According to Finnovator, 82% of the adult population in Chile uses at least one fintech app. These seek to offer people greater access to finances, without the need for in-person processes or physical documentation, with more flexibility.
Financial technology applications are gaining presence in Chile's economy. For example, in 2023, the southern country registered a total of 276 fintech companies operating in the market, which corresponds to an increase of 12% compared to the previous year.
Innovator also shows that the most used mobile payment products of this type in Chile are mobile payments (65%), money transfers (58%) and online loans (32%).
“ Fintech companies offer much more dynamic solutions in line with the profile of more digital consumers, with more flexible needs. The complexity of the corporate structures of large firms often makes it difficult to innovate and adapt to changes in the ecosystem,” explained Carlos Guayara, co-founder of t rii.
According to Guayara, these applications are changing Chile's financial industry, by providing greater access to it, without the need for in-person processes or physical documentation, with more flexibility, product customization, and lower costs.
To this, he added that it is notable to see the number of people who today have a better approach to credit and investment items, where many people reach who would not have been able to otherwise.
One of them is trii , an app of Latin American origin that seeks to democratize the approach of all people in the region to the stock market, allowing its users to invest in mutual funds, as well as in the stock market, in recognized international companies.
Among its services is triipro, a premium subscription that allows clients to obtain more advanced tools for investing through the app. Its benefits include a 50% discount on all commissions, a stock portfolio with investment opportunities from Vector Capital, price alerts and depth lines.
“It is mainly for trading stocks and ETFs on the Santiago Stock Exchange. For people who know more, there are some instruments that make their investments easier by paying less, and with more technological systems that help them in their analysis,” Guayara mentioned.
By 2025, Chile's fintech market is expected to reach $10 billion (US$10.8 million) and in Latam it is expected to reach $150 billion (US$163 million).
According to the executive, “in the future, the Fintech panorama will continue to rise at a calmer and more responsible pace. The wave of hypergrowth startups is coming to an end, and the industry continues to seek disruptive growth, but not at all costs. "The new ventures will do things better, to address the large number of unresolved needs in the financial sector of Latin America."
