Latin America accounted for 3% of new FinTech unicorns in 2021. Although Mexico registered the most unicorns in 2021 the highest valued spot was taken by Ualá, a digital bank headquartered in Buenos Aires, Argentina. Ualá is currently available in Argentina and Mexico and in January this year announced its expansion into Columbia. Overall Mexico is leading the FinTech charge in Latin America and accounts for nearly 20% of FinTech investment in the region. The country’s FinTech opportunity is boosted by the tech hub in Guadalajara while 40 million people, around a third of the population, are unbanked. Mexico is also the only country in Latin America to approve specific FinTech regulation which covers digital payments and the crowdfunding sector. This regulation will allow FinTech companies to obtain a license giving them opportunity to expand their services in the country.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global
