South America has seen an exceptionally dynamic evolution of its neobanking landscape, with now more than 30 live neobanks and digital banks that serve over 50 million customers out of the region’s 430 million+ population (+11%), data from Dutch fintech consultancy firm Fincog show.
These new entrants are now present across the whole region, with the exception of Venezuela, Guyana, Suriname, French Guinea, Ecuador, Bolivia and Paraguay, which have yet to welcome their first homegrown neobank, the research found.
Fincog Overview of Neo Banks in South America, Jan 2021
Brazil: South America’s neobanking hub
Unsurprisingly, Brazil stands as the hub for neobanking in South America, counting 19 players among which Nubank, a startup unicorn and the largest fintech in the broader Latin American region valued at over US$10 billion.
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