Nexa is a fully digital neobank in Guatemala that enables users to open accounts in under three minutes and conduct banking operations via a mobile app, including ACH transfers, bill payments, and fixed-term deposits. The platform addresses the need for accessible and efficient banking services by offering transparent, digital loans and savings tools, eliminating the complexities of traditional banking.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional banking in Guatemala often involves complex processes, extensive paperwork, and physical visits to branches, creating barriers to access, especially for those seeking efficient and transparent financial services. Many individuals and businesses lack convenient tools for managing their finances, accessing loans, and growing their savings.
Solution
Nexa provides a fully digital banking experience in Guatemala, enabling users to open accounts and conduct banking operations entirely through a mobile app. The platform offers transparent, digital loans with flexible terms and savings tools such as fixed-term deposits and customizable "alcancías" (savings wallets). Users can easily manage their money, make ACH transfers, pay bills for services like Claro and Tigo, and withdraw cash from 5B ATMs without a physical card. Nexa aims to simplify financial management by providing accessible, user-friendly digital tools that eliminate the complexities of traditional banking.
Target Audience
Nexa primarily targets individuals and businesses in Guatemala seeking convenient, transparent, and efficient digital banking solutions, including those who are currently underserved by traditional banking institutions.
Features
- Mobile account opening in under three minutes
- Digital personal loans ranging from Q5,000 to Q300,000 with flexible repayment terms (6 to 60 months) and no prepayment penalties
- Fixed-term deposits with a minimum investment of Q500 or $200, offering competitive interest rates
- "Alcancías" (savings wallets) feature for budgeting and goal-based savings, allowing users to create up to 9 separate savings accounts
- Virtual and physical debit cards for secure online and offline purchases
- Bill payment functionality for services such as Claro, Tigo, Energuate, and EEGSA
- Fee-free transfers to other Nexa accounts or to third-party accounts via ACH
- Cash withdrawals at 5B ATMs without requiring a physical card
- Integration with AKISI points for cash deposits
- Robust security measures, including facial recognition, fingerprint authentication, and PIN protection