Market Overview

The Latin America fintech market reached a size of USD 13.14 Billion in 2024. It is projected to grow robustly at a CAGR of 15.90% during the forecast period 2025-2033, reaching USD 49.58 Billion by 2033. The growth is driven by increasing digital banking adoption, smartphone penetration, and supportive regulations such as open banking frameworks that boost financial inclusion across the region.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Latin America Fintech Market Key Takeaways

• The Latin America fintech market size was USD 13.14 Billion in 2024.
• The market is expected to reach USD 49.58 Billion by 2033 at a CAGR of 15.90% during 2025-2033.
• The number of fintech startups in Latin America and the Caribbean surged by over 340% from 703 companies in 2017 to 3,069 companies in 2023 across more countries.
• Digital banking profitability increased notably, with Brazil’s digital banks’ ROE rising from 11.45% in December 2023 to 19.1% in June 2024, outpacing traditional banks.
• Cryptocurrency use has surged recently, with stablecoins constituting nearly 90% of crypto flows mainly for international transfers.
• Neo-banks and digital wallets expanded rapidly, providing improved financial services to unbanked populations across Brazil, Mexico, and Colombia.

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Market Growth Factors

The growth of fintech companies in Latin America is driven by the emergence of digital banks and embedded finance, as well as financial inclusion, the penetration of smartphones, and the demand for integrated financial services. According to the Central Bank of Brazil, the return on equity of digital banks increased sharply due to lower provisioning and higher levels of operating leverage in early 2024. Prominent digital Brazilian banks include C6 Bank, Banco Inter and Nubank. Embedded finance creates new entry points for customers to use fintech applications in e-commerce marketplaces and ride-hailing applications. Governments encourage open banking frameworks to increase competition and the number of financial services available.

Cryptocurrency and blockchain technology are contributing to this growth. High inflation and currency devaluation in several countries (e.g. Brazil, Argentina, and Mexico) have also driven the uptake of crypto for remittances, savings and payments. With stablecoins, Brazil's fintech industry is growing, but almost 90% of crypto flows are used for cross-border remittance, which poses regulatory difficulties. In Brazil, blockchain applications are being used for remittances, smart contracts and decentralized lending platforms in reducing costs and improving security. Additionally, central bank digital currency frameworks and crypto wallets developed by fintech companies have stimulated innovation across Latin America.

Neo-banks and digital wallets are a newer type of financial services company that cater to young and/or underbanked customers with a mobile-first approach by offering a digital experience, faster onboarding with lower barriers to entry and less complexity. Popular digital wallets including Nubank, Mercado Pago and Ual\u00e1 have driven changes regarding how consumers are paying in their core markets such as Brazil, Mexico and Colombia increased by COVID-19 and the rise of cashless transactions, and have forced companies and banks to adopt more technology. Regulatory support for financial inclusion may also encourage the growth of Latin America's financial technology sector.

Market Segmentation

The Latin America fintech market is segmented on the basis of deployment, technology, application, and end user.

• Deployment:
• On-premises: Deployment of fintech solutions hosted and operated within the premises of clients or organizations.
• Cloud Based: Use of cloud platforms to deploy fintech services allowing flexible and scalable access.
• Technology:
• Application Programming Interface: Technologies enabling software applications to communicate and interact.
• Artificial Intelligence: Application of AI for automation and smarter financial services.
• Blockchain: Distributed ledger technology used in cryptocurrency and secure transactions.
• Robotic Process Automation: Automation of repetitive financial tasks through software robots.
• Data Analytics: Analysis of financial data to derive insights and improve decision-making.
• Others: Additional emerging technologies used in fintech innovation.
• Application:
• Payment and Fund Transfer: Solutions focusing on digital payments and transfer of funds.
• Loans: Platforms facilitating lending and credit services.
• Insurance and Personal Finance: Technologies supporting insurance underwriting and personal financial management.
• Wealth Management: Tools and platforms for investment and asset management.
• Others: Other miscellaneous fintech applications.
• End User:
• Banking: Financial services and products for banks and their customers.
• Insurance: Fintech services tailored for the insurance industry.
• Security: Solutions ensuring security and fraud prevention in fintech.
• Others: Various other end user segments.

Regional Insights

Brazil leads the Latin America fintech market with significant growth indicators such as rising digital bank profitability and extensive fintech startup activity. Key markets include Mexico, Argentina, Colombia, Chile, and Peru. Brazil's central bank highlighted the superior return on equity for digital banks in the first half of 2024, and the country's fintech ecosystem embraces innovative payment systems like Pix integrated with crypto technologies. This leadership positions Brazil as the dominant regional fintech hub in Latin America.

Recent Developments & News

In July 2025, Thredd partnered with Puerto Rico-based Payblr to facilitate fintech expansion in Latin America and the Caribbean by providing modular payments technology and cross-border issuing expertise. In April 2025, Nu Holdings, the parent of Nubank, expanded its footprint across Latin America, reinforcing its mission for inclusive financial access despite regulatory challenges. In March 2025, Prometeo launched a Borderless Banking platform improving fintech operations between the US and Latin America through integrated banking systems and real-time tracking. February 2025 saw Brazilian fintech Juca expand to over 3,000 points of sale, enabling FGTS Advance loans with API integration for seamless retailer involvement. In December 2024, Fiserv, Inc. launched Clover, Brazil's first multi-acquirer ecosystem offering integrated payment solutions for business operations.

Key Players

• C6 Bank
• Banco Inter
• Nubank
• Thredd
• Payblr
• Nu Holdings
• Prometeo
• Juca
• Fiserv, Inc.

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