Álvaro Rodríguez Arregui, cofounder and managing partner of IGNIA Partners: “It is important to first keep in mind that only 30 percent of adults in Mexico have access to formal credit, versus, for example, the United States, where 70 percent have access. Therefore, there is a lot of room to grow for everyone without stepping on each others’ toes. Having said that, it would be interesting to know the actual data (and not just the narrative) of what percentage of Nubank and Stori clients did not previously have a banking relationship, as well as the income decile of their clients. My guess is that for most, it is not their first banking relationship and that Nubank and Stori are capturing disgruntled customers from incumbents, and that the average income of their customers is middle and upper middle class. So, until we see the data, I would not follow the ‘financial inclusion’ narrative from them, as they seem to be capturing customers from incumbents with a very low net promoter scores (NPS). The average…”