Abraham Yousef · October 2024
MMM: The State of FinTech Apps in Mexico in 3Q24
Mexico's burgeoning fintech industry has thrived over the past 5 years, as evidenced by a consistent ~18% YoY increase in the number of startups founded, most of which place an importance on achieving greater financial inclusion. This opportunity is visible in Sensor Tower data, as download and MAU growth across top neobanks in Mexico has outpaced the greater LatAm region.
Key Takeaways:
Downloads for the neobank cohort in Mexico are outpacing ST’s broader LatAm region, up an average of 77% vs 30% YoY, respectively, in 2024 YTD. YoY MAU growth for the Mexican neobank cohort (+26%) is also outperforming broader LatAm averages (+8%)
Brazil’s Nubank is the largest neobank in the world, and per ST data, currently accounts for over 50% of LatAm MAUs across the neobank cohort in 3Q24, though the app only accounts for 18% of MAUs in Mexico, as Mercado Pago and Banco Azteca have the largest share of MAUs in the country with 28% and 25%, respectively
DiDi Finanzas is a Chinese-based company that recently expanded into Mexico and saw a burst of growth in 3Q23 as downloads in Mexico soared over 700% YoY, but that growth has quickly subsided as downloads fell 6% YoY in 3Q24
In 3Q24, Mercado Pago and BBVA Empresas Mexico were the primary social advertisers across the neobank cohort, accounting for ~45% and 35% of spend, respectively. However, both BBVA Empresas Mexico and Mercado Pago have pulled back on MEX ad spend this quarter, down 10% and 5% QoQ, respectively, though spend across the cohort is up 5% QoQ
For more information, request the full report from reports@sensortower.com.
