Evaluating only Vexi’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Vexi founded by Carlos Mor and Angel Peña to serve unbanked millennials with credit cards.
FUNDING
Raised ~$35M cumulative; reached 200,000+ active cardholders across Mexico.
DOWN ROUND
Banxico rates rose to 11.25%; delinquency hit 18%; Series C failed to close.
Vexi was a Mexico City-based neobank offering credit cards to underbanked millennials with thin or no credit histories, founded by Carlos Mor and Angel Peña. It raised ~$35M from investors including ALLVP and Ignia. By 2022 it had issued 200,000+ cards. However, rising interest rates in 2022-2023 increased funding costs dramatically while cardholders' delinquency rates rose above 18%. After failing to secure Series C funding in late 2023, Vexi entered wind-down proceedings in early 2024.
Lesson
“Issuing credit to thin-file customers requires stress-tested underwriting against rate environments of 10%+; the easy-money era masked structural risk.”