This investment is the first of five proposed commitments to ABL Trust Mexico that could reach a total of $2 billion pesos in the next three to five years.

Remittances sent to Mexico, a major support for the Mexican economy and in particular for low-income families, continued its historic 2020 run and rose in July to the third highest level on record.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

The transaction will help the company expand its product offerings to small and medium enterprises (SMEs) and is designed to support the economic recovery from the COVID-19 health crisis.

Galileo, like many financial businesses from abroad, sees potential in this country’s market.

Mexican fintech startup Credijusto has raised $100 million in debt from Credit Suisse Group, a move that will help it extend more loans to small and mid-sized businesses as banks gauge how to respond to the impact of coronavirus.