘MK’ Li, entrepreneurs of Chinese origin, Liquido has become a prominent player in the fintech sector in Latin America. Its mission is to offer a comprehensive payment solution covering various transactions, from credit cards to bank transfers and cash payments.
Liquido’s bet is clear: simplify and enhance the online payment process for regional companies and entrepreneurs. To achieve this, they have developed an application already available on major e-commerce platforms, such as Shopify, VTEX, and Magento. Additionally, they have created an API that facilitates the integration of their solution with other applications and custom developments, as well as the ability to generate payment links for entrepreneurs taking their first steps in the digital world.
During its beta phase, Liquido processed more than USD $350 million in payments in Aztec territory and has big plans for the near future, as the company aspires to surpass the USD $5 billion in processed payments by 2024.
Positioning Strategy in Mexico
One of the key innovations that Liquido seeks to implement in Mexico is its integration with WhatsApp, the popular instant messaging platform. This allows companies to offer their customers a complete shopping experience, from the start of the process to the final payment, all within the app.
Security is another fundamental priority. The platform complies with the PCI DSS security standard to protect customer payment information, the highest in the payment industry. It also benefits from WhatsApp’s native encryption, providing users an additional layer of security and peace of mind.
According to Statista, the total value of digital commerce in Latin America exceeded 100 billion dollars in 2019 and is expected to increase by 73% by 2025. This is impressive, especially considering that only 28% of the population has access to credit cards, and the use of these cards is limited. Moreover, fraud in digital transactions is a growing concern.
Shanxiang Qi, co-founder and CTO of Liquido observed the lack of digital payment options in Latin America during his experience in transportation companies like Uber and DiDi. Even in middle and high socioeconomic strata, cash remained the predominant form of payment. This limited opportunities for companies and their customers.
MengKe “MK” Li, on the other hand, a former VC with experience at Google and Microsoft, envisions building something in Latin America resembling what Stripe has accomplished in the United States. However, they are not simply looking to replicate traditional payment systems but aspire to offer broader payment services adapted to the region’s peculiarities.
