No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeNewsLatin American Fintech Sector Explodes with 340% Growth in Six Years

Latin American Fintech Sector Explodes with 340% Growth in Six Years

The Fintech sector, comprised of companies that use technology for financial services, grew 340% between 2017 and 2023 in Latin America and the Caribbean, surpassing 3,000 startups, according to a study published this Thursday.

Specifically, it went from 703 companies in 18 countries in 2017 to 3,069 in 26 states in 2023, according to a report published by the Inter-American Development Bank (IDB) and Finnovista company as part of the fifth annual FintechLAC meeting held in Bogotá.

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

Brazil remains the country in the region with the highest number of fintech ventures, with 24% of the total, followed by Mexico (20%), Colombia (13%), and Argentina and Chile with 10% each.

The countries that grew the most in this area in the last two years were Peru, with 5.3% of the number of companies, followed by Ecuador (3%) and the 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 press release. At the regional level, the segment that stands out the most is payments and remittances.

Fintech ventures in Latin America “focus on underbanked or unbanked individuals and businesses, which shows the positive impact of this sector on financial inclusion,” the text notes.

Trending Now

Honduras Community Demands Justice in Environmental Murder Case

Three defendants accused of murdering an environmental activist in Honduras 11 months ago appeared before a court this Thursday for a preliminary hearing, the...

Guatemala Prisons Erupt in Violence With Guards and Workers Taken Hostage

Gang members rioted this Friday in two prisons in Guatemala and took several guards and civilian employees hostage, a week after uprisings in which...

President Chaves Downplays Costa Rica’s Security Crisis Amid Record Homicides

President Rodrigo Chaves brushed off concerns about Costa Rica's surging violence during his Wednesday press conference, insisting the security situation "is not as serious"...

Honduras agrees to receive migrants under new US deportation agreement

The US has signed a new deportation agreement with Honduras, allowing officials to send migrants from other countries there instead of keeping them in...

Costa Rica Drivers Face Yearlong Delays as Tárcoles Bridge Undergoes Repairs

Those who frequently use the South Coast Highway, near the Tárcoles river, will have to be more patient.  Repair works have started on the...

In Costa Rica, Rare White-Lipped Peccaries Still Survive

Today we meet the white-lipped peccary, a large animal that travels in large groups that has disappeared from a large part of its historical...
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica