Evolution of fintech in Peru

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How much has the fintech ecosystem evolved in recent years and how has it impacted the Peruvian market? In a previous post we talked about what a fintech is and what the best Peruvian fintechs are . In this post we tell you about how it has grown since its beginnings and what opportunities it presents in the future.

If you want to know more about these business models, we invite you to read the characteristics of a fintech .

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Evolution of the fintech ecosystem in Peru
What are the opportunities for fintech in Peru?
Evolution of the fintech ecosystem in Peru
If we go back in time and analyze the emergence of the first fintechs in Peru, we could go back to 2016, when Latin Fintech was founded, whose first digital product was ANDY. This platform allowed users to request loans buy sms list from an entity without physical branches. ANDY offered loans of up to S/1,000 and stood out for its automated applicant evaluation system, which simplified and accelerated the approval or rejection process.

2016 was a key year for fintechs, not only in Peru, but throughout Latin America. However, at the end of that year, only 27 fintechs were registered in the country. This number has grown significantly over the years: by the end of 2017, there were already 47 fintechs established, and in 2018, the number increased to 74. In 2019, the fintech market was projected to close with 200 startups. By the end of 2023, according to official figures, there were 193 fintechs in Peru.

Despite this exponential growth, the country still does not have comprehensive legislation to regulate these companies. However, some progress has been made, such as the crowdfunding law and the use of the regulatory sandbox, which encourages innovation in a controlled environment.