With the World Bank estimating that 61% of Mexican adults are without a bank account and that there are only 14 bank branches per 100,000 inhabitants (compared to 33 in the US) the landscape for the 158+ fintech companies who operate in Mexico is bright.
Mexico is already a regional hub for start-ups focused on financial inclusion. Finnovista estimates that Mexico accounts for 35 per cent of all the fintech companies in Latin America catering for the underbanked or unbanked. Although traditional banks are also keen to reach new customers, they still depend heavily on human resources. “The cost of engaging a customer through technology is a fraction of using a branch,” says Mr Meré. The Pew Research Center found that smartphone ownership in Mexico reached 35 per cent in 2015, while only 29 per cent of adults accessed credit, according to government statistics.