Mexico: Fertile Ground for FinTech Entrepreneurship

Mexico: Fertile Ground for FinTech Entrepreneurship

16-May-2017 by SBC FinTech Team

The next May 21st, the applications for our first Latin American program, Startupbootcamp FinTech Mexico City, will close.

During the program, the 10 best FinTech startups in the region will be accelerated, receiving financing, access to a global network, specialized mentoring and the support and guidance needed to expand their project into the Mexican market: one of the most fertile in the FinTech entrepreneurship of the region, but, why you should apply?

Fertile Ground

According to the last study conducted by the Organisation for Economic Co-operation and Development (OECD), Startup Latin America, Mexico is the country which has made more progress in promoting startups: It has the second most active venture capital industry in Latin America and incubates the most diverse ecosystems of the region, inside and outside its capital.

This week, our co-founder and CEO of Startupbootcamp FinTech, Nektarios Liolios, talked to The Banker about why Startupbootcamp FinTech chose Mexico, and how we found all the elements needed in an ecosystem, from angel investors to regulation and the awareness about technology innovation in several corporate players.

“We find in the Mexican ecosystem the ideal launchpad for those startups that will be selected by Startupbootcamp FinTech. There are great mentors, corporate players involved but above all, great opportunities to disrupt the industry”, says Eduardo Morelos, Program Director of Startupbootcamp FinTech Mexico City.

Only in terms of financial inclusion, exemplifies Eduardo, “we have an avid market for solutions”.

Gaps Turned Into Opportunities

The latest financial inclusion report of the National Banking and Securities Commission (CNBV, for its acronym in Spanish) in Mexico, says that there are only 1.5 bank branches, 4.9 ATMs and 570 mobile accounts per 10 thousand inhabitants: reinforcing the existent market opportunity in the region for the development of FinTechs.

Nevertheless, financial inclusion not only affects the Mexican population. According to the consulting firm Mckinsey only 58% of SME’s have access to a bank account, and only 17%, can ask for credit to traditional financial agents.

 

Those gaps slow down Latin America’s economic and human development, and we truly believe that technology and innovation could close them, bring better financial solutions and empower our population.

We want to turn those gaps into economic growing opportunities, working hand-to-hand with the best FinTech startups in the region.

What are you waiting for? All FinTech startups interested in generating that disruption in the financial industry should apply by completing a form on the F6S platform in the following link.

Startupbootcamp FinTech arrived in Mexico on March 1st with Finnovista: an impact organisation that empowers FinTech ecosystems. It is supported locally by Visa, Fiinlab powered by Gentera, BanRegio , EY and law firm White & Case.

For further information on the Startupbootcamp FinTech acceleration program visit the following page: https://www.startupbootcamp.org/accelerator/FinTech-mexico-city/