Mexico is in the top 10 countries with the largest number of fintech in the world; greater inclusion is needed

Mexico stands out as a benchmark for financial technology (fintech) at a global level, since 844 firms currently operate in the country, which places it in the ninth place of the countries with the largest number of companies globally and the second in Latin America, only below Brazil, where 869 operate companies.

Finnovating, a platform that connects financial technology companies with investors To accelerate its business, it presented its FinTech Global Vision 2023 report, which highlights that of the total number of firms operating in Mexico, 516 are local and the rest are platforms from abroad.

According to the Finnovating report, the United States tops the list with the largest number of fintechs operating in its territory, with 5,730; 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 fintech in their territories represent 50% of the size of the ecosystem worldwide.

In Latin America, Mexico is positioned in the second country with the largest number of fintechs in the region, only below Brazil, with 869 and followed by Colombia, with 642; Argentina, 452; Chile, 361; Peru, 291 and Ecuador, 131.

Likewise, within the report it is highlighted that Mexico is in the ninth position of the countries with the highest number of fintech locales, which shows the real capacity to create this type of signature in a jurisdiction. In this area, the United States stands out, with 4,910 fintech; United Kingdom, with 1,728; India, with 1,233; Canada, with 1,140; Spain, with 664; Germany, with 637; Brazil, with 623; France, with 614; Mexico, with 516 and Singapore, with 488.

But is it enough?

One of the items that the Finnovating report measures is maturity, which is the result of the number of active fintechs per million inhabitants in the country.

“When talking about fintech companies, we must not only take into account the number of those that operate in a country, but also the number of companies depending on the size of that country, in order to also be able to analyze their maturity index. To do this, in our study, we have analyzed the number of active fintechs per million inhabitants and the results are most interesting”, explained Rodrigo García de la Cruz, general director of Finnovating.

In this context, Mexico is out of the 25 countries that generate the most fintech per capita, since in this list are nations such as Estonia, which has 238 active fintech for every million inhabitants; followed by Singapore, with 127; Switzerland, 69; Ireland, 60; Israel, 55; Latvia, 41; Nigeria, 41, United Kingdom, 36; Sweden, 35; Lithuania, 34, among others.

According to Finnovating, the countries that are on this list can be considered “as the most digital and with the most flexible regulations”, so Mexico is left out of said count despite having a law that came into force in the 2018 to regulate the institutions of electronic payment funds and collective funding, for which 49 platforms out of a total of 157 requests have been authorized.

“An analysis that demonstrates the consolidation of the fintech ecosystem worldwide and all the growth that lies ahead in 2023,” said García de la Cruz.