Latin America has 66% more fintech startups than in 2017 – IDB
IDB report also reveals region has a higher proportion of female founders than global average
The number of financial technology startups in Latin America has increased by about two thirds since May 2017, according to an Inter-American Development Bank (IDB) study released recently.
The report, Fintech in Latin America 2018: Growth and Consolidation, is the latest comprehensive study of activity in the fintech industry across the region.
The IDB identified 1,116 fintech startups in the region, up 66% since the organisation’s first report of this kind in 2017. The report also finds that two out of every three of the startups were already in advanced stages of development, and fintech activity has expanded to 18 countries in the region during the period.
Unchanged since the first report, Brazil ranked first, with 380 startups, followed by Mexico with 273, Colombia with 148, Argentina with 116 and Chile with 84.
The study also features regional analysis of gender in fintech startups. It finds that 35% of the startups were founded or co-founded by women. “This figure is well above the global average, estimated at 7%,” the IDB says.
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