More than two dozens neobanks are vying for digital customers in Mexico, Latin America's second-largest economy.
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Mexican fintechs Klar and Konfio tap $100 million credit lines from U.S. firms to boost lending in the country.
The report found that the traditional playbook of developing branches and building relationships may count "for little in a world where a mobile phone is the principal' real estate', and word-of-mouth – often via social media – becomes the most powerful form of validation."
Investments into Latin American fintechs are expected to pick up in 2024 amid rate cuts in the United States.
Millions of people in Mexico do not have access to basic financial products, but fintechs have been working to radically change the scenario.