Mexico’s Fintech Industry is Moving ForwardBy Sofía Hanna | Thu, 04/29/2021 - 10:28
Mexico won second place in the attraction of resources for fintech companies in Latin America, according to the latest LatamFintech Hub report. In other news, María Teresa Arnal, Director of Stripe in Latin America, will be the new President of the Fintech Association Mexico for the period of 2021-2022.
The LatamFintech Hub report announced that Mexican fintech companies obtained a total investment of US$567 million, almost 20 percent of what was collected by all fintech companies in Latin America, reports Informador. Brazil came in first place followed by Mexico, Uruguay, Colombia, Chile, Argentina, Ecuador, Puerto Rico, Panama and Paraguay. The report mentions that companies such as Alpha Credit and Credijusto helped raise a large part of the final capital.
During the first months of 2021, fintech companies in the country have collected US$1,294 million through 90 investment rounds. This represents a 190 percent growth compared to the same period in 2020, setting the sector to an excellent start, according to Informador.
Also, this year the Fintech Association Mexico named María Teresa Arnal as its new President. In an article in El Economista, Arnal says that “This year will be critical for the Fintech Association Mexico. Our companies’ work has never been more relevant and we must take the necessary steps to meet the needs of the Mexican economy as it emerges from the pandemic and compete to be part of the digital century. We continue to mature and integrate into the ecosystem of financial institutions in this regulated and systematic sector.”
One of the objectives of the association is to promote collaboration, dialogue and cooperation with government agencies so that Mexico achieves greater financial inclusion and economic growth. An official statement from the association mentioned that “In this historical moment, we have seen the importance of innovation and technology in addition to working together. The changes in the financial sector that were accelerated by the pandemic underscore the importance and functions of a strong association like the Fintech Association Mexico.” During 2021, collaborations from Mexico’s fintech sector could exploit technology’s potential to improve the national economy and financial services for companies, as well to continue to position the country as a good investment destination.