LatAm List – According to the latest Business Insider Intelligence report, five markets are transforming Latin America’s fintech ecosystem into a market estimated to surpass $150B by 2021. Brazil, Mexico, Colombia, Argentina, and Chile are the dominant players in the region’s booming fintech ecosystem.
Latin America’s unbanked populations, as well as the increasingly widespread smartphone and internet penetration, present an enormous opportunity for fintech startups across the region. The report states that in Q2 2019, Latin America’s fintechs secured $481M– a number that surpasses the sums raised by the Chinese ($375M) and Indian ($350M) fintech markets.
As stated in the report, Mexico has the greatest number of fintechs in the region while Brazil is home to some of the most innovative players. Despite its cyclical history of economic booms and busts, Argentina has cultivated a fertile environment for fintechs, and Chile has seen rapid fintech growth over the last 18 months.
Local governments are also recognizing the potential of fintech and financial services in providing widespread financial access and are implementing fintech-friendly regulations.