According to Finnovista, Mexico tops the charts in Latin America for the number of fintechs fostering financial inclusion (35%).
In a recent study considering the fintech ecosystem in LatAm, Finnovista also identified Mexico as the second largest market for this industry, following Brazil, with 153 start-ups. The most developed subsectors in the country were payments and remittances, followed by lending services.
By targeting mainly unbanked and underbanked consumers, Mexican fintechs are rapidly eating up market shares from traditional providers and are looking to account for 30% of the banking sector in 10 years’ time. This will hopefully bring more transparency, accessibility and fairness within the Mexican financial industry.