Mexico's Fintech Sector Projects 86 Million Users by 2027

As of 2024, Mexico is home to nearly 1,000 fintech initiatives, including 773 local companies and 220 international firms, according to Finnovista. The sector has been growing at an annual rate of approximately 20%, with over 70 million users of fintech services nationwide. This number is projected to reach 86 million by 2027.

The country’s fintech industry has become the second-largest in Latin America, trailing only Brazil, according to the “Fintech Radar Mexico VIII Edition 2024” report. The industry’s expansion is largely attributed to a shift toward digital financial services, driven by increased internet penetration—81.2% of the population aged six and older, or approximately 97 million people, now have internet access, according to the 2023 National Survey on Availability and Use of Information Technologies in Households (INEGI). Mobile adoption has also been a key factor, with more than 80 million Mexicans using smartphones.

While fintechs have accelerated financial inclusion by providing alternatives to traditional banking, regulation remains a key challenge. The 2018 Fintech Law established a legal framework for the sector, but gaps persist, particularly concerning open finance and emerging financial models. 

Currently, 84 fintech companies are regulated by Mexico’s National Banking and Securities Commission (CNBV), with additional firms operating under different regulatory models.

According to Moody’s Local Mexico Report, a growing number of fintech firms are seeking banking licenses, particularly under the figure of Sociedades Financieras Populares (Sofipos). This move allows them not only to provide credit but also to accept public deposits, a shift that has intensified competition in the sector. 

Interest rates offered by fintechs in this space have reached as high as 15%, significantly boosting deposit inflows into Sofipos. Moody’s notes that transitioning fintech lenders into fully regulated banking entities would enhance financial system stability by applying the same prudential regulatory framework used for traditional banks. This would also level the playing field for fintechs and banks, fostering fair competition.

The FinTech Mexico association , which represents more than 180 members, has played a pivotal role in shaping the industry’s regulatory landscape. The association focuses on adapting public policies to industry needs, fostering collaboration between startups, corporations, and government institutions, and promoting financial literacy through initiatives such as the FinTech Academy.