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The Latin American and Caribbean (Latam) region has become a hotbed for fintech startups in recent years, with massive growth and investment in the industry. So, how many fintechs are there in Latam? Let’s dive into the numbers and explore the factors driving this growth.

In this article, we will explore the number of fintechs in Latam and the countries with the highest concentration of these startups. We will also examine the factors driving the growth of fintechs in the region, as well as the state of the fintech industry in Brazil and Mexico, two of the largest economies in Latam.

Finally, we will discuss the promising future for fintechs in Latam and the opportunities for investors and fintech operators to address underserved markets and provide financial education and access to credit.

How many Fintechs are there in Latam?

The fintech industry in Latam has experienced tremendous growth in recent years, with the number of fintech platforms doubling over the past three years. According to a study by the Inter-American Development Bank, there were 2,482 fintech platforms in Latin America and the Caribbean in 2021.

Countries with the Highest Number of Fintechs

Brazil is the leader in the region, with 31% of the total fintech platforms. Mexico, Colombia, Argentina, and Chile follow Brazil, respectively, in terms of the total number of fintechs in the region. According to Statista, Brazil has the highest number of fintech startups in Latin America, followed by Mexico and Colombia.

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Growth of the Fintech Industry in the Region

The growth of fintechs in Latam has been driven by an increasing demand for financial services not provided by the traditional financial sector, an increased demand for digital financial services due to the COVID-19 pandemic, and regulatory changes. The fintech industry in the region has also been boosted by massive mobile internet usage, government support, and fintech-friendly regulation, creating a huge opportunity for fintech adoption.

According to Dealroom, funding for fintechs in Latam reached nearly $6 billion in 2021, making it the world’s hottest fintech market. Nubank, a Brazilian digital bank, has driven the world’s attention to the Latam fintech scene, becoming the largest challenger bank by the number of users and going public on December 8th at a $50 billion valuation.

The outlook for fintech startups in 2023 remains promising due to high GDP/capita and internet coverage. Fintechs are focused on solving structural problems, and the regulatory landscape is improving, providing opportunities for investors and fintech operators to address underserved markets and provide financial education and access to credit.

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Factors Driving the Growth of Fintechs in Latam

The growth of the fintech industry in Latam can be attributed to several factors. In this section, we will explore the key drivers of growth in the region.

  • Increasing Demand for Financial Services: According to a report by The Fintech Times, fintechs in Latam are focused on solving structural problems and providing financial education and access to credit.
  • Digital Adoption by the Pandemic: Pandemic has accelerated the adoption of digital financial services in Latam that created a huge opportunity for fintechs and digital financial services.
  • Fintech Regulation and Government Support: Governments in the region have recognized the potential of fintechs to drive financial inclusion and economic growth. They introduced policies to support the growth of the industry.

According to SVB, Latin America is becoming a leader in fintech due to the pandemic accelerating digital adoption and increasing demand for financial products. 

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Key Takeways of How Many Fintechs are there in Latam 

In conclusion, the fintech industry in Latam has experienced significant growth in recent years, driven by increasing demand for financial services not provided by the traditional financial sector, the COVID-19 pandemic accelerating digital adoption, and fintech-friendly regulation and government support.

Despite the challenges faced by fintechs in the region, such as :

  • Lack of financial inclusion
  • Regulatory hurdles
  • Limited access to funding
  • Fintech Infrastructure challenges
  • Talent shortages

But the outlook for the industry remains promising. Fintechs in Latam are focused on solving structural problems and providing financial education and access to credit. They are well-positioned to meet the growing demand for digital financial services and drive financial inclusion in Latin America.

Collaboration with traditional financial institutions and expansion into underserved markets are other areas of opportunity for fintechs in Latam.

Fintech Companies Latam


Defi bank focus on improving the financial inclusion for the GenZ. Financial industry doesn’t know anything about Genz and there´s a 2.5B billion market worldwide.

Ubanku, starts being the first step of the financial life for them, with a frictionless marketplace that can save money with a cashback of products and services of the university life, access to micro loans, all this, while they learn about finance, this allow us to create an innovating score system to connect GenZ with other financial products.

Ubanku Website


Creditop is a loan aggregator that processes any credit request by centralizing lenders and connecting customers with their ideal loan.

