WealthTech apps drives Mexico’s FinTech market toward financial freedom

  • Mercado Pago, the online payment platform for MercadoLibre, was the most downloaded application in Mexico in 2021 collecting an estimated 5.9m downloads. It continued this momentum, being the most downloaded FinTech app thus far in 2022. Mercado Pago offers users an all-in-one interface with money transfer, recharge abilities, and a line of credit all available on their smartphones.
  • WealthTech and PayTech have taken over the Mexican FinTech market, specifically penetrating the low levels of financial inclusion and credit lines. With digital banking and transactional services, apps like PayPal and Klar have led the movement toward financial freedom in Mexico.
  • With more than 500 FinTech startups, Mexico has propelled itself to one of the largest FinTech markets in Latin America seeing a large emphasis on PayTech and WealthTech. With nearly a third of the country still considered “unbanked” and with FinTech investment experiencing a 69% CAGR from 2014 to 2019, the need for mobile banking and transactional services persists, signifying growth for ensuing years.

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

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