Mexico's fintechs are well placed to drive financial inclusion

  • Mexico ranks fourth in our Fintech Financial Inclusion Scorecard and is the largest fintech hub in LatAm
  • Supportive factors include a young and unbanked population, good internet/mobile phone penetration and high cash usage
  • We highlight 3 fintechs driving financial inclusion: Clip, Konfio and Bitso
Mexico's fintechs are well placed to drive financial inclusion

Mexico is an attractive environment for fintechs to drive financial inclusion. The country ranks fourth in our Fintech Financial Inclusion Scorecard after Vietnamthe Philippines and Egypt.

Mexico is youthful (in a LatAm context), with high penetration rates for mobile phones (90% of the population) and internet access (70%). On the other hand, around half of the adult population is unbanked. Cash utilisation in the economy is also high.

Our Mexican consumer survey suggests Mexican fintechs have stronger growth potential than in other emerging markets, largely due to their ability to service financially excluded individuals.

Latin America's fintech hub

The above factors have made Mexico the largest fintech hub in Latin America, slightly ahead of Brazil, and its ecosystem is still growing rapidly.

The Mexican fintech ecosystem is dominated by payments and lending, which together account for almost two-thirds of the fintech population, while the weighting of insurtech and investech firms is lower than in other emerging markets.

Mexico's fintech ecosystem

Mexico's government is supportive

Mexico’s government is supportive of digital transformation and introduced the Fintech Law in 2018 to regulate payments and crowdfunding businesses and also introduced a framework for open banking.

Since these changes, various neobanks like Albo and Klar have come into existence, bringing innovative products and services to the marketplace and posing a long-term threat to traditional banks.

3 Mexico fintechs driving financial inclusion


Clip enables businesses to accept card and digital payments by providing them with the necessary hardware in a portable form. The technology helps businesses to both increase revenue and gain greater insights regarding the nature of these sales. Clip has so far raised cUS$160mn equity funding via nine rounds. If it continues its positive trajectory it could join the growing ranks of fintech unicorns.


Konfio is a Soft Bank Group company. It provides online loans to small and medium-sized enterprises (SMEs). Through its proprietary technology, Konfio monitors and analyses credit behaviour and other data types to assess borrowers’ creditworthiness, allowing the company to disburse loans within 24 hours. In contrast, traditional SME loans can take months to approve, and require guarantees and collateral. Konfio has plans to broaden its product offering to include loans backed by collateral or guarantees, which would allow it to issue larger loans than its current average ticket of US$20,000.


Bitso is an exchange platform designed to enable seamless cryptocurrency trading. Bitso crossed the 1mn user landmark in 2020. It is the dominant operator in Mexico, with a 95% market share. The company has plans to broaden its footprint elsewhere in Latin America and beyond (it is already active in Argentina).

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