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The Colombian Fintech market consists of over 560 companies, including more than 169 foreign startups operating in the country. Two out of three Fintech companies in Colombia utilize artificial intelligence in their operations. The segments of Lending, Payments & Remittances, and Enterprise Financial Management are the most prominent, comprising around 56% of the Fintech ecosystem by the number of companies.1
According to the latest Fintech Radar Colombia report, as of the first quarter of 2024, there are 394 local Fintech companies in the country, marking a 6.8% growth over the past year. The report also notes a significant decrease in the exit rate among Colombian Fintechs from 18% in the 2021-2022 period to 12.7% from 2023 to 2024, indicating a more stable evolution and consolidation within the industry.2
Colombia continues to solidify its position as the third-largest Fintech ecosystem in Latin America, following Mexico and Brazil. The country remains highly attractive to foreign Fintech startups operating within its borders. Additionally, the study reveals that alongside the 394 local Fintechs, there are over 169 foreign companies active in Colombia, with 29% of these startups originating from Mexico, 20% from Chile, and 18% from the United States.2
Furthermore, more than 60% of Colombian Fintechs have successfully expanded internationally, with Mexico being the primary destination (29.1%), followed by the United States (20.9%), and Peru (20.1%).2
According to the Inter-American Development Bank, the number of fintech platforms in Latin America increased by 35% between 2020 and 2021. In Colombia specifically, this growth was 7%. The fintech industry in the Bogota region has experienced exponential growth, driven by the population's needs during the COVID-19 pandemic. This period compelled the national government and businesses to shift towards using technological platforms to efficiently and promptly provide goods and services.3
