The financial technology sector, also known as fintech, is an emerging industry that focuses on developing innovations to improve the delivery of financial services and their use by everyday consumers. It comprises segments such as digital payments, big data, investments and alternative finance. The number of fintech startups in the Americas was estimated at almost six thousand as of 2019. The alternative finance market in Latin America and the Caribbean was worth over 340 million U.S. dollars as of 2016. Latin American fintech projects had an expected return on investment of more than 20 percent in 2017, an average well above other regions such as Europe, Oceania and Africa.
In Brazil, the startups Creditas, Nubank and GuiaBolso were considered some of the most successful fintechs, whereas in Mexico, the companies Clip, Kueski and Kubo.financiero were among the startups that were able to raise the largest amount of funds during investment rounds. When it comes to revenue, the majority of Latin American fintechs seemed to be in their early stages, focusing on growth. For example, more than half of Colombian fintech startups reported generating less than one hundred thousand U.S. dollars in revenue in 2017.
Fintech adoption still faces crucial challenges in the Latin American region. In 2017, it was found that around 40 percent of the digitally active population in Brazil were fintech users, whereas in Mexico that percentage amounted to only 36 percent, one of the main reasons being the lack of knowledge about these initiatives among Mexican consumers. A recent survey in Colombia also revealed that the lack of financial education, along with deficient financial infrastructure, were the main barriers towards fintech innovation.
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In the following 6 chapters, you will quickly find the 34 most important statistics relating to "Fintech in Latin America".