Why Brazil’s FinTech Sector…
- According to Finnovista, Brazil is home to the largest number of FinTech startups in Latin America
- Brazil ranks highest in EY’s 2017 FinTech Adoption Index for all of Latin America in
- Money transfers and payments
- Financial planning
- Savings and investments
- Borrowing
- The number of startups in the sector has tripled in the last two years, according to Brazil’s FinTech association ABFintech
- “In Latin America and Brazil, a lack of banking services, high demand for credit and historically high interest rates have created a boom for entrepreneurs and investors seeking to develop FinTech market leaders. Thus, the impact from FinTech disruption is expected to be greater in Brazil than in many other countries because of its highly concentrated banking sector.” Financier Worldwide
- Although 85% of Brazilians live in cities, 40% remain excluded from traditional banking systems