We have disbursed +$7.5M in mortgages, car and personal loans with a profitable pricing model in each transaction.

Our mission is to improve life quality through credit efficiency in LatAm. Founders:

Creditop Website.


Ini, a SaaS and white label fintech platform that allows any -wannabe fintech-company to scale their own payment network and expand their ecosystem into new markets and territories without losing the core focus of their businesses even when there is no connectivity access.

Inipay ́s IP tech (POS terminals + alternative connectivity) is also an enabler to reach new markets and niches such as events, concerts, stadiums, national parks, tourism and hospitality.

INI Website


Aviva is an AI startup following a unique approach to unsecured and productive credit for the underserved communities in Mexico.

Now imagine you are an unbanked person and all that you need to do for getting your first loan is having a face-time call. They have a great experience building Konfio (Mexican Unicorn). Founders:

Aviva Website


A digital financial services platform for Bolivia, Paraguay, Ecuador and Peru; where the vast majority don’t have access to financial services or are drastically underserved by traditional banks.

Koban allows users to perform an array of financial services including online and offline payments, money transfers, budgeting tools and credit solutions, among other services for consumers and SMBs in the region.

Koban Website.


Zenpli is an infrastructure focused SaaS working on putting a stop to the KYC and fraud challenge in LatAm.

Through 1-single integration, LatAm fintechs and other digital innovators seamlessly onboard more good customers by accessing best-in-class data across all domains and running accurate end-to-end identity decisions supported by advanced models that are hard to spoof.

We’re rolling our product with Mastercard in Mexico in Q4 2022 with the potential to generate ~500k in ARR over the next 12-months.

We’re backed by The Fintech Fund, Ralicap, Amador, Newtopia and world-class angels and advisors from C-level and VPs at Socure, EPAM, Konfío, R2 and

Zenpli Website.


Kashin (YC S22) is Square with working capital for micro-merchants in LATAM.

We control risk with collaborative credit scoring and our vision is to become the primary financial platform for the masses.

Before Kashin, the founders led Cabify, the largest regional Uber competitor, and grew it from 0 to $50m in annual revenue.

Kashin Website


Buy now, pay later without credit cards.

WIBOND is a digital payment method to pay in small installments and without the need of a credit card.

It shows the best payment options according to each customer’s possibilities so they can enjoy their favorite products.

Wibond Website.


Tapi is a Fintech B2B. Next-generation API-first network for billers, partners and their clients to re-envision the way bills get paid in LATAM.

Tapi Website


Z1 is the Brazilian Gen Z neobank, where teenagers and young adults can begin their journey to financial independence.

Through Z1’s banking app, users can send and receive money from parents, employers or clients from their side gigs, as well as spend the money through a physical and virtual card.

Z1 Website


BOTIN is an investment super app and a one stop shop to trade traditional and non-traditional assets; its vision is to make the wealth generation tools of the 1% available to all.

Through its Neo broker stock trading app gives users a simple and direct access to invest in different assets across multiple industries and territories (e.g., ETFs and stocks from USA, real estate, crypto, tokens, and others).

BOTIN is focused in helping 300 million people in Spanish speaking Latin America to protect their savings and have an option for retirement.

Botin Website


YUNO wants to bring to Latin American companies an easy online checkout solution that solves the pain point of managing multiple payment methods, as well as fraud detection tools, which can be costly and painful to manage.

Yuno Website

How many fintechs are there in Latam? Questions and Answers

Who leads the Latam fintech industry in terms of number of platforms?

  • Brazil leads the region with 31% of the total fintech platforms.

What was the total investment in Latam fintechs in 2021?

  • Nearly $6 billion was invested in Latam fintechs in 2021.

How many fintech platforms were there in Latam in 2021?

  • The number of fintech platforms in Latam reached 2,482 in 2021.

What challenges do fintechs in Latam face?

  • Challenges include lack of financial inclusion, regulatory hurdles, limited access to funding, infrastructure challenges, and talent shortages.

How is the fintech industry expected to grow in Latam?

  • The fintech industry in Latam is expected to continue growing, driven by high GDP/capita and internet coverage.

What opportunities exist for fintechs in Latam?

  • Opportunities include increased adoption of digital financial services, collaboration with traditional financial institutions, and expansion into underserved markets.