A new report entitled ” The state of FinTech in Emerging Markets” offers insights on investment trends, business model innovations and reach of fintech solutions in emerging market.
The report mapped over 200 FinTech startups and investors by evaluating the state of fintech in Africa, Latin America and South Asia across three lenses of investment trends, product and business model trends and reach and inclusivity.
Fintech funding has seen steady growth over the last 5 years, with nearly half of payments companies having over 10,000 users and payments companies remain the most-funded all the regions surveyed.
Looking ahead, the report noted that “There is increasing excitement around the growth of fintech companies across emerging markets,enabled by talent availability, vast unmet demand for financial services especially among younger and tech-savvy generations, favorable regulations in certain markets, and improved mobile and internet
infrastructure.COVID-19 has accelerated the digitization of consumer behavior and demand for digital financial
services has surged”.