65% of Mexican savers keep their savings in their checking or savings accounts, yet 97% of all bank accounts are non-interest bearing. This is partly due to a highly concentrated banking market, where 7 banks hold 80% of the market.
I (Salvador) walked past the CD-Pricing Desk at Mexico’s biggest bank every morning for 5 years. In 2017 Mexico finished the year with the highest inflation rate in two decades and the Central Bank’s overnight rate was 8.25%. But Mexico’s biggest bank offered clients rates below 3.5%. This is when I realized how broken the system was and set myself to find a solution to this.
Levo is a certificate of deposit marketplace. People who save money in their checking or savings account, can access CDs from multiple banks through our app and get up to 300% better rates. For example, our client Gustavo recently got a 50,000 USD inheritance; his bank offered him 4.5% p.a. for his savings, with Levo he got 6.5% p.a. with one of Levo's banking partners.
We are currently running a private beta, if you are a Mexican resident please reach out to be part of our special group! If anyone has questions or comments we'd love to hear them!