Oct. 31, 2024. From Forbes Mexico. Reposted by FoundersX team. -- Kapital Bank presented its financial results for the third quarter of 2024, consolidating its position as one of the most dynamic and promising players in the Mexican banking system.
“One year after the acquisition of Banco Autofin, Kapital Bank demonstrated to the market its capacity for integration and expansion. The balance of the credit portfolio reached 5.3 billion pesos (US $265M), which represents an annual growth of 70% compared to the 3.1 billion pesos (US $155M) recorded by Banco Autofin in September 2023. This growth reflects the bank's ability to optimize the placement of credits in key markets and capitalize on the synergies derived from the acquisition,” the company said in a statement.
“The number of deposits increased by 55% compared to the previous quarter, exceeding 9 billion pesos (US $450M), a clear indicator of the market's confidence in the bank's financial strength and leadership.”
Kapital Bank added in the document that it made technological innovation a fundamental pillar of its growth strategy.
“Our advanced AI platform, Kapital AI, not only enabled the efficient generation of leads, but also the optimization of new customer acquisition processes, with more than 110,000 users acquired by the end of this quarter, mainly small and medium-sized businesses (SMEs),” said René Saúl, CEO and co-founder of Kapital Bank.
The company said the strategic implementation of cross-selling has managed to keep customer acquisition costs (CAC) low while generating strong financial results.
“Thanks to its AI model, the company has access to more than a billion invoices and can reach more than 3 million SMEs, reinforcing its commitment to financial inclusion and driving business and national growth,” he said.
Kapital Bank explained that the effectiveness of its acquisition strategies is clearly reflected in the fact that 80% of the amount of credit origination and 50% of deposits come from new clients.
“This dynamism contributed significantly to the increase in the institution's financial margin, consolidated the scalability and sustainability of its business model, while reinforcing its ability to attract and retain an expanding customer base,” he said.
“The integration of Banco Autofin under the management of Kapital Bank has been a clear example of our ability to combine the speed and agility of a fintech with the structural strength of a bank. Since we took control, we have implemented strategies that not only strengthened the customer base, but also drove solid and sustainable financial results.
This quarter's results confirm that we are on the right track: we are gaining market trust and acceptance at an accelerated pace. Our commitment to technological innovation and operational efficiency will continue to be the engine that drives us to transform the banking landscape in Mexico,” said René Saúl, CEO and co-founder of Kapital Bank.