Latin America and the Caribbean (LAC) financial institutions have significantly ramped up their adoption of fintech in recent years. Lockdowns, social distancing and the need for e-commerce during the COVID-19 pandemic pushed 40 million Latin Americans to enroll in banks and enabled them to use digital finance channels, e-commerce or credit for the first time in their lives.
The expected reach is about 85 billion U.S. dollars in 2021 and by 2025 it’s predicted to raise up to 160 billion. On the regional level, Latin America’s eCommerce industry is showing much more competition. The two leading regions are Brazil and Mexico that contributes up to 31% to 28% of the total revenues. Apart from them, Colombia, Argentina and Peru.
Nigerian fintech startup Toju is providing alternative credit-scoring for the unbanked, having developed a record management platform for local savings clubs, thrift collectors, microfinance institutions and cooperatives.
Martech keeps taking larger bites out of marketing budgets: 17.3% last year, 19.9% this year, 23.5% next year, and 30.9% five years from now, according to the latest CMO Survey. This despite barely more than half (56.4%) of current tools being used and nearly half (48.8%) of the survey respondents reporting worse-than-expected results. Oddly enough, marketers rate selecting marketing technologies as the thing they do best.