COLOMBIA: THE NEXT FINTECH HOTSPOT IN LATIN AMERICA
Covid-19 was the spark that kicked off a revolution and strengthened Colombia’s position as third most important Fintech ecosystem in Latin America. Now is the time to tackle this window of opportunity.
Colombia has been ready for a Fintech revolution for quite some time. With a large informal economy neglected by the financial system and a large, highly connected but underserved population, it offered the key ingredients for this to happen. Yet until recently, other ingredients were missing: e-commerce and digital payments were underused for consumers’ fear of being scammed, venture capital was hardly available to Colombian startups, and there was no startup ecosystem with the know-how to form and support budding entrepreneurs.
Learn more about how the pandemic accelerated the growth of the country's fintech industry: Fact Sheet COLOMBIA
PERU: A MARKET WAITING TO BE DISCOVERED
Peru ranks 6th in Latin America in terms of the number of Fintech startups and the importance of its Fintech ecosystem. In Fintech, the country is still ways behind the regional heavyweights Brazil and Mexico, as well as other medium-sized economies like Chile, Colombia and Argentina.
Yet, Peru has many of the key ingredients that favor Fintech solutions:
- A large informal and underbanked sector (>70% of the workforce and >90% of SMEs)
- A financial system dominated by a few legacy banks
- A large, young population of digital natives
Learn more about Peru's fintech ecosystem: Fact Sheet PERU