Celebrating Hispanic Heritage Month #HispanicHeritageMonth
Latin America has become a hub of innovation, especially for fintechs. Since 2018, the number of fintechs in the region has grown by 112% and almost one-fourth of all globally operating fintechs were founded in LatAm, according to the Inter-American Development Bank. The number of unicorns is rapidly growing (there are almost 50 as of Q3 2022) as founders have raised billions in VC investments. In 2021 alone, over $15 billion in funding was captured, the majority of which went to fintechs.
Much of the innovation stemming from the region addresses financial inclusion – a little over a quarter of the population is still under or unbanked and economies are still largely cash-reliant. However, the progress made toward financial inclusion ultimately increases access to financial services for us all.
In short, Latinx and Hispanic founders are helping to define the future of fintech around the world. That’s why, this Hispanic Heritage Month, we’re spotlighting ten exceptional examples of trailblazing fintechs founded by Latinx and Hispanic visioniaries.
- Belvo – (Founders: Pablo Viguera, Oriol Tintoré) Belvo is an open banking solution with the mission to unite users and businesses through financial data, supporting the creation of new, inclusive financial experiences across Latin America. Their far-reaching integrations boost efficiency and fill in the gaps between incumbents and challengers in Brazil, Colombia, and Mexico, supporting use cases such as lending, property technology, and more.
- Bitso – (Founders: Ben Peters, Daniel Vogel, Pablo Gonzalez) Bitso is a Latin American cryptocurrency exchange with global reach and a focus on developing the LatAm crypto ecosystem. They allow users to buy and sell 45 cryptocurrencies, as well as trade, make deposits, and transfer P2P funds locally or internationally. Bitso supports money transfers between over 80 countries and operates in Argentina, Brazil, El Salvador, and Colombia, along with its native Mexico, where the company has facilitated billions of dollars in crypto remittances from the US.
- Brex – (Founders: Henrique Dubugras, Pedro Franceschi) Brex is an enterprise finance management platform based in the US, founded by Brazilian expats. It empowers growing businesses through financial products like digital banking, corporate cards, spend management solutions, expense tracking, and more. Brex’s platform supports global teams using different local currencies and their cards are accepted in 100+ countries.
- Crediverso – (Founders: Charlie Hernández) Crediverso is a money management app that touts itself as the “first banking service made specifically for Latino families.” They aim to bring more Hispanic and Latinx users in the US and abroad into the formal financial system with an easy to use, bilingual platform. Crediverso is building trust and confidence within the community through education, money management tools and other financial services.
- dLocal – (Founders: Andrés Bzurovski, Sergio Fogel) dLocal is a cross-border payments facilitator for SMEs and startups, with a focus on emerging markets. Capabilities include payins, payouts, local issuing, and fraud management for companies who have global customer bases that pay in different currencies. Their platform eliminates cross-border payment complexities while helping companies expand. Founded in Uruguay, dLocal now operates in Latin America, Africa, and Asia.
- Fintual – (Founders: Agustin Feuerhake, Andres Marinkovic, Omar Larre, Pedro Pineda) Fintual is a wealth management app that helps individuals save and invest automatically with low commission fees. Based on the user’s preferences, the platform suggests optimized funds to balance your portfolio and achieve your goals. Operational in Chile and Mexico, Fintual brings a fun spin to investment with actor-inspired fund names like Conservative Clooney, Moderate Pitt, and Risky Norris. For their take on the industry, as well as financial education, check out their publication, El Fintualist.
- Kushki – (Founders: Aron Schwarzkopf, Sebastian Castro) Kushki is a digital payments platform with the mission of connecting Latin America through payments. By making it easier, cheaper, and safer for businesses to send and receive digital payments, the company hopes to help their clients grow faster and boost the digital economy. They also aim to drive adoption of digital payments in a region where cash transactions are often still preferred.
- NovoPayment – (Founders: Anabel Perez and Oscar Garcia Mendoza) NovoPayment is a banking-as-a-service provider that supports financial innovation throughout the Americas on its full-stack, multicurrency platform. The fintech connects the dots between incumbents and disruptors with products like digital banking, card solutions, and payment infrastructure. Headquartered in Miami, they have offices in Mexico, Colombia, Peru, Chile, and Ecuador.
- Nubank – (Founders: David Vélez, Edward Wible, Cristina Junqueira) Nubank is a Brazilian-based digital banking platform leading financial innovation in Latin America. The company has currently offers banking and crypto services to 70 million customers in Brazil, Mexico, and Colombia. Nubank has already accelerated financial inclusion in the region, having issued millions of previously under or unbanked users their first credit cards or bank accounts.
- SUMA Wealth – (Founders: Beatriz Acevedo, Xavier Gutiérrez) SUMA Wealth is a digital platform dedicated to helping the Latinx community build and sustain wealth through financial tools, digital media, and virtual experiences. Their ultimate goal? Eliminate the Latinx wealth gap – in the US today, there is a wealth gap of $153K between Latinx/Hispanic households and White households. Suma’s three main pillars are to engage, educate, and empower, combining knowledge, support, and action to achieve financial inclusion of the Latinx community.
It’s clear that Latinx and Hispanic-founded fintechs are helping drive disruption around not only financial inclusion, but the way we consume financial services on a global scale. From accelerating the digital economy to connecting global economies, these companies are making it easier for both individuals and enterprises to manage their money and participate in the financial system with confidence.
Innovators like these can reach more people than ever before with AI-powered decisioning technology. With decisioning, data, and AI in a unified solution, you can take on risky ideas without taking on increased financial risk.