In the past few years, Latin America has experienced a significant growth in the number of new technological financial companies, known as FinTechs. According to Finnovista and the Inter-American Development Bank, there are 703 FinTech companies across 15 countries in Latin America, Mexico being the largest market with 158 startups.
Accelerators have clearly had a meaningful role in strengthening innovation hubs around the world. Their main role has been to develop the tech entrepreneurial scene and prepare startups to face any challenges and seize any opportunity of investment.
Nevertheless, what happens when the tech scene asks FinTech startups for further innovation and growth?
The technological wave has also affected startups, forcing to work even harder in order to drive further innovation and expand their growth, as well as to gain a global vision that enables them to scale and expand their business.
Based on our experience, we have realized that the majority of the products and business models must mature and grow before becoming sustainable companies. However, even after raising their first rounds of investment, startups deal with the BIG question about what step should they take next: What is the next level and how do we get there? How do we grow exponentially?
Working directly with the FinTech ecosystem, and after the first FinTech acceleration program of Startupbootcamp in Latin America, I have witnessed the ambition of these FinTech entrepreneurs in Latin America to conquer new frontiers and generate a real change in disruption and financial innovation.
This scope has made evident the imminent need to run not only acceleration programs but also something more specialized and industry-focused to scale those projects who seek to go further.
At Finnovista and Startupbootcamp we recognized identified these needs and we are eager to collaborate even more with the ecosystem in the region, hence, we launched the first scale program: Startupbootcamp Scale FinTech Mexico City, in which five selected startups will have the opportunity to collaborate with our corporate partners and multiple key players who will support their growth.
Startupbootcamp Scale FinTech Mexico City aims to be the provider of the necessary tools to support startups not only with their internal growth but also connecting them with key players in the market within the financial industry, such as banking and financial institutions.
Programs like this are undoubtedly the perfect ally in this demand for innovation and growth and, therefore, the next step in improving financial services in the region.