A young but promising industry

Fintech startups operating in Peru tend to adhere to a certain profile. To begin, they have mostly less than five years of operation. In addition, the majority of Peruvian fintech startups consist of no more than 10 employees, fitting to the idea of a young startup having a small and closely-knit team. Lastly, most of these nascent businesses have not surpassed the 10,000 Peruvian soles – or approximately 2,750 U.S. dollars – monthly revenue. Thus, despite being an emerging industry, the fact that fintech accounts for over seven percent of the country’s venture capital investments constitutes an acknowledgement of its potential within Peru’s financial market.

Traditional banks also go digital

Even in countries like Peru, where cash is still the main payment method, the need for easy-to-use, digitally accessible, and reliable banking has perhaps never been more apparent, as under the current global circumstances. For this reason, not only have new digitally based companies emerged, but traditional banks have also been adjusting to the trend by investing in technology. A clear example can be seen when looking at Banco de Crédito del Peru’s mobile transaction app, Yape. Since its release, in 2017, the app has grown in popularity not only among general population, but also within small and medium-size enterprises (SMEs), which have found in Yape an alternative to traditional payment tools.

This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.