What is the name of your organization?
RUUT
What is the name of your solution?
Inclusion through simplicity
Provide a one-line summary or tagline for your solution.
To create financial inclusion through simplicity by allowing Mexicans to save and invest directly in the US Markets
In what city, town, or region is your solution team headquartered?
Cd. de México, México
In what country is your solution team headquartered?
Mexico
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
What specific problem are you solving?
Financial inclusion has been a global focus over the past decade, thanks in part to the emergence of technological solutions that have helped to overcome significant market barriers. Globally, 1.4 billion adults remain unbanked, with no access to formal financial services. Financial inclusion in Mexico has made incremental progress, but significant challenges remain. According to the 2023 National Survey of Financial Inclusion (ENIF), 76.5% of Mexicans have at least one financial product, indicating an improvement in access to financial services. However, around 40% of the population remains financially excluded, lacking access to formal financial services such as banking, savings, credit and investments. Mexico has a population of over 129 million, but there are only 4.1 million investment accounts, or just 3.3%, largely due to a lack of access to equity markets, both in Mexico and internationally. Personal investment has also faced headwinds due to the lack of financial education, which makes investing seem like something only the upper classes can do. RUUT aims to provide easy and simple access to investing so that Mexicans, especially young people, can create wealth, benefit from entering the stock market and learn to invest with confidence.
What is your solution?
RUUT provides access to investing directly in the US market. Our proprietary technology enables a seamless onboarding process that allows our users to open a US investment account and take full control of it through our best-in-class application. They can invest either in over 8,000 stocks and ETFs or in personalised portfolios that match their risk profile. We offer advice to all, helping non-investors start their investment journey, while also handling all currency conversions and money flows between the two countries. Our affordable fees are designed to encourage our users to invest for the long term and build wealth. We also put a lot of effort into educating our clients to become more confident investors and we truly believe that anyone can become an investor, we have a learning section within our app with carefully curated material as well as a strong social media presence that offers educational videos about investing, the stock market and how to use our platform. We are regulated in both Mexico and the US by the CNBV, FINRA and the SEC, protecting our clients and allowing them to invest with confidence and peace of mind.
Who does your solution serve, and in what ways will the solution impact their lives?
The average age of our clients is 28 years old, and almost 84% of them have never invested before. After investing with us, they aim to invest around USD 40, which provides an incentive for them to become more consistent investors. Previously, access to an investment account was almost impossible as large advisors only took on clients with significant resources and complicated onboarding processes. Over the past few years, other digital advisors have entered the market, but with applications that were not suitable for new investors, as they were more sophisticated, and the customer experience was too poor with customer service that was slow and too bureaucratic. At RUUT, we take great pride in our customer service and strive to provide an answer in less than 4 minutes to resolve any issues our clients may have with our application. RUUT products allow our clients to create wealth that will allow them to have more financial flexibility and avoid credit products that have high interest rates while also helping them save for retirement with a product that helps them get a competitive long term return.
