Finnosummit
  • What we do
    • Events
      • FINNOSUMMIT 2025
      • FINNOSUMMIT Connect 2024
    • Research & Insights
      • Finnovista Fintech Radar
      • Reports
    • Startup Programs
      • FINNOSUMMIT Challenge
      • Past programs
    • Get Involved
      • FINNOSUMMIT 2025 Sponsorship Opportunities
      • Research & Insight Sponsorship
      • Startups Program Sponsorship
  • Content
    • Blog
    • Multimedia
    • Reports
    • Finnovista Fintech Radar
  • About us
    • Finnosummit
    • Team
    • Work with us
    • Press
    • Community Partners
  • Contact
  • EN

Ecosystem

Peru’s Fintech ecosystem grew 20.9% annually since 2021

7 December 2023Finnosummit

  • Home
  • News Ecosystem
  • Peru’s Fintech ecosystem grew 20.9% annually since 2021

Yesterday we lived an exciting meeting in the Peruvian capital, where, together with Visa, the global payments giant, we unveiled the latest findings of the Finnovista Fintech Radar Peru 2023.

En la foto de familia, de izquierda a derecha: Andrés Fontao, cofundador & Managing Partner de Finnovista, Carlos José Pardo, Director Senior de Nuevos Negocios y Fintech de la Región Andina de Visa, y Gilberto Chaparro, Gerente General de Visa Perú.
In the photo, from left to right: Andrés Fontao, co-founder & Managing Partner of Finnovista, Carlos José Pardo, Senior Director of New Business and Fintech for Visa’s Andean Region, and Gilberto Chaparro, General Manager of Visa Peru.

Andrés Fontao, co-founder and Managing Partner of Finnovista, opened the session alongside Carlos José Pardo, Senior Director of New Business and Fintech for Visa’s Andean Region. Fontao led the presentation of the Fintech Radar, providing expert insight that illuminated the report’s most salient findings; while Gilberto Chaparro, General Manager of Visa, shared a captivating keynote, highlighting the importance of innovation and steady growth in Peru’s vibrant Fintech ecosystem. Roberto Vargas, President of the Peruvian Fintech Association, gave a brief but impactful speech, underlining the crucial need for collaboration between ecosystem players to drive the unparalleled development of our sector.

But the experience of this community event did not stop there. We counted on the pitches of two consolidated Fintechs of the Peruvian ecosystem, such as Zest and Klimb, who were represented by their CEO José Francisco de la Colina, and Head of Operations Martín Ramírez, respectively. Both shared their insightful visions and perspectives during the fascinating pitch sessions.

These were followed by sessions on emerging Peruvian Fintechs in early stages -Angel Espinosa from Coini, and Gian Franco Rojas from Scory-, who also received valuable feedback from experts such as Andrés Fontao, Roberto Vargas from the Fintech Association of Peru and Adolfo Vinatea, from Kréalo.

Innovation continued to flow with presentations from emerging Fintechs. Angel Espinoza from Coini, Gian Franco Rojas Calisaya from Scory and Jair Loayza from Kambia took us on a journey through their innovative solutions. After their exciting pitches, they received valuable feedback from an expert jury composed of Andrés Fontao from Finnovista, Roberto Vargas from Asociación Fintech Perú and Adolfo Vinatea from Kréalo.

This event was not only a window into the latest trends in the Fintech world, but also a reminder of the power of collaboration and diversity at the heart of our vibrant ecosystem. Peru’s financial future is shaping up to be more exciting than ever!

Sustained Ecosystem Growth

Since the last update of the Radar in 2021, the Peruvian Fintech ecosystem has experienced a compound annual growth of 20.9%. This significant growth translates into an increase of 61 projects, reaching a total of 193 Fintechs in 2023. Although it represents a slowdown compared to the growth rate observed between 2017 and 2021, it demonstrates the persistence and evolution of Fintech entrepreneurship in the country.

Segments with the largest number of companies

The leadership of the Fintech landscape in 2023 is held by the “Lending” segment with a solid presence of 50 companies, closely followed by “Wealth Management” with 39 companies and “Payments and Remittances” with an outstanding representation of 32 solutions. These three prominent sectors not only mark the forefront of the ecosystem, but together account for an impressive 62.7% share, underlining their central impact on the dynamism and diversity of the financial landscape in the country.

