MEXARREND AND ZINOBE ANNOUNCE THE CREATION OF CENTEO

Mexico City, September 22nd, 2020 – Mexarrend, one of Mexico’s largest leasing companies, announced the formation of a joint venture with Zinobe, a leading digital financial services company in the Colombian market, in order to provide financial services to underserved small and medium-sized enterprises in Mexico. The joint venture was incorporated under the name of Centeo (www.centeo.mx).

Zinobe, Colombia’s fastest growing fintech company, will provide its credit and payments platform, advanced analytics and digital experience capabilities; while Mexarrend brings over twenty years of experience in the Mexican financial sector, and has committed debt funding for the joint venture. The unique regional partnership between a Colombian fintech company and an established Mexican financial institution aims to provide advanced financial services by leveraging the proven capabilities of both partners.

“The chance to work with such a strong and complementary partner as Mexarrend provides the perfect opportunity for Zinobe to expand outside of Colombia for the first time,” said Tarek El Sherif, CEO of Zinobe.

“The incorporation of Zinobe’s experience and state-of-the-art technology will enable us to further and more effectively penetrate the fast-growing Mexican SME market,” said Alejandro Monzo CEO of Mexarrend.

Miranda Newswire – Full Press Release: Download PDF

Investor Relations Contact Details

Mariana Mangas Orozco
E-mail: mariana.mangas@mexarrend.mx
Tel: + 52 (55) 4618 7534

Ana María Ybarra
E-mail: ana.ybarra@miranda-ir.com
Tel: + 52 (55) 3660 4037

About Zinobe

Zinobe has operated in Colombia since 2012 and develops online financial products for the consumer and small business sectors. The company is focused on using technology to provide the highest level of customer experience and has developed a data centric credit model to help target underserved markets in Colombia. Zinobe is backed by firms such as QED Investors, a U.S. based venture capital firm specializing in disruptive financial services companies in the U.S., U.K. and Latin America. For more information, please visit www.zinobe.com.

About Mexarrend

Mexarrend S.A.P.I. de C.V. has grown to be the second largest independent leasing company in Mexico in the last 21 years. The company specializes in offering financing solutions to rapidly-growing and underserved small and medium-sized enterprises for the acquisition of productive assets and equipment to support growth. For more information, please visit www.mexarrend.mx.