Mexican startups are proving to be an economic success with their disruptive growth. Moreover, they are a clear example of how the fintech ecosystem can generate significant changes in the economy and society. Despite the notable presence of other foreign fintech companies in Mexico, such as Nu, Mercado Pago, PayPal, and Revolut, the country is consolidating as a hub of technological and business innovation in Latin America.
According to a report from the Economic and Commercial Office of the Spanish Embassy in Mexico City titled 'The fintech sector in Mexico (2024)', it is highlighted that Mexico has one of the lowest levels of banking penetration in the region, with only 49% of the population over 15 years old having a bank account. This gap in financial services represents a crucial opportunity for fintech, especially among the young segment of 15 to 19 years, which shows a tendency towards the use of digital services and distrust of the traditional financial system.
According to Finnovista's 2024 classification, the Mexican fintech ecosystem is divided into 11 segments with interesting percentages, such as loans, payments and remittances, technology companies for financial institutions, business finance management, among others. The report also highlights unicorn companies in Mexico that have reached a valuation of over one billion dollars, such as Bitso, Clip, Konfío, Stori, and Clara. Other companies like Kueski, Klar, Sofía, Belvo, and Jeeves are on their way to achieving this valuation as they are considered soonicorns.
