This spectacular growth stems from several factors, including the availability of investment and, according to specialists in the area, the existence of fintech regulation. Mexico was one the first countries to introduce legislation to specifically address the fintech sector. Nevertheless, opinions about fintech regulation are divided: the majority of Mexican fintech representatives think either that there are no specific regulations for financial technologies, or that the regulations are already adequate and there is no need for any kind of specific control. The expanding mobile network access across the country is also another factor leading to its growth. In 2018, two thirds of fintech startups in Mexico were located in the capital, Mexico City, partly due to the quality and accessibility to mobile internet.
A recent survey showed that most of the fintech startups identified in Mexico were in the 'ready to scale' maturity stage. These new enterprises specialized in providing financial management services, the largest share of them operating in the payment and remittance segment or the consumer lending sector. Paypal, Kueski and Bitso were among the leading fintech companies in Mexico based on number of customers. Paypal, for example, had approximately two million users in 2018.
The fintech adoption rate in Mexico was estimated at 36 percent in 2017, meaning that over one third of the digitally active people had recently used at least two fintech services. This penetration rate was forecast to grow to 71 percent in the future. Even so, the financial technology industry in Mexico is still affected by inequalities intrinsic to developing economies. For instance, only 35 percent of the Mexican adult population had a bank account in 2017, and a much smaller share, less than six percent, were holders of a mobile money account.