What is a growth industry throughout Latin America?

Rapid growth in smartphone use and access to the internet has helped drive the growth of the financial technology industry throughout Latin America. The number of fintech companies in the region has increased by more than 50% since 2016, with Brazil leading the way. Fintech startups are transforming multiple industries including retail banking, payments, savings, and insurance, and the total funding for the industry in Latin America reached $1.2 billion in 2019.