DiDi Acquires Mexico’s JP Sofiexpress Financial Services

Automotive Author: EqualOcean News Editor: Leci Zhang Jun 24, 2024 06:22 PM (GMT+8)

DiDi Mexico announced the acquisition of financial services company JP Sofiexpress, strengthening its financial services strategy, particularly consumer credit. The acquisition, approved by Mexico's CNBV, aims to enhance financial inclusion.

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EqualOcean reports that DiDi Mexico announced on Thursday that its acquisition of the financial services company JP Sofiexpress has received approval from the Mexican Banking and Securities Commission (CNBV). This acquisition is part of DiDi’s strategy to expand its financial services.

The deal, which began at the end of last year, will enable DiDi Mexico to enhance its consumer credit-focused financial services, thereby "developing an ecosystem that promotes inclusive finance."

In a statement, DiDi Mexico said, "DiDi Mexico identified JP Sofiexpress as the financial entity that best aligns with its business objectives, thanks to the latter's extensive market experience. Existing JP Sofiexpress customers can continue to use its services with confidence, as DiDi Mexico commits to maintaining ongoing communication and providing high-quality service. This acquisition will allow DiDi to offer convenient, user-friendly, and secure digital financial services, marking DiDi's continuous efforts to strengthen its product offerings and improve financial inclusion in Mexico."

DiDi Mexico emphasized that the technological operations involved in loan issuance are crucial to its financial services expansion, as the loan application process takes only about 10 minutes and can be completed via mobile phone.

JP Sofiexpress was authorized to operate as a financial services company (Sofipo) in November 2009; as of last December, it had 19 branches and 238 million pesos in assets.

In recent years, there has been growing interest in the Sofipo model. Although it was initially created to provide financial services to low-income individuals, it now focuses more on offering large-scale digital financial services, thus competing with banks and other players.

As a result, obtaining a Sofipo license to enter the financial services industry (mainly savings and credit) has become a popular choice for many companies. Examples include Nu Mexico, Stori, Klar, and Bradesco, which have entered the financial sector by acquiring Sofipo licenses.