FinTech payment and loans lead the ecosystem in Latin America

Melissa López
December 6, 2020

Currently, 1,075 Fintech companies are identified in Latin America, which rebounded in the market in the context of the pandemic, however, payment and credit platforms top the list according to Korefusion.

Korefusion divides FinTechs into 12 categories and 45 subcategories, highlighting the competitive advantage that FinTechs have with the multiple services it offers.
The payment FinTechs total 296 with a collection of US $ 4.02 million within this stand out: the Brazilian Pagseguro, NuBank, Ebanx, and Stone.

One of the sectors where FinTech has stood out the most is the payment means to market, offering a variety of faster, more efficient, and more accessible financial products and services to a sector that until now had been excluded from traditional banking.

In Costa Rica, Antit, a FinTech product developer, has within its portfolio applications such as Pei, which allows not only payment of services, but also money transfers between accounts and even requests to third parties from the same place.

Also, there are the FinTech loans that total 228 with a collection of US $ 1.95 million; In this category is the Mexican Konfío, which specializes in SME loans, with a total financing amount of US $ 450.9 million.

Two other categories in which more FinTech are grouped are those of business financial management, which has 168 units; and the service that has 69 units.
Similarly, Brazil continues to lead the market with more than 489 FinTechs and capital raised that reaches US $ 6.2 billion, followed by Mexico with 249 and a raised capital of US $ 1.3 billion.
Likewise, the third place is occupied by Colombia, which already has 128 with a capital raised of US $ 284.5 million; then Argentina with 118 and the US $ 295.9 million and Chile, with 82 and a capital raised of US $ 11.8 million.
Brazil represents 76% of the US $ 8,130 million that Latin America has, Mexico represents 16%; Argentina and Colombia 4% each and Chile, 1%. Among the main benefits that FinTech stands out are a greater democratization of financial services, cost reduction, user-centric with simple interfaces that facilitate their use and help transparency and user education.

Costa Rica ranks as the fourth Latin American nation with the highest percentage of financial inclusion, having 68% of its adult population with a bank account.
Antit is a mobile development company specialized in Minimum Viable Product (MVP) and Time-To-Market (TTM) products, which was founded in 2015 taking advantage of the highly qualified resource that our country offers to enter the FinTech world.

The FinTech sector is an emerging market that is booming every day by making use of technology as a mechanism to innovate in the financial sector.