LatAm: Mexico’s FinTech ecosystem sky-rockets

Mexico has been crowned the second largest FinTech ecosystem in Latin America, with 334 FinTechs operating in the country. The findings come from Finnovista’s latest FinTech Radar, an impact organisation supporting FinTech development, in collaboration with the Inter-American Development Bank.

In the last year, the country has seen 125 new FinTech companies emerge, representing 40% growth in the sector. Mexico is second only to Brazil and sits comfortably ahead of Colombia, with more than twice as many FinTechs.

According to the report, payments and lending continue to dominate the sector, accounting for just under half of all FinTechs in Mexico.

RFi Group data suggests that this trend is likely to continue, particularly in payments where 52% of consumers state that they would feel very comfortable using a digital-only provider to meet their payment needs.

The report comes as the Mexican government is drafting details of its FinTech law to regulate the sector, recently publishing secondary legislation for public consultation.

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