General information

Population

19.6M

Online population

17.8M

Currency

CLP

Market overview

Population - 19.6M

At the start of 2024, 88.1% of Chile’s population lived in urban centres, while 11.9% lived in rural areas.

Internet penetration - 91%

There were 17.8M internet users in Chile at the start of 2024.

FinTech Outlook: Trends, Insight & Technology

The Finnovista FinTech Radar Chile 2023 revealed data about the Fintech ecosystem in Chile:

• The number of Chilean FinTech companies reached a total of 300 companies, with an estimated annual growth of 29.5% since the last update in 2021.
• More than 50% of these FinTech startups belong to the Payments and Remittances, Business Financial Management and Loans segments.
• More than 54.7% of companies already incorporate Open Finance technologies and APIs, leading adoption in the sector.
• The biggest challenge these companies face is internationalization and scaling operations, with a resounding 51.3% of the FinTech companies surveyed pointing it out as the biggest challenge.

<aside> 🎯 The eruption of FinTech companies in Chile has been followed by positive consumer response. FinTech adoption has expanded to two thirds of the entire Chilean population, a similar percentage as other major players in the region. Digital payments is one of the segments driving FinTech growth in the country. This sector is expected to make up for the majority of FinTech customers, with more than 16.3M users forecast by 2028. Digital payments will continue to increase in popularity. According to a study by the consulting firm McKinsey, the value of digital payments in the region will reach $2.5T in 2025.

</aside>

StartupBlink reports that Chile has 2 cities in the top 1000 and is one of South America’s best countries for setting up a startup. Since 2024, Chile lost 3 spots in the Global Startup Ecosystem Index, having now positioned itself as 39th worldwide.

Banks

Currently, [there are](https://www.emol.com/noticias/Economia/2024/01/29/1120019/bancos-industria-chile.html#:~:text=En la actualidad son 16,%2C BTG%2C Ripley y Scotiabank.) 16 banks operating in Chile.