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Fintech in Mexico: top player and future challenges

fintech mexico

Over time, the relationship between financial companies and technology has been evolving. These financial companies, witnessing that most payment services and financial processes can be migrated to digital and automatic services, have decided to continue investigating more and more along that path.

And Mexico is at the forefront of that movement. In this blog piece we’ll discuss the issues behind Mexico’s push within this community and industry, as well as some of the most successful fintech in the region as of 2022.

Fintech in Mexico

Currently, in Mexico, Fintech companies are in a process of embracing tech and innovative digital services, creating more and more opportunities, and creating attractive financial products. The pandemic has spurred the process by galvanizing the digital revolution and pushing the model forward.

Brazil as of 2022 is the Latin America country with the most amount of registered Fintech but Mexico is not far behind, it is the second nation with the most Fintechs - competing to dominate the region and sidelining Brazil in the process.

There has been an increase of 16% in Fintech startups as of 2020 — almost yearly increase. As of 2022 there are a total of 512 startups in this field. After the pandemic, growth in user adoption rates have shot up by 59% according to Finnovista, the Inter-American Development Bank.

Challenges for Mexican Fintech

As businesses decide to incorporate digital solutions, they help increase the national economy and the region’s growth. Due to the low level of banking in Mexico - a region where cash is king - most find themselves fighting economic prejudices and digital adoption.

Their past low level of user adoption was related to people's distrust of online financial services. People used to think they were complex and would not serve them. Consequently, uncertainty and rejection cause all progress los stagnate — the pandemic shifted the paradigm and people had no other choice but to embrace the new standard.

With the creation of Fintech, companies managed to take advantage of the pandemic situation and offer users low costs, accessibility, and customization of products and services — right from their home.

Security Problems and User Privacy

User security and privacy are important elements for any business. The constant growth of Fintech companies has drawn the attention of many top sectors and industry leaders— even those dedicated to Cybercrime. The former is currently on the rise.

This translates to companies having very valuable information pools and private data on their clients. Something that they are legally and morally bound to protect at all costs.

Compliance with Government Regulations

Financial services and banking in general are two of the most regulated sectors in Mexico. The Mexican Fintech Law's general objective is to regulate financial technology companies — how they work and who protects data. Corporations have to meet the law requirements to ensure compliance.

Use of cash in Mexico

Mexico's main form of finance, for everyday purchases, is cash. This may result in an issue, given that switching to a digital wallet can be problematic. Subsequently, companies have to create an effective plan and give users clear proposals.

Most successful Mexican Fintech


Kavak is Latin America's largest online commerce company specializing in used automobile retail services. The company was founded in 2016 and is currently worth $4 Billion. Their main offices are located in Mexico City.


Bitso is the number one cryptocurrency exchange platform in Mexico founded in 2014 by Ben Peters and Pablo Gonzalez. Bitso is the first Latin American company dedicated to this field, and one of the few cryptocurrency platforms regulated by Gibraltar Financial Services. Bitso's value is estimated at $2.2 billion.


Clips is a retail platform that allows businesses to accept any payment vehicle, credit or debit card, without the need of a physical bank account. Clips’ value is estimated at $2 billion. It was founded in 2012.


Konfio provides companies with software systems that streamline a business with management tools and other tech solutions. The startup has helped over 40,000 clients and has positioned itself in the top 250 in the world. Konfio’s total funding is $586M. It was founded in 2013.


Kubo is a platform that offers several plans which are customizable to all types of clients — their makeup, criteria’s, and business needs. For example, Kubo offers various savings plans, investment opportunities, debit cards, transfers, and personal loans. Total financing: $38.8M. Founded in 2012.


Clara offers credit card benefits for companies, and small businesses. Within its services they have two product alternatives, a VISA card, which focuses on company expenses, and a second option is called an "infinite" card that is focused on executives and their purchase. Clara is a relative newcomer, having been founded in 2020.