Narayan AmmachchiFintech startup Futuro continued its expansion in Mexico with the opening of a new office in Mexico City.
Futuro is one among the several startups riding the growing fintech wave in Mexico. The financial tech market continues to experience unprecedented growth in the country, and new players emerge each month.
Although part of the fintech wave, Futuro’s success relies on it operating more like a financial education platform than a traditional provider of financial services. Futuro educates its users on how to use digital payment apps and invest in stocks and other financial products.
It also guides individuals on what fintech products might fit their specific needs by comparing and contrasting what’s available in the market.
Mexico is among the biggest fintech markets in Latin America. The number of fintech startups in the country already surpasses 400.
And it’s not only Mexican firms. Companies from other Latin American countries have found a fertile market in Mexico. Brazilian payments app Caliza, for example, recently raised US$8.5 million to expand its operation in Mexico.
Mexican fintechs are also expanding beyond their home turf. OCN, formerly known as OneCarNow, which provides financial services to gig workers across the Americas, secured US$86 million to expand into foreign markets and diversify its product portfolio.
Mexico was the first Latin American country to enact a law exclusively regulating financial technology services in 2017, setting a precedent for the region.
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