LatAm fintechs quadruple in past 6 years, with more room to grow [Yahoo! Finance]
Citigroup, Inc. (C)
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Source: Yahoo! Finance
six years in Latin America, a report showed on Thursday, with one expert pointing to more room to grow in the region. The region's fintechs went from 703 in 2017 to 3,069 in 2023, according to the report compiled by the Inter-American Development Bank (IDB) and Finnovista, a fintech development firm. The majority of today's fintechs - 57% - target Latin America's unbanked or "underbanked" population, the report showed. Most fintechs providing services to unbanked individuals offer them loans, according to the report, while fintechs working with small businesses tend to offer payment services. Brazil leads the region in the number of fintechs, representing just under a quarter, followed by Mexico with 20%, Colombia with 13% and Argentina and Chile with 10% each. "One thing that's clear from the reports is the correlation between advances in regulation and the capacity for growth in each country," said Anderson Caputo, the IDB's lead financial sector specialist, in an intervie
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