The fintech sector continues to grow in Mexico and the Caribbean | Photo: Special
The Inter-American Development Bank (BID) and Finnovista, leaders in the research of the fintech world in Latin America and the Caribbean, have been invited to conduct a comprehensive analysis of the fintech ecosystem in the region. Both organizations have called on fintech startups to contribute to a survey outlining the industry’s current state, with findings to be incorporated into the fourth edition of the main report on the sector, scheduled to launch in the second quarter of 2024.
Finnovista, a pioneer in innovation and venture capital, and the IDB recognize the significance of the perspectives of the startups and entrepreneurs in the region and invite them to share their experiences and visions. The invitation extends from established startups in any fintech sector to those in early stages or newly created.
These collaborative efforts between the IDB and Finnovista will allow for a more transparent and detailed view of the fintech ecosystem’s trends, challenges, and evolutions. Participation in the report also offers invaluable opportunities for the region’s startups, such as access to essential resources, the chance to forge meaningful relationships, and the opportunity to expand their influence in financial development and innovation.
The most recent joint report from these organizations, released in May 2022 and titled “Fintech in Latin America and the Caribbean: a consolidated ecosystem for recovery,” revealed that the number of fintech platforms had seen growth of 112% since 2018, totaling 2,482 by the end of 2021. The upcoming report is expected to continue this trend of providing valuable insights into the state and advancements of the fintech industry in Latin America and the Caribbean.
Moreover, fintech continues to solidify itself as one of the region’s most critical sectors for startups. According to data compiled by Statista, there was a considerable increase in fintech startups in the Americas between 2018 and 2021, rising from 5,686 to 10,755, surpassing other global markets.
Andrés Fontao, co-founder and managing director of Finnovista, emphasizes these efforts’ magnitude and research depth. According to him, the reports require meticulous research methodology and collaboration from various stakeholders, from businesses to regulators and fintech investors throughout the region.
Fontao also mentioned that the upcoming 2024 report focuses on addressing the sector’s impact, sustainability, and inclusion. This report is also expected to align with the Sustainable Development Goals (SDGs) of the 2030 Agenda, thus reflecting the importance of sustainability and inclusion in the evolution of the fintechs ecosystem.
