Colombia’s fintech sector reached 294 startups in 2024, while Mexico reported 234 new Mexican-origin companies.

Finnovista’s report on Colombia indicates that of the 169 foreign fintech firms operating in Colombia, 50% are Mexican, comprising 29% of the market. Chile and the U.S. follow with 20% and 18% respectively, positioning Mexico as the leading foreign player in Colombia’s fintech landscape.

Colombian fintechs have also made inroads into Mexico, with 16% of fintech firms in Mexico being Colombian. Finnovista emphasizes this relationship’s dynamism and the international expansion capabilities of both countries’ firms. Over 63.4% of Colombian fintechs have gone international, though scaling operations abroad remains a major challenge.

Andrés Fontanto of Finnovista highlights the vibrant connection between the Mexican and Colombian markets, noting the significant growth and cross-border opportunities for fintech firms in Latin America.