Fintech every week: ¡Explosion in Latin America! 54% Growth, the Web3 Revolution, and Conquest of New Markets
The fintech train in LatAm is runaway! Impressive app growth, the Web3 technology revolution, and bold expansion strategies. Keep up with the vibrant pulse of financial innovation.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startups scene.
Use of fintech apps grows 54% in Latin America
According to the Mobile App Trends 2023 report published by Adjust, the analytics platform used by marketing specialists, fintech applications have continued to grow despite global economic challenges.
According to the Mobile App Trends 2023 report published by Adjust, the analytics platform used by marketing specialists, fintech applications have continued to grow despite global economic challenges.
The study indicates that the installation of fintech apps globally increased by 2% in 2022 and showed a rebound at the beginning of 2023, climbing 6% compared to the previous year and 13% compared to the 2022 average.
The analytics firm highlights that in 2022, the largest growth in the number of sessions of fintech applications occurred in Latin America, with a 54% increase compared to the previous year. This growth was higher than the 40% in EMEA (Europe, the Middle East, and Africa) and 30% in the Asia-Pacific region.
The performance of fintech applications highlights Latin America as a key emerging player in the sector. However, factors such as inflation require adaptation strategies by fintech actors.
Vía Contxto
Quick News
Koywe aims to revolutionize the LatAM fintech industry with Web3 technology. Koywe, the B2B Chilean startup specializing in providing fintech infrastructure, is looking to revolutionize local payments in Latin America and offer better transaction rates and faster settlement times, through web3 technology. Koywe, with operations already established in Chile, Mexico, Peru, and Colombia, is preparing to expand to Brazil and Argentina in the coming days. (Contxto)
Puntored, the Colombian fintech, conquers Mexico with the acquisition of GestoPago. Puntored, the leading Colombian company in digital and alternative payment services, is expanding its reach to the Mexican market through the acquisition of a fintech called GestoPago, a Mexican startup that handles around 10 million monthly transactions and generates annual revenue of approximately $10 million. (Contxto).
Microcredit platforms offering alternatives to “gota a gota” loans. Neocrédito, Empropaz, R5, Imix, Plurall, and dale! are startups or platforms in the traditional banking sector offering microfinance products. Informal “gota a gota” loans increased by over 75% in 2021 compared to 2019 and introduced approximately $22 billion into the formal economy, according to the National Administrative Department of Statistics (Dane) and the Office of the Attorney General of Colombia. (La República)
Fintech Market: Impressive CAGR Projections Highlighting the Rapid Growth Potential in the Financial Technology Sector. The global fintech market is expected to reach USD 936.51 billion by 2030, at a CAGR of 26.2% from 2022 to 2030. The Brainy Insights has prepared a research study on Global Fintech Market 2023 that deals with the precise study of the industry which explains the market definition, classifications, applications, engagements, and global industry trends. The report presents a detailed and clear picture of the evolution of the market for the forecast period from 2023 to 2032. (Open PR).
PedidosYa granted 800 million pesos in credits and follows the path of “super apps.” The company is known for being a delivery app. However, it has added a fintech vertical and introduced financial products to offer to registered users. What is the system like, and what are “super apps” all about? It is a platform model that is gaining ground in Latin America and the world. (Forbes)
Fintech Education
Online Program in Fintech LATAM Senior Management. Through the case method we will learn how the best Fintechs in Latin America are growing exponentially. One of the elements that adds the most value to the program is that the Cases are taught by Founding Partners and CEOs of the most important Fintechs in the region!
Capital markets and key participants. This course explores the economic interaction between financial intermediaries (indirect financing) and markets (direct financing) in the allocation of capital and the creation of investment opportunities.
Blockchain and FinTech: Basics, Applications, and Limitations. The course aims at targeting a wide audience: This course will provide learners a good understanding of the technological, applicability, limitations and "illegal" usage of the blockchain technology.
Food for Thought
Fintech Revolution: The Future of Finance in Latin America?
Technological innovation has disrupted traditional #banking and created #market opportunities for novel financial products in Latin America. Many studies suggest that this region will experience significant growth in the #fintech sector in the next decade. (Ecoanalitica)
Jobs
Product Owner - Credit Card @RecargaPay (expected to work remotely)
Country Manager (Fintech) @PayRetailers (expected to work face-to-face)
Cash Payments Partnership Director @Univision (expected to work face-to-face)