The FinTech trade is flourishing in Colombia, with an expansion of 120% each year and investments of more than $1 billion in the past three years, according to a report from the FinTech Times. Brazil is the fifth-largest FinTech market worldwide, earning more than 70% more investment in 2020 than in 2019, according to the report. The countries’ success is helping to align Latin America’s FinTech advancements with Asia and the U.S., according to the article.
Since the COVID-19 pandemic, online banking services and FinTechs have overwhelmingly set up shop in Colombia, making the country the third-largest FinTech epicenter in Latin America after Brazil and Mexico, according to PYMNTS.
In addition, a recent study found that 40 percent of Colombian consumers are purchasing products digitally, with eCommerce sales anticipated to reach $6 billion to $8 billion by the end of 2022, according to PYMNTS.