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Mexico, hub for fintech startups in Latin America

There are more than 150 fintech startups on Mexican territory, focusing on the crowdfunding segment, financial education, corporate finance, among other things.

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This article was translated from our Spanish edition using AI technologies. Errors can occur because of this process.

Mexico has positioned itself as the new hub for fintech startups in Latin America and even outperforms countries like Brazil, Colombia and Chile, according to the second edition of Finnovista's fintech radar.

The analysis shows that there are 158 fintech companies on Mexican territory, Brazil in second place with 130, Colombia in third place with 77, while in Chile there are 56 startups in this segment.

Compared to the first edition of Fintech Radar, Mexico saw the number of companies grow by 24% this year.

The most notable increases by segment have been seen in crowdfunding; Financial education and savings; Payment and transfer transactions and finally in business finance management.

"The 158 fintech startups identified in this second Fintech Radar Mexico are changing the rules of the game in all segments of the financial services sector," the report says.

With that in mind, he stated that the 158 existing startups are competing to capture up to 30% of the Mexican banking market, which is valued at more than $ 30,000 million, over the next decade.

The 158 companies of Fintech Radar Mexico are divided into areas as follows:

(Click on the image to enlarge it)

Fintech law

For example, the National Banking and Securities Commission (CNBV) has recognized for several months that fintech companies could help solve problems that have plagued the country for several decades, such as financial inclusion.

However, with the change of ownership in the Ministry of Finance and Public Loans (SHCP), the promotion and introduction of the Fintech Act was postponed for a few weeks.

In this regard, Gerardo Obregón, founder of Prestadero, said in a statement that, once this initiative is approved, Mexico will be the first country in the Americas to have a specific law regulating financial crowdfunding.

"If we are to improve the situation in the country, one of the key points is to increase the collection and make Mexico the new fintech hub. This is without a doubt a good initiative to achieve this."

Do you know of a Mexican fintech startup that is not included? Let us know on our social networks which ones you would add to the list.

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