Structural digitization gaps in Latin America's business sector will likely lead to long-term value for fintechs providing the necessary infrastructure, according to U.S. growth equity firm Riverwood Capital.
Mercado Pago, the fintech arm of Latin America e-commerce giant Mercado Libre, reported a significant milestone in its fintech business.
Pagbank reported 30 million customers, a 19% increase from 24.8 million a year earlier, now among Latin America's largest neobanks.
Banking-as-a-Service (BaaS) is growing in popularity in Latin America and is expected to surpass $2 billion in market size this year.
Open Finance turns three years in Brazil, and data shows it is growing at a steady pace, with over 40 million consents granted by users.
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Open finance is growing fast in Brazil, with progress in regulation paving the way for new opportunities for local fintechs.
Nubank, the largest neobank in Latin America, nearly doubled its revenue in the first quarter to $1.6 billion, up 87% year-over-year.
Brazilian fintech Koin announced a partnership with U.S. payments giant Mastercard to advance Buy Now, Pay Later in Latin America over the next five years.