PagaCel

PagaCel is a Mexican financial technology company that positions itself as the country's first FinTelco, combining financial services and telecommunications under a unified brand. The company operates through three core entities: PagaPhone SmartPay, a fintech company authorized as an Institución de Fondos de Pago Electrónico (IFPE) with authorization number P183/2021 issued by the Comisión Nacional Bancaria y de Valores in June 2021; Orange My Mobile, a Mobile Virtual Network Operator (MVNO); and Cloud Transfer Services, a money transmitter operator. PagaCel's primary product is the PagaCel Wallet, a digital financial account that can be opened within minutes from a smartphone. The wallet provides users with a Mastercard-branded debit card, enabling payments at over 50,000 ATMs across Mexico. Core services include remittance collection through partnerships with Western Union and MoneyGram, allowing recipients to receive money transfers directly to their mobile wallet instead of collecting cash at physical locations. The platform also offers SPEI bank transfers, bill payment services for utilities and telecommunications, mobile airtime recharges for major carriers, and domestic money transfers with a one percent commission. Target users include underbanked and unbanked Mexicans, particularly remittance recipients and individuals without access to traditional banking services. The company aims to promote financial inclusion for Mexicans abroad and foreigners in Mexico. PagaCel also offers white-label financial services to other fintechs, including Wallet as a Service solutions with Mastercard card issuance capabilities. The company's business model operates on a Software as a Service (SaaS) basis combined with transaction fees. Founded by CEO Ulises Téllez, a graduate of Tecnológico de Monterrey, IPADE, and Harvard, PagaCel was recognized by the Mexican presidency for operating an efficient remittance payment channel.