Chile continues to strengthen its position in the fintech sector | Photo: Finnovista.
On October 10th, Santiago de Chile positioned itself as the mecca of financial innovation in Latin America, thanks to the unveiling of the Finnovista Fintech Radar Chile 2023, an event co-hosted with Visa.
It wasn’t just a showcase of pivotal data but also a tangible demonstration of the synergy between major financial institutions, rising Fintech startups, and Finnovista’s integral role as a facilitator of these partnerships.
Numerous leaders and preeminent figures from the fintech arena attended the event, including Manuel Astaburuaga, CEO of Levannta; Vicente Soto Armijo, from Hackmetrix; Belén Sanguinetti from Faaro, among others. The event provided a platform to spotlight Chilean fintech startups revolutionizing the sector. Companies like Faaro, Hackmetrix, and Levannta lead this innovation wave, offering more tailored and flexible financial solutions.
The report presented shed revealing data, highlighting that fintechs in Chile have experienced exponential growth, with an annual rise of 29.5% since 2021, reaching 300 companies. Over half of these startups focus on payments, remittances, financial management, and lending.
On the other hand, an impressive 54.7% already integrate advanced technologies, leading adoption in the region. However, they face challenges, primarily in their international expansion and scaling.
According to a study published by Finnovista in collaboration with the Inter-American Development Bank (IDB) in 2021, Latin America and the Caribbean now boast 2,482 financial technology firms, accounting for 23% of all fintechs globally. Brazil and Mexico stand out as the main drivers of the sector, followed by rapidly growing countries like Colombia, Argentina, and Chile.
In summary, Chile is emerging as a powerful hub for financial innovation in Latin America. The burgeoning fintech ecosystem, venture capital investments, and government support place the country in an enviable position. This recent collaboration between corporations, startups, and critical players showcases the transformative potential when forces unite to reshape the financial landscape.
