Although the COVID-19 pandemic is accelerating technology adoption across all industries in Latin America, the financial services sector is experiencing some of the fastest progress. The Fintech sector has been particularly resilient during the crisis over the past year, and its growth may even match or exceed the previous year’s record-setting funding.
A report by Finnovista and the Inter-American Development Bank (IADB) found more than 700 fintech startups in Latin America, over 50% of which were launched between 2014 and 2016. Today the number of fintechs in the region is in the thousands. As more and more solutions emerge to make financial services accessible and affordable for consumers and businesses in the region, the valuation of Latin America’s fintech sector will continue to break new records.