Since the publication of Finnovista's previous Fintech Radar report, in the last quarter of 2023, until this update, 48 new companies were added to the Chilean ecosystem, which is equivalent to a growth of 16% annually.
Finnovista , an innovation and venture capital company focused on the development of the Fintech ecosystem, today revealed the sixth edition of the Fintech Radar Chile in alliance with Mastercard, a technology company in the global payments industry; and Galileo Financial Technologies, a corporation specialized in financial technology and owned by SoFi Technologies.
This research report has become a relevant report for the region on the growth and analysis of the Fintech entrepreneurial ecosystem and the latest trends in the Fintech industry.
The Chilean Fintech ecosystem has experienced notable growth, reaching 348 active startups in 2024, which represents an increase of 16% annually.
Although annual growth has slowed in recent years—in 2022 it was 34.1%, and in 2023 it was 25%—so is the project exit rate (10.7%). This is why Chile is increasingly showing less volatile indicators that indicate a consolidation of the ecosystem.
Furthermore, in the period from 2023 to 2024, 48 new companies were added, reflecting this phase of consolidation that the ecosystem has entered, showing a maturity in the sector that points towards a healthy stabilization.
According to Andrés Fontao, co-founder of Finnovista and CEO of FINNOSUMMIT, “the Fintech sector in Chile is entering a phase of maturity characterized by a lower incorporation of new players, but with a greater presence and size in the market.
“This 21% of new Fintech startups that have been born this last year underlines the crucial role of Chile in financial innovation and financial inclusion in the region.”
"We are happy to know that the number of Fintechs continues to rise in Chile. Fintechs are aligned with our objectives of simplifying access to financial services by offering simple tools that encourage innovation, expand access and guarantee user confidence.
Our unique position allows us to use our network, experience and technology to help Fintechs in their objectives of banking and distribution of financial services.
We draw on our decades of industry knowledge to provide each Fintech partner with the necessary tools and resources to help them achieve profitable, long-term growth,” says Diego Szteinhendler, senior vice president of Fintechs at Mastercard for Latin America.
According to Tory Jackson, Head of Business Development & Strategy for Latin America at Galileo, “ with such a diversified ecosystem, the appetite for collaboration between all market forces and solid regulatory support, we are confident that we will continue to see an upward growth trajectory in the Fintech sector in Chile.
“The consolidation of the market and the entry of new Fintechs promise to keep the country at the forefront of financial innovation in the region.”
ECOSYSTEM DIVERSIFICATION AND SEGMENTATION
Of the 348 local startups identified in the Radar, the great diversification of the Chilean Fintech ecosystem stands out, with a strong presence in segments such as Enterprise Financial Management (EFM) with 17.8% and Payments and Remittances (P&R) with 15.8% .
Other notable segments include Lending and Technological Infrastructure for Banks and Fintechs (TIB&F), both at 12.6%. This diversification underlines the need for advanced financial solutions and the solid corporate fabric of the southern country.
The Proptech segment is positioned in Chile as the group with the greatest growth in the period from 2023 to 2024, adding 16 new projects. This is due to the incorporation of property management platforms and above all to solutions that seek to solve the housing deficit in the country through innovative solutions.
RISE OF THE PAYMENTS AND REMITTANCES SEGMENT
According to Finnovista analysts, there are indicators that point to a boom in the Payments and Remittances market in Chile. On the one hand, the emergence of foreign players is very relevant, with 1 in 3 foreign Fintech companies operating in the country being from this segment.
At the same time, there is greater diversification and specialization of different services in niches and greater issuance of cards. In fact, the volume of Fintech transactions has also grown significantly. In 2022, only 25% of these exceeded USD 100 million in their operations, while in 2025 this figure is estimated to be 60.7%.
Encouraging panorama in the income forecast in Chilean Fintech
The sixth edition of Fintech Radar Chile reveals an encouraging outlook for the growth of gross income of Fintech companies in the southern country. During the period from 2023 to 2025, a positive trend is observed in several key segments, especially Lending, Enterprise Financial Management (EFM) and Open Finance, which show the highest proportions of companies achieving transitions to higher income ranges.
By 2024, according to the responses obtained from the startups to develop this report, it is forecast that 42% of Fintech companies would be in the range of US$ 500,000 to US$ 5 million, reflecting a growth in income with respect to their responses in 2023, which was 38%.
The projections are also positive for the range of US$ 5 to 15 million, with 17%; while in 2023 they were 11%. It is positive that only 27% of Fintech companies plan to be in the range of US$ 1 to 500,000, having been 34% in 2023.
This projection suggests a clear movement towards higher income ranges, confirming the consolidation and maturity of the Fintech ecosystem in Chile.
The trend shows a decrease in the percentage of companies with lower income and an increase in those with higher income, which is a positive sign of economic growth and scalability within the sector.
CHALLENGES AND OPPORTUNITIES OF CHILEAN FINTECH
According to the Finnovista report, the main challenge faced by Chilean startups is expansion to other markets and internationalization. Due to the size of the Chilean market, many Fintechs are born from the beginning with an eye on other markets, having an internationalization rate that is close to 70%.
Another of the challenges analyzed in this Fintech Radar has been the representation of women in the Chilean Fintech ecosystem, in which there is still some way to go, since the figures are still far from parity between men and women in the sector.
The data is better than in the rest of the region, with 31.5% of women working in Fintech companies and 20.7% of them in management positions. However, 60% of the Fintech companies operating in Chile are founded with a team exclusively made up of men.
Despite the challenges, the Chilean ecosystem shows a great capacity for adaptation and collaboration, since 67.1% of Chilean startups collaborate with traditional financial institutions, and 65% with other Fintechs, demonstrating a collaborative environment and synergies.
