Key LATAM FinTech investment stats for 2024:
- LATAM FinTech deal activity dropped by 65% YoY
- Brazil’s domination of the LATAM FinTech market continued as companies in the country secured half of the deals from the region for 2024
- Celcoin, a leading company in the Banking as a Service (BaaS) financial technology market, secured one of the biggest LATAM FinTech deals for the year with a $125m funding round
LATAM FinTech deal activity dropped by 65% YoY
The Latin American FinTech market experienced a continued decline in both funding and deal activity in 2024 , reflecting broader challenges within the sector.
FinTech companies in the region raised $2.37bn in 2024, a 13% drop from the $2.72bn recorded in 2023 and a 26% decrease from the $3.19bn raised in 2020.
Deal activity saw an even steeper contraction, with only 171 deals completed in 2024, down 65% from 490 deals in 2023 and 78% from 763 deals in 2020.
These decreases highlight ongoing difficulties in attracting investor interest, particularly as funding remains far below the levels seen in prior years.
Brazil’s domination of the LATAM FinTech market continued as it secured half of the deals from the region for 2024
Brazil maintained its leadership in the region, accounting for 87 deals (51% share) in 2024, although this represented a significant 60% decrease from the 218 deals recorded in 2023.
Mexico ranked second with 31 deals (18% share), a 64% drop from its 86 deals in 2023.
Colombia moved into the third position with 20 deals (12% share), replacing Chile, which completed 58 deals in 2023.
The shifting rankings underscore how Colombia has gained prominence in Latin American FinTech activity, even as overall deal volumes declined sharply across the region.
Celcoin, a leading company in the Banking as a Service (BaaS) financial technology market, secured the one of the biggest LATAM FinTech deals for the year with a $125m funding round
The $125m funding round was led by global growth equity investor Summit Partners.
Known for its investments in market-leading FinTech companies like EngageSmart and Corpay, Summit Partners was joined by existing investor Innova Capital and seasoned FinTech executive John Coughlin in this round.
Founded in 2016, Celcoin provides financial infrastructure services for banks, FinTechs, and enterprises, focusing on payments, banking, and lending to enable personalized embedded finance solutions.
With over 400 financial industry customers and more than 5,000 non-financial companies leveraging its offerings, Celcoin’s robust platform processes over 200m Pix transactions monthly.
The new capital will support Celcoin’s expansion plans, further strengthening its leadership position in the BaaS and embedded finance markets, while driving continued innovation.
The investment comes as Celcoin experiences strong momentum, recording $63m in annual recurring revenue in Q1 2024—a 140% increase year-over-year—alongside strategic acquisitions like Galax Pay, Flow Finance, Finansystech, and Reg+.
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