Mexico´s fintech industry bolstered by 125 new companies in 12 months
Source：Finnovista
From：Taiwan Trade Center, Mexico
Update Time：2018/09/25
“Fintech Radar Mexico”, Infographic taken from Finnovista’s study.
Mexico´s Fintech industry is growing at its fastest pace ever, with as many as 125 new startups joining the industry in the past 12 months alone.
The Mexican ecosystem is currently 2.5 times larger than Colombia (the 3rd fintech ecosystem in the region with 124 startups), over 3 times larger than Argentina and over 4 times larger than Chile, according to recent study by startup accelerator Finnovista.
Lack of access to banks and an increasing number of smartphones have been the key drivers of the fintech boom in Mexico, with the newly-introduced fintech law opening the door for a wide range of fintech solutions.
Among the major players in Mexican market are: smartphone banking service Albo, mobile phone credit card reader provider Clip, peer-to-peer lender Kubo Financiero and micro-lender Kueski.
Mexico City is home to 61% of the country´s startups, followed by Guadalajara at 9%, Monterrey with 6%, Merida with 4% and Puebla with 2%. In the survey, 83% of companies claimed to be operating only in Mexico, while 17% confirmed operations beyond national borders.