How the Mexican neo bank Cuenca became KYC compliant in a few days
NEOBANK
MEXICO
I remember before Mati, we had these endless discussions about how to comply with user onboarding / account opening regulations in Latin America as we were starting operations in Mexico.
Can you explain us what problem you were trying to solve with Mati?
Cuenca opens bank accounts for users from Mexico, as well as internationally. Our company is regulated by CNBV in Mexico, and having the highest KYC/AML standard was a priority for us. With the new screening regulations, the risk of not being compliant is now so high that it could shut any company down in no time. Finding a serious partner for that was really hard. Second thing is that since the beginning at Cuenca, we had a plan to expand globally. This is why we needed to have a real, long-term partner to conduct user verification on an international level as well. We wanted to avoid at all costs to have country-based plans - this is such a pain to manage, and it costs a lot! Mati helped us implement this international strategy - and we are grateful for it!
The process was so simple. The first day, Mati created a common channel on Slack, where both engineering teams could chat. The integration was blazing fast. The API integration took a few lines of code. And then you just receive the detailed verification data inside a webhook. We've integrated Mati's API within a few days, and their legal team provided all the guidance so that we could easily understand what rules applied to our specific business. Overall the whole experience was very easy.
With Cuenca, users can open their account in 2 minutes. They then have access to all the best financial options you can think of: physical card, virtual cards, transfer, utility payments, etc...

As soon as our users need to make a cash deposit (though our network of store partners), we ask the user to get verified. They simply upload their national ID and a 3 seconds video of themselves. Mati verifies everything necessary and we get the approval almost instantly. It's super fast.
What kind of information do you verify today with Mati?
Cuenca is a Mexican neobank created in 2018. The ambition of its founder? Turning Cuenca into the only account people need in Mexico. The FinTech have since raised around 10M$ USD, is expanding its services and offers in Mexico and LatAm, and is one of our historical clients in Mexico. We recently met with his founder Matin Tamizi to understand why he originally chose Mati to support his business, and how he's using our User Verification platform today.
Founder & CEO @ Cuenca
How went the integration?
INTERVIEW WITH MATIN TAMIZI
A VISUAL REPRESENTATION OF CUENCA'S VERIFICATION FLOW WITHIN MATI
When we met with the Mati founders in both San Francisco and Mexico, it was clear that they had done it hundreds of times already.
What we love about Mati is that we finally found an identity platform that checks for everything. No need to get 3 or 4 different providers. You can just use Mati, they make all the checks, that's it. We felt so confident that right after we completed the integration with Mati, we filled out our KYC/AML screening to CNBV!
What's your favorite thing about Mati?
KEY METRICS ABOUT CUENCA
+50,000
+10,000%
< 2 min
4
number of users using Cuenca everyday
the increase of registered users in 2019
the average time needed to verify a Cuenca user
the number of days needed to integrate Mati
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