24hoursworld

The Fintech industry grew by 340% in Latin America and the Caribbean

The Fintech industry grew by 340% in Latin America and the Caribbean
The Fintech industry grew by 340% in Latin America and the Caribbean

The study attributes the growth ”to the high demand of financial consumers, the state of the financial digital infrastructure and the availability of a specialized workforce.”

The sector Fintechmade up of companies that use technology for financial services, grew 340% between the period 2017-2023 in Latin America and the Caribbeansurpassing the 3,000 startupsaccording to a study published this Thursday.

The report published by the Inter-American Development Bank (IDB) and the company Finnovista describes that it went from 703 companies in 18 countries in 2017, to 3,069 in 26 States in 2023, within the framework of the fifth annual meeting of FintechLAC, which is held in Bogotá.

This marked growth ”is due to the high demand of financial consumers, the state of the financial digital infrastructure and the availability of a specialized workforce”details the study.

The ranking of the countries with the greatest entrepreneurship

Brazil continues to be the country in the region with the highest number of fintech startups, with 24% of the total, followed by Mexico (20%), Colombia (13%)and Argentina and Chili with 10% each.

The countries that grew the most in this area in the last two years were Peruwith 5.3% of the number of companies, followed by Ecuador (3%) and Dominican Republic (2.1%).

The latter, along with Peru, Ecuador, Uruguay, Costa Rica and Guatemala, can be considered emerging markets in the Fintech ecosystem and are developing “with notable dynamism,” the IDB stated in a statement.

At the regional level, the segment that stands out the most is payments and remittances: fintech ventures in Latin America “focus on people and companies.”underbanked or unbankedwhich shows the positive impact of this sector on financial inclusion,” the text states.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts