Mexico´s Fintech Market
El mercado Fintech en México está compuesto por más de 500 empresas, muchas de las cuales comenzaron antes de la ley fintech de México, que se publicó en 2018. El objetivo principal de la Ley Fintech fue regular y supervisar el funcionamiento, la organización y las funciones de las empresas Fintech para proteger a los usuarios y consumidores y evitar el lavado de dinero.
How many startups were there in Mexico? Finnovista, last published in March 2020, recognized 441 Mexican Fintech startups. Most of the startups are focused on lending and payments. The new Fintech revolution has been led by startups that focus on technology and provide new services that are flexible, low-cost, and accessible to all through mobile devices.
Covid 19 highlighted the need for new financial products, especially mobile applications, that allow users to make transactions from anywhere and at any time. The Mexican banking sector needs to provide digital solutions to its customers as Fintechs have done.
In the Fintech Termómetro report, generated in 2019 by Banco Santander, the Endeavor organization, the British Embassy in Mexico, Finnovista and Google, they state that the annual FINTECH transaction volume is equivalent to 6.8 billion pesos, with 4.7 million registered users. The report indicates that the most typical company in the FINTECH sector has the following characteristics: it was founded about 3 years ago and has $105,000 in annual revenue, nine employees, and $230,000 in capital.
Fintech startups operate in the following 12 categories:
Blockchain; crowdfunding, cryptocurrencies, digital banking, business financial management, lending, payments, personal financial management, remittances, scoring, identity and fraud, and wealth management. Most are located in Mexico City, which has become Mexico's fintech hub (Finnovista). Constant innovation: New technologies and business models emerge every day.