Fintech in Mexico - statistics & facts

Fintech adoption in Mexico

Mexico does not only provide a marketable population, but also one willing and ready to benefit more from fintech. Each consecutive year, the number of fintech users in the country rises, and by 2023, nearly 97 thousand people in Mexico are anticipated to utilize such services. By that point in time, practically all of those users are expected to take advantage of specifically the digital payment segment of fintech, rather than alternative lending or personal finance. As of 2020, online banking, or sending transfers via the websites of banks instead of through bank apps and terminals, was the most common form of digital banking among the Mexican population.

Kings of Mexican fintech

Out of the leading Mexican fintech startups, Konfio, an online banking and software tool provider, raised the most funds as of February 2021, with a value of approximately 461 million U.S. dollars. In comparison Kueski, a platform focused on instant loans, raised only about 38.8 million dollars. Nonetheless, Kueski has been more than busy, as the amount of loans granted through the fintech startup has skyrocketed from around 200 in February of 2017 to 3.5 thousand in the final month of 2020. The interest in this Mexican online instant loan service is only further apparent considering the 1.3 million website visits Kueski received in January 2021 – an amount nearly four times larger than Konfio’s site views.

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