We sat down with Nicolas “Nico” Estrada, CFO of VEMO, to explore how this Mexican company is accelerating the transition to electric mobility across Latin America. Nico shares his journey from Colombia to Wall Street to Mexico City — and why he leapt from investment banking to become the first non-founder hire at VEMO.

We dive into how VEMO built a one-of-a-kind clean mobility ecosystem by rolling up multiple companies and combining electric vehicles, charging infrastructure, and fintech-like solutions under one roof. Nico explains why tackling every piece of the EV puzzle simultaneously was the only way to spark an electric revolution in LatAm, and how VEMO’s mission goes beyond tech – it’s about cleaner air, sustainable jobs, and giving more people a chance to own the future.

We also discuss VEMO’s recent $250 million fundraise (one of the largest in LatAm this year), what it means for the company’s next phase of growth, and the lessons he’s learned guiding a startup through hypergrowth as its CFO.

Come join us for bagels (provided by Migo Bagels), coffee, and good conversation. RSVP on Luma (see link below) and make sure to share this with your friends and network.

🚀 Founded: 2021, Mexico City
📈 Stage: Growth capital - private equity backed, so not following the traditional series/rounds model
💰 Total Funding Raised: Over $500M USD (combination of equity and debt)
🤝 Investors: More than US$350 million in equity from investors including Riverstone Holdings (initial backer) and Vision Ridge. Over US$150 million in debt from global lenders like Orion Infrastructure Capital, and local entities like BEEL, PROMECAP, Covalto, and Kapital.
🎯 Mission: To accelerate the adoption of clean mobility by building an integrated ecosystem of electric vehicles, charging infrastructure, and fleet technology that delivers environmental, social, and financial impact.

VEMO accelerates the adoption of clean mobility technologies through a unique and pioneering integrated solution that combines electric vehicles, charging infrastructure, and fleet management technology, forming a comprehensive clean mobility ecosystem. With the vision of being a transformative force in urban mobility, VEMO seeks to fight climate change, enable cleaner air, create high-impact sustainable jobs, and promote greater financial inclusion.

Nico’s path has been anything but linear. He grew up in Colombia, studied in Texas (while playing collegiate soccer!), and launched his career as a management consultant in the U.S. After pivoting to investment banking back in Colombia (where he advised on energy and infrastructure deals), he found himself craving a more hands-on role. In 2021, a friend told him about a nascent electric mobility startup in Mexico that was looking for its first CFO. Intrigued by the opportunity to help launch an EV venture in LatAm, Nico flew to Mexico City and met VEMO’s co-founders — Roberto Rocha and Germán Losada — and everything clicked.

As Nico recalls, the founders’ passion and personal values sealed the deal for him. He was also attracted by the sheer ambition of VEMO’s plan. After years of advising companies from the sidelines, he was ready to build something himself. The complexity of VEMO’s model didn’t deter him, it motivated him. “When complexity doesn’t scare you and you’re willing to go that step further… that’s when you start seeing the magic and beauty of the thesis,” he says. In other words, tackling a hard, unproven idea (like electrifying transportation in an emerging market) can be an edge, not a drawback, if you have the right team and enough courage. Betting on VEMO’s vision (and the people behind it), Nico leapt from banking into the startup world — and never looked back.

In Latin America, EV adoption faces a classic chicken-and-egg problem: few electric cars, and few places to charge them. Government incentives and charging infrastructure that exist in the US or Europe weren’t present in Mexico. VEMO’s founders realized that to jumpstart a clean mobility revolution, they’d have to create an entire ecosystem themselves. So instead of launching with a single product, VEMO began by acquiring five different companies and combining them into one platform. Each piece of the puzzle was addressed, from vehicles, to charging stations, to the software that ties it all together.

Today, VEMO operates as a vertically integrated EV company: it runs its own electric taxi fleet, finances EVs for other fleets and independent drivers, and builds out charging stations across Mexico City and beyond. This all-in-one approach gave VEMO control over its destiny. “If you are pushing all the pieces of the puzzle and you’re not depending on anyone else, you have more control into how you can actually make this a reality,” Nico notes , explaining VEMO’s decision to tackle everything at once. By investing in both the cars and the chargers simultaneously, VEMO ensured that supply and demand for EVs could grow in tandem — a strategy that simply wouldn’t have been feasible in a more mature market, but was perfect for the blank-slate environment in Mexico.

The result? In just four years, VEMO has built one of the largest EV fleets and charging networks in Mexico, effectively creating the market that it now leads.

