Talk about fertile ground for fintech companies: In 2014, according to the World Bank, only about half, 51%, of all adults in Latin America and the Caribbean had a bank account, and only 14% had formal savings. Mexico, Peru, Chile and Colombia, collectively the hot spot of recent economic development in Latin America, have about 200 million people.
A host of companies recognize the opportunity, including many from elsewhere in the world that are expanding into Latin America. One of those is Fintonic. a personal finance app that has 350,000 users in Spain. Founded in 2008, it is leveraging its success — and the Spanish language advantage — to open an office in Chile, with expansions soon to come in Mexico and Colombia.
I talked to Fintonic’s founder Sergio Chalbaud, earlier this month about the landscape for fintech companies in Latin America. Fintonic reminded me of Mint.
Fintonic isn’t the only company that realizes the potential of Latin America. Problems in Brazils’ economy are overshadowing the promise in the rest of continent in some American eyes. But the five Pacific Alliance members (the countries mentioned above plus Costa Rica), with a collective GDP of $2.2 trillion, are expected to grow 3.3 percent in 2014, and 4 percent in 2015. And the finance sector is likely to be at the forefront of that growth. It’s worth noting, for instance, that the number of adults in Latin America with bank accounts is up to 55% from just 39% in 2011; things are changing fast.
Read more >>> http://www.forbes.com/sites/elizabethmacbride/2015/08/30/7-emerging-fintech-players-in-top-latin-american-markets/?utm_campaign=yahootix&partner=yahootix