Reported 8 months ago
A report by the Inter-American Development Bank and Finnovista revealed that the number of fintech startups in Latin America surged from 703 in 2017 to 3,069 in 2023. The majority, 57%, cater to the unbanked or underbanked population in the region. Brazil leads with nearly a quarter of the fintechs, followed by Mexico, Colombia, Argentina, and Chile. The sector faces challenges in scalability and access to financing, but partnerships with traditional banks are emerging as a solution for growth.
Source: YAHOO