Fintech industry increases its presence in Latin America
The Inter-American Development Bank published a study showing that in 2021 the fintech industry added 2,482 companies
The number of fintech platforms in Latin America and the Caribbean doubled in the last three years to reach 2,482 in 2021, which represents almost a quarter of these companies worldwide, with 22.6 %, according to the latest study published by the Inter-American Development Bank (IDB).
The report, prepared jointly by the IDB, IDB Invest and Finnovista, explains that the growth of the Latin American and Caribbean ecosystem is due to a growing demand for financial services that are not being covered by traditional banking, as well as the impact left by the pandemic.
In this framework, investment in “fintech” in the region led the number of “venture capital” operations during 2021 and accounted for 39 % of the capital invested in Latin America and the Caribbean in 2021.
“Even though the prospects for recovery for Latin America are not yet very clear, the fintech sector is currently experiencing a stage that could be categorized as exuberant,” said the managing partner at Finnovista, Andrés Fontao.
By country, Brazil continues at the top in the region with 31 % of the total and 771 firms, followed by Mexico (21 %), Colombia (11 %), Argentina (11 %) and Chile (7 %).
K. Tovar
Source: Eldinero
