Mexico stands out as a benchmark in the financial technology (FinTech) sector at a global level, with 844 companies currently operating in the country.
This places the country in ninth place among the countries with the highest number of companies globally and second in Latin America, only behind Brazil, where 869 companies operate.
Finnovating, a platform that connects financial technology companies with investors to accelerate their business, presented its FinTech Global Vision 2023 report, highlighting that of the total number of companies operating in Mexico, 516 are domestic, and the rest are platforms from abroad.
According to Finnovating’s report, the United States tops the list with 5,730 fintechs, followed by the United Kingdom with 2,439, India with 1,512, Canada with 1,376, Germany with 978, Spain with 977, France with 903, Brazil with 869, Mexico with 844 and Singapore with 649.
According to the report, the 20 countries with the most fintechs in their territory represent 50% of the size of the global ecosystem.
In Latin America, Mexico has the second highest number of fintechs in the region, only behind Brazil with 869, followed by Colombia with 642, Argentina with 452, Chile with 361, Peru with 291, and Ecuador with 131.
The report also highlights that Mexico ranks 9th among the countries with the most local fintechs, showing the capacity to create this type of company.
One of the items measured in the Finnovating report is maturity, which is the number of active fintechs per million population in a country.
“When we talk about fintech companies, we should consider not only the number of fintech companies active in a country but also the number of companies according to the size of the country, so we can also analyze their maturity index.”
“To do this, in our study, we analyzed the number of active fintechs per million inhabitants, and the results are exciting,” explained Rodrigo García de la Cruz, CEO of Finnovating.
In this regard, Mexico is outside the top 25 countries that generate more fintechs per capita, as the list includes countries such as Estonia with 238 active fintechs per million inhabitants, followed by Singapore with 127, Switzerland with 69, Ireland with 60, Israel with 55, Latvia with 41, Nigeria with 41, the United Kingdom with 36, Sweden with 35 and Lithuania with 34.
According to Finnovating, the countries on this list can be considered “the most digital and with the most flexible regulations,” which is why Mexico is not on the list despite a law regulating electronic payment and crowdfunding institutions that went into effect in 2018, which approved 49 platforms out of a total of 157 applications.
“An analysis that shows the consolidation of the fintech ecosystem worldwide and the overall growth in 2023,” García de la Cruz said.