Conekta

Conekta operates as a financial technology firm in Mexico, providing a payment gateway that allows businesses to process online payments from customers. The company was established in 2012 by Héctor Cárdenas, Leo Fischer, and Cristina Randall, three engineering graduates from the University of Waterloo in Canada. The founders, all with technical backgrounds, identified an opportunity to build the necessary infrastructure for e-commerce growth in Mexico. Initially, the venture started as an online business directory, similar to Yelp, and later evolved into a cloud-based e-commerce solution before pivoting to focus on the core problem of online payments. This shift occurred after realizing that their clients' primary struggle was not just setting up an online store but also the complexities of payment processing.

The company's platform is designed for businesses of all sizes, from startups to large enterprises, enabling them to accept a variety of payment methods through a single integration. Conekta's business model is based on charging a commission on successful transactions. The service facilitates payments via credit and debit cards, cash payments through the extensive OXXO convenience store network (a service known as OXXO Pay), and SPEI bank transfers. Key features of the platform include developer-friendly APIs for custom integrations, pre-built checkout solutions, plugins for major e-commerce platforms, and payment links. A significant differentiator is its anti-fraud system, which uses artificial intelligence to analyze transactions, aiming to increase payment approval rates while minimizing chargebacks, a critical issue in the Mexican market.

Conekta has secured over $21 million in funding from investors including Propel Venture Partners, FEMSA, Variv Capital, Jaguar Ventures, and 500 Global. This capital has supported its growth and the development of its technology. The firm serves thousands of businesses, including major international companies like Google, Uber, and Netflix for their Mexican operations. The founding team's journey began with recognizing the untapped potential in the Mexican market compared to the saturated Silicon Valley ecosystem. Héctor Cárdenas, the CEO, comes from a family of entrepreneurs and leveraged his mechatronics engineering background to address the technical challenges of the business. The team's engineering-first approach is central to their strategy of building financial products tailored to local market needs.

Keywords: payment gateway, fintech, Mexico, online payments, e-commerce infrastructure, OXXO Pay, API, fraud prevention, payment processing, financial technology