Colors

Colors, operating as Colors X Y B S.A.P.I. de C.V., is a financial technology company headquartered in Mexico City, that has officially launched its services in July 2024. The firm was established by co-founders Kristian Diaz Garibay and Maricarmen Herrerías Cuartas. The leadership team combines experience from various sectors; Herrerías previously held roles at American Express and Clip, while Diaz's background includes positions at Uber, Bain & Company, and Morgan Stanley. This collective experience in finance, technology, and strategic management underpins the company's operational strategy.

The company is strategically focused on addressing the financial needs of the LGBTQ+ community in Mexico, a market segment it identifies as underserved by traditional banking institutions. Its core mission is to reduce the financial gap and foster financial inclusion for this demographic. Colors aims to attract over 10,000 customers within its first year of operation in the Mexican market. The business operates within the rapidly growing fintech sector in Mexico, which has seen the emergence of other notable startups like Klar, aimed at serving the underbanked population.

Colors provides a financial solution centered around a credit card and an accompanying mobile application. This platform is designed to offer accessible and secure financial services. The credit card product is backed by Mastercard, enabling its use for online and in-store purchases globally. Key features of their offering include personalized credit limits, cashback rewards on purchases, and the ability for users to choose the name that appears on their card, promoting identity affirmation. The service is structured to be fee-free, with no annual charges, and is accessible to individuals regardless of their credit history. Revenue is likely generated through interchange fees charged to merchants on transactions made with the Colors card.

Keywords: fintech, financial services, LGBTQ+ community, credit card, mobile application, Mexico, financial inclusion, cashback rewards, Mastercard partnership, identity affirmation