Net income of Nubank in Brazil 2015-2022
The development of fintech in Latin America
With over 6 billion U.S. dollars raised in 2021, the fundraising value collected by fintech startups in Latin America grew drastically since 2016. This sector has contributed with more than 2,400 startups in the region, mostly concentrated in Brazil and Mexico, the largest economies in Latin America.
Brazil as a fintech market leader
Indicated also by its lead in insurance technology, Brazil can be seen as a significant player in the regional fintech market. Additionally, as Brazilian consumers have increasingly switched to more online platforms, they have also become a more welcoming consumer population for mobile services, including financial services. In 2019, fintech already had an overall 64 percent adoption rate among Brazilians.