The sector of fintech companies in Mexico closed 2022 with 650 companieswhich means an increase of 26% compared to 2021, when 512 were counted, according to data from finnovistaa company specialized in the sector.
During the presentation of the Fintech Radar 2023Fermín Bueno, co-founder of Finnovista, He asserted that said figure spins a five-year growth of technology companies and they hope to add the sixth in 2023.
This optimism is based mainly on the generation of alliances and strategic collaborations with other companies in the ecosystem; the innovation in its sales plans and the improvement of its product portfolio”, said the executive.
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The fintechs that advanced the most in 2022 were those dedicated to loans (42), those for payment (27) and those that provide technology to financial institutions (40). This, due to the interest and rapid adaptation of the Mexican consumer towards digital services.
On the other hand, these categories managed to advance thanks to their innovation, speed, execution capacity and quick decision-making, unlike other participants”, added Mauricio Schwartzmann, country manager of mastercard in Mexico.
In contrast, 46 fintech startup projects exited the market over the past year, indicating that of the 512 active in 2021, 466 managed to stay on the market and 184 new ones were integrated into the ecosystem.
More fintech on the waiting list, sector seeks to internationalize
Regarding the regulations under the Fintech Law in the Republic, Fermín Bueno pointed out that the requests to operate by new technology companies continue to increase. Nevertheless, 40% of them do not require approval as a financial entity.
Almost half of the fintech companies that have requested to operate under the Law do not require regulation, since their main activity is the offer of technological platforms or services. The 60% that need approval operate under different legal schemes,” he said.
According to Finnovista, The main challenge for technology companies in 2023 is to scale their operations and expand into the international market. However, less than half have the funding and structure to do so.
- 39% of firms have access to financing
- 35% of them are about to launch a service
- 10% will seek to strengthen their technological infrastructure
Another of the great challenges of fintech in Mexico is to overcome cyberattacks, protect themselves from them and create new strategies in the matter to continue advancing. In 2022, only 62% of companies claimed to have updated systems to deal with cyber threats.
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