Neobanks are Key Players in South and Latin America Fintech Sector
The digital banking sector in South America has been growing steadily, with now over 30 neobanks in the region. Digital banking platforms currently serve more than 50 million consumers out of the region’s (approximately) 430 million residents, according to the latest data from Dutch Fintech consultancy company Fincog.
However, neobanks haven’t established a meaningful presence in certain countries such as Bolivia, Ecuador, French Guinea, Guyana, Paraguay, Suriname, and Venezuela. These nations, which have been struggling economically, have not yet welcomed their first major, native neobank, the research from Fincog confirms.