Advanced Technologies in the game

One of the highlights is the adoption of advanced technologies, with almost 30% of local Fintechs incorporating Artificial Intelligence (AI) and Machine Learning in their processes. Although this adoption shows some lag compared to other countries, it suggests a growing openness towards solutions based on advanced technologies.

Persistence and New Challenges

The report also highlights the persistence of Peruvian Fintech entrepreneurship, with 72% of the companies identified in the previous report still active. However, it notes that 28% exited the ecosystem with 26 of them (19.7%) having suspended operations or closing permanently, while the remaining 11 ceased to be classified as Fintech or were acquired by traditional companies.

Investment and Emerging Trends

In terms of funding, there is a significant local dependence, with 58.6% mentioning friends and family as a key source. However, there is a notable presence of angel investors (50%) and venture capital funds (39.6%). Internationalization (54.2%) and access to financing (25%) appear as key challenges for Peruvian Fintechs.

Leadership Perspectives and Strategic Alliances

Andrés Fontao, Co-Founder and Managing Partner of Finnovista, highlights the evolution of Corporate Venture Capital (CVC) in Peru, with companies such as Credicorp, Falabella and Wayra joining this trend to promote innovation. Gilberto Chaparro, General Manager for Visa in Peru, highlights the annual growth of the ecosystem despite the conditions of the last year, evidencing the strength of local players.

Unique Advantages and Challenges in Peru

Low competition among Fintechs and high market potential are unique characteristics of Peru, according to the report. Although 41.2% see low competition as a key advantage, it highlights that almost half of the population has not yet accessed financial services, highlighting opportunities to serve unbanked segments.

Closing of the Year and Next Steps

Despite the challenges, projections suggest that Peruvian Fintechs will close the year with revenues exceeding 2022. To address the challenge of scalability, the importance of adapting to the regulatory framework in internationalization destinations and the search for strategic business alliances is highlighted.

The Finnovista Fintech Radar Peru 2023 provides a comprehensive view of the changing dynamics of the Fintech ecosystem in the country. With revealing data and key insights, this report serves as a guide to understanding the emerging trends, challenges and opportunities that will drive financial innovation in Peru.

To access the full report and delve deeper into the Peruvian Fintech landscape,

Download here

Follow Us

Categories

  • Multimedia
    • Videos
  • News
    • Ecosystem
    • Events
    • Fintech
    • Startups
  • Press
    • Finnovista Fintech Radar

Al día de los ecosistemas Fintech

Sé el primero en conocer las últimas noticias sobre Fintech en América Latina.

¡La quiero!

Subscribe to the Finnosummit newsletter

Be the first to learn about the latest news in Fintech in Latin America.

YES, SIGN ME UP!
logo-finnosummit-blanco

mex-skyline

MEXICO

Av. Álvaro Obregón 213, Roma Nte., Cuauhtémoc.
06700 Ciudad de México, México
Phone: +52 55 44428341

  • What we do
    • Events
      • FINNOSUMMIT 2025
      • FINNOSUMMIT Connect 2024
    • Research & Insights
      • Finnovista Fintech Radar
      • Reports
    • Startup Programs
      • FINNOSUMMIT Challenge
      • Past programs
    • Get Involved
      • FINNOSUMMIT 2025 Sponsorship Opportunities
      • Research & Insight Sponsorship
      • Startups Program Sponsorship
  • Content
    • Blog
    • Multimedia
    • Reports
    • Finnovista Fintech Radar
  • About us
    • Finnosummit
    • Team
    • Work with us
    • Press
    • Community Partners
  • Contact

FINNOSUMMIT ES PARTE DEL GRUPO FINNOVISTA

© 2025 Finnosummit

Aviso Legal | Política de Privacidad | Cookies

Diseño web: buleboo estudio

FINNOSUMMIT IS PART OF THE FINNOVISTA GROUP

© 2025 Finnosummit

Legal Notice | Privacy Policy | Cookies

Web design: buleboo estudio

EN
  • No translations available for this page
    Finnosummit
    Las cookies de este sitio web se usan para personalizar el contenido y los anuncios, ofrecer funciones de redes sociales y analizar el tráfico. Además, compartimos información sobre el uso que haga del sitio web con nuestros partners de redes sociales, publicidad y análisis web, quienes pueden combinarla con otra información que les haya proporcionado o que hayan recopilado a partir del uso que haya hecho de sus servicios.
    RechazarMostrar detallesAceptar todas
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
    Save & Accept
    Powered by WebToffee Logo