Latin America Fintech Market Growth Drivers, Forecast, Share and Analysis Report 2033

Market Overview

The Latin America fintech market size reached USD 13.14 Billion in 2024 and is anticipated to grow to USD 49.58 Billion by 2033. The market is expected to exhibit a compound annual growth rate (CAGR) of 15.90% during the forecast period of 2025-2033. Growth is driven by factors such as rising digital banking adoption, widespread smartphone usage, and supportive open banking regulations.

Study Assumption Years

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

Latin America Fintech Market Key Takeaways

• Current Market Size (2024): USD 13.14 Billion
• CAGR (2025-2033): 15.90%
• Forecast Period: 2025-2033
• The number of fintech startups grew by over 340% from 703 companies in 18 countries in 2017 to 3,069 companies in 26 countries by 2023.
• Digital banking and embedded finance are expanding, with digital banks outperforming traditional banks in profitability.
• Cryptocurrency and blockchain-based services are rising, especially in Brazil, Argentina, and Mexico, with stablecoins comprising nearly 90% of crypto flows.
• Neo-banks and digital wallets have surged, increasing financial inclusion and pushing traditional banks to modernize.
• Governments are promoting open banking frameworks to enhance competition and access.

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Market Growth Factors

Digital banking and embedded finance are driving the rapidly growing Latin America fintech market. Financial inclusion, smartphone penetration, and demand for ease of financial services are supporting the growth of digital banking in the region. As of June 2024, Brazil's digital banks had an ROE of 19.1% in the domestic market, up from 11.45% in December 2023, greatly higher than that of customary banks. Digital banks such as C6 Bank, Banco Inter and Nubank also benefited from reduced provisioning and operating costs. In addition, demand for embedded finance increased, which allowed the distribution of financial products within e-commerce and ride-hailing platforms.

The cryptocurrency and blockchain-based financial product markets are rapidly growing in Latin America, driven by high inflation and currency depreciation, as well as the rise of decentralized finance. Countries such as Brazil, Argentina, and Mexico are seeing growth in crypto transactions for remittances, savings, and payments. According to the President of the Central Bank of Brazil Gabriel Galipolo, cryptocurrency usage increased in Brazil over the past two to three years, with 90% of flows being stablecoins, including those backed by credit like Brazil's Drex, connected to cross-border systems like the Pix instant payment system, and with regulatory frameworks for cryptocurrency and CBDC systems in development.

Neo-banks and digital wallets have emerged as mobile-first, inexpensive, and fast alternatives to banks for the unbanked and underbanked, particularly after the COVID-19 pandemic accelerated digitization. Digital wallets and mobile payments are widely adopted in Brazil, Mexico and Colombia. Digital financial services companies such as Nubank, Mercado Pago and Ual and fintechs are attracting millions of new users and changing the way consumers pay for products and services, forcing customary banks to accelerate their digital transformation. Strong smartphone penetration and favorable financial inclusion regulations support the persistent growth of this sector.

Market Segmentation

Deployment Insights

• On-premises
• Cloud Based

The market segmentation by deployment includes both on-premises and cloud-based solutions, illustrating the options available for fintech infrastructure within Latin America.

Technology Insights

• Application Programming Interface
• Artificial Intelligence
• Blockchain
• Robotic Process Automation
• Data Analytics
• Others

The technology segment covers various cutting-edge technologies such as APIs, AI, blockchain, robotic process automation, and data analytics that support fintech innovations.

Application Insights

• Payment and Fund Transfer
• Loans
• Insurance and Personal Finance
• Wealth Management
• Others

Applications span payment and fund transfers, loan offerings, insurance and personal finance services, wealth management, and other fintech services.

End User Insights

• Banking
• Insurance
• Security
• Others

End users of fintech solutions are categorized into banking, insurance, security, and others, showcasing the breadth of fintech adoption across sectors.

Regional Insights

Brazil, Mexico, Argentina, Colombia, Chile, Peru, and other countries form the core regional markets. Brazil notably leads fintech growth, evidenced by industry data such as the profitability metrics of digital banks. The report indicates a large rise in fintech startups from 703 in 18 countries (2017) to 3,069 in 26 countries (2023), highlighting regional expansion. The region benefits from regulatory backing, strong smartphone use, and increasing digital payments adoption.

Recent Developments & News

In July 2025, Thredd partnered with Puerto Rico-based Payblr to enhance fintech expansion in Latin America and the Caribbean by combining modular payments technology with cross-border issuing expertise. In April 2025, Nu Holdings, parent of Nubank, advanced its tech-driven banking presence across Latin America despite regulatory hurdles. March 2025 saw Prometeo launch its Borderless Banking platform for seamless US-Latin America fintech operations. In February 2025, Brazilian fintech Juca announced expansion to over 3,000 points of sale, enabling FGTS Advance loans. In December 2024, Fiserv, Inc. introduced Brazil’s first multi-acquirer ecosystem, Clover, enhancing payment solutions and operational efficiency.

Key Players

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

Customization Note

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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