This increase is even more impressive when you consider that it exceeds by 123 firms the 650 registered in the 2023 edition of the Radar.
Learn more about how the fintech sector in Mexico is revolutionizing traditional financial services and its impact on the economy. Keep reading to find out more!
Overview of the Fintech market in Mexico
The fintech ecosystem in Mexico is a driver of innovation and growth . With more than 990 companies operating! it is positioned as the most dynamic in Latin America.
Find out how this trend has evolved in recent years and its current reality! based on a study carried out by Santander! the British Embassy! Google and Finnovista.
New businesses and employment
Since 2015! the field has expanded with over 266 new companies! and over 270 startups have been identified that have moved equity and debt! reaching an impressive amount of $629 million. In the last year alone! over $300 million was mobilized.
This ecosystem not only boosts the economy! but also creates jobs. It is currently responsible turkish whatsapp number for 3!600 direct jobs and benefits more than 4.5 million registered users of its services.
The majority of these companies (56%) are in the 1-10 employee category! followed by 22% with 11-25 employees.
Growing operations
The annual volume of operations in the fintech sector in Mexico amounts to MX $68!409 million! based on 148 financial startups.
However! the Fintech Ecosystem Maturity Index in Mexico (INFIN) is at 48%! which reflects that the sector is in a very early stage of development.
For this assessment! data on marketing! employment! investment! number of operations! active clients! segment and applied technologies were taken into account.
A turn of entrepreneurs
The typical company in this sector is three years old! generates $105!000 in annual comparison of huawei mate 10 and iPhone 10 revenue! employs nine people and has raised $230!000 in capital.
This confirms that the fintech sector in Mexico is mainly made up of entrepreneurs in early stages of growth.
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The Fintech Law
It is important to mention that of the 515 organizations mapped by the National Banking and Securities Commission (CNBV)! around 200 must comply with the new provisions of the “Fintech Law”! which regulates Electronic Payment Fund Institutions (IFPE) and collective financing! allowing
It also establishes strict measures to prevent money laundering and terrorist financing! european union email list as well as to protect consumer rights. The CNBV oversees compliance and can apply sanctions in the event of irregularities! ensuring a balance between innovation and financial stability.