Fintech in Peru - statistics & facts
The fintech sector in Peru has accelerated in recent years, largely driven by the need for digital financial solutions during the COVID-19 pandemic, when in-person services became less accessible. This momentum continued, with the number of fintech companies in the country reaching a record high in 2024. While Brazil and Mexico remain dominant fintech hubs in Latin America, Peru is solidifying its place as one of the rising markets in the region, with rapid growth in digital payments, lending platforms, and other fintech services as more Peruvians embrace financial technology.
As of 2023, Peru accounted for over five percent of all fintech companies in Latin America, marking the sixth-largest share of fintechs in the region, further establishing its presence in the region’s growing fintech landscape. The fintech user base in Peru has also expanded rapidly in recent years, with digital payments accumulating the largest number of users.
The fintech sector in Peru is on a promising trajectory, characterized by growth and innovation. As digital solutions become increasingly vital, the landscape is evolving with a surge in fintech companies and an expanding user base. While Peru may not yet have the scale of dominant fintech hubs like Brazil and Mexico, its growing fintech landscape underscores its emerging role.
As of 2023, Peru accounted for over five percent of all fintech companies in Latin America, marking the sixth-largest share of fintechs in the region, further establishing its presence in the region’s growing fintech landscape. The fintech user base in Peru has also expanded rapidly in recent years, with digital payments accumulating the largest number of users.
Peru’s fintech ecosystem
Peru's fintech ecosystem has seen significant growth, with lending being the dominant segment, representing nearly 25 percent of all fintechs in the country. Despite this expansion, over 40 percent of Peruvian fintechs reported annual revenues of less than 500,000 U.S. dollars in 2023, reflecting a landscape dominated by smaller players. In terms of market diversity, a majority of the fintechs, about 67 percent, are part of the local ecosystem, though Chile, Colombia, and Argentina maintain a strong foreign presence in the industry. Among the key technologies driving Peruvian fintechs are open finance and APIs, which are utilized by nearly half of these companies, alongside cloud computing. Artificial intelligence (AI) is also becoming more prevalent, with 30 percent of fintechs adopting it as part of their operations.Peru's position in Latin America's digital banking sector
Digital banking in Latin America has expanded steadily, with online banking penetration in the region reaching 33 percent in 2023. Although Peru's penetration rate is lower than this regional average, it is expected to grow significantly, surpassing 40 percent by 2028. While major digital banks like Nubank and PicPay dominate the region with over 60 million users, Peru lacks standout digital banks. However, the rising popularity of digital banking in the country is reflected by Yape, Banco de Crédito de Peru’s mobile transaction app. Yape's user base surged to over 14 million by the end of 2023.The fintech sector in Peru is on a promising trajectory, characterized by growth and innovation. As digital solutions become increasingly vital, the landscape is evolving with a surge in fintech companies and an expanding user base. While Peru may not yet have the scale of dominant fintech hubs like Brazil and Mexico, its growing fintech landscape underscores its emerging role.