One of VEMO’s most impactful innovations is VEMO Impulso, Latin America’s first EV lease-to-own program. Why was this needed? In Mexico, many people who want to drive for Uber or DiDi simply can’t afford a car, and traditional banks won’t finance gig-economy workers. VEMO stepped in with an alternative: it leases EVs to qualified ride-hailing drivers with no down payment, allowing them to pay off the vehicle over time using their earnings. At the end of the term, the driver owns the car outright . For many, it’s the first car they’ve ever owned and a ticket to steady income. This model doesn’t just put more EVs on the road; it turns hardworking drivers into owners and entrepreneurs, while making urban transport cleaner in the process.

VEMO applies a similar philosophy to corporate fleets. Businesses that want to decarbonize their delivery vans or service vehicles often don’t know where to start. VEMO offers fleet-as-a-service: a company can lease electric vehicles and even have VEMO install private charging stations at their facilities. VEMO’s software platform ties everything together, giving clients real-time visibility into vehicle performance and charging data. By lowering the barriers to EV adoption — whether for an individual driver or a large enterprise — VEMO accelerates the transition to clean mobility while generating stable revenue streams. It’s a win-win for both the environment and the participants: drivers get economic opportunity, companies get a turnkey solution to go green, and cities get reduced emissions.

Partnerships have been part of VEMO’s DNA from the start. In fact, one of the companies VEMO acquired had an existing deal with Uber to provide vehicles to drivers. Building on that, VEMO launched an all-electric ride-hailing fleet in Mexico City in collaboration with Uber — branding its own EVs under “VEMO Conduce” and hiring drivers to operate them. This fleet (now 600+ EVs strong) has been serving Uber riders for the past few years. It’s a symbiotic relationship: Uber gets more drivers (and a greener option for riders), while VEMO gets guaranteed demand for its vehicles. If you’ve taken an Uber in Mexico City recently, there’s a good chance you’ve ridden in a VEMO-powered EV without even knowing it!

VEMO struck a similar alliance with China’s ride-hailing giant DiDi, and today both apps feature VEMO electric cars ferrying passengers. Another key partnership is on the supply side: sourcing the cars themselves. Mexico’s EV market was tiny in 2021 (only ~500 EVs were sold nationwide that year, and most were luxury models >$100K). VEMO turned to Chinese automakers to import more affordable EVs by the hundreds. Brands like BYD and others provided lower-cost electric models (some under $20K) that made an EV taxi fleet financially viable. Embracing Chinese EV technology was a bold move, but it gave VEMO the inventory it needed to scale up fast. As of now, the majority of VEMO’s vehicles are made by Chinese manufacturers, a trend that may continue as long as they offer the best value for money.

By being partner-driven, from global ride-hailing platforms to overseas manufacturers, VEMO accelerated its growth far faster than it could have alone.

This past summer, VEMO announced a landmark $250 million investment led by Vision Ridge Partners, a U.S. sustainable infrastructure fund. It’s one of the largest funding rounds in Latin America this year, especially notable amid a general tech investing slowdown. This raise brings VEMO’s total funding to over half a billion dollars, giving the company a significant capital base to fuel its expansion .

So what will they do with all that money? Nico outlines a clear roadmap. First, expand the charging network beyond Mexico City into other major regions (so EV drivers everywhere have reliable places to plug in). Second, grow the EV fleet for both ride-hailing and commercial clients – including launching VEMO’s programs in cities like Guadalajara and Monterrey. And third, double down on technology: enhancing their software and data systems to optimize fleet management and customer experience at scale. Throughout it all, Nico’s mantra as CFO is discipline. “We got to be very disciplined… [to] invest this money in a very disciplined way to translate this into scalable impact,” he says . In other words, it’s time to charge ahead, but responsibly.

VEMO’s five-year goals are ambitious: they aim to deploy over 20,000 charging connectors and 50,000 EVs across Mexico in the coming years . If achieved, that would truly transform the country’s urban mobility landscape, and position VEMO as a dominant player in Latin America’s clean transport future.

Our conversation with Nico was a reminder that scaling something as complex as VEMO takes both precision and heart. His story highlights how disciplined execution, trust, and long-term thinking can turn an ambitious idea into a regional force for change.

After we stopped recording, Nico shared one more story that we couldn’t leave out. Around the time he became CFO, he also became a father for the first time. Between doctor visits and investor calls, he was learning to balance two kinds of responsibility at once, at home and at work.

He credits his wife as his “superpower” and says her support, along with that of the VEMO team, made it possible. “They had my back when I needed it most,” he said. “That’s what makes VEMO special, we show up for each other.”

Now, with a second child on the way, family remains his motivation. “My family are my drivers. I want my kids to grow up proud of who I am and of what we’ve built at VEMO.” It was a grounded and relatable moment that captured what leadership really looks like: not just building a company, but building a life and legacy worth being proud of.

Enjoyed the episode? Here’s how you can support us:

And check out VEMO as they continue to pioneer clean mobility in Mexico.

VEMO: Simplificamos la transición a la movilidad limpia.

Be sure to share La Frontera with your network if you enjoy our newsletters!