Salt Lake City-based Galileo has just announced that its open for business in Mexico City as a wave of investments washes over Latin American FinTech companies.
Galileo is global payment platform used by FinTech, financial services and investment firms around the globe now aims to do the same to a new clientele in Mexico City.
“As of May 2019, Mexico was the leading Latin American country in number of FinTech startups, with 394 new companies working on financial technology solutions,” said Tory Jackson, in-country manager for Mexico for Galileo. “The Mexican market presents incredible opportunities that our fintech solutions can answer. Our new office is the base to facilitate the success of our local and international partners that are addressing Mexico’s expanding payments needs.”
Latin American FinTech is quickly coming into its own. Having only attracted $89.8m in investment in 2014, the first six months of 2019 smashed that figure with a whooping $2.15bn invested in the region during that time, according to FinTech Global’s data.
While Mexico attracted 20% of that investment, it seems like the big wave is happening in Brazil, which drew in 45% of the total cash injected into the region during that period.
Brazil is the home to the second most well-funded FinTech company in the region: the challenger bank Nubank. The digital lender raised a huge $400m Series E round in July last year and in January it revealed that it had over 20 million customers on its books.
The region’s most well-funded FinTech company is the Argentinian e-commerce platform MercadoLibre, which has raised over $2bn in total.
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