Fintech in Latin America and the Caribbean: A consolidated ecosystem with potential to contribute to regional financial inclusion

Published by the Inter-American Development Bank (IDB) and Finnovista, this comprehensive analysis reveals remarkable growth in the fintech sector, with the number of startups increasing by 340% from 703 in 2017 to 3,069 in 2023 across 26 countries. The report highlights the sector's consolidation and progress towards long-term stability, with Brazil, Mexico, and Colombia leading in the number of fintech ventures. It identifies key challenges such as scalability and access to financing, while emphasizing the potential of fintech to address financial inclusion gaps in the region. The study also examines regulatory developments, market trends, and investment patterns, noting that fintech continues to attract the largest share of venture capital in the region despite a recent decline. This report serves as a crucial resource for policymakers, investors, and industry stakeholders, providing insights to drive informed decision-making and foster a supportive environment for fintech innovation in Latin America and the Caribbean.