As Mexico's financial landscape becomes increasingly digital, we map out 80+ fintech startups operating in the country — across payments, lending, insurance, banking, and more.
Like much of Latin America, Mexico is seeing an uptick in financial innovation — especially around digital payments.
Currently, cash still accounts for 90% of consumer transactions in Mexico, and Mexico’s population is substantially underbanked: only 47% of adults between 18 and 70 years old have a bank account, according to data from the National Survey of Financial Inclusion.
But the landscape may be changing. Earlier this year, the Mexican government launched a digital payment system: Cobro Digital Systems (CoDi). Built by central bank Banco de México, CoDi will allow customers to make payments online and in person through smartphones free of charge using QR codes. Both Amazon and MercadoLibre have approached the central bank about adopting the QR-code-based payments system.
With so much opportunity to modernize payments in Mexico, established financial services players are investing to digitize the nation’s financial system. Initial CoDi bank partners include top banks such as BBVA Bancomer, Citibanamex, Santander, Banorte, Banregio, and Fincomun. Other recent developments include:
- In late 2016, BBVA acquired OpenPay, Mexico’s largest online payment gateway.
- In March 2018, Amazon launched a debit card (Amazon Rechargeable) in Mexico to help encourage shoppers without bank accounts to buy online.
- In July, Uber partnered with BBVA and Mastercard to launch a debit card for Uber drivers in Mexico.
Fintech startups are also starting to emerge in Mexico, and the government recently passed laws to implement UK-style regulation to promote innovation via open banking.
Using CB Insights data, we rounded up 80+ fintech startups operating in Mexico that are leveraging technology to build financial products and services.
This market map consists of private, active companies only and is not meant to be exhaustive of the space. Categories are not mutually exclusive, and companies are mapped according to primary use case. Startups included operate in Mexico, but are not necessarily headquartered there.
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