General Information

Population

52M

Online population

39M

Currency

COP

Market overview

Population - 52M At the start of 2023, 82.2% of Colombia’s population lived in urban centres, while 17.8% lived in rural areas.

Internet penetration - 75.7% There were 39M internet users in Colombia in January 2023.

FinTech Outlook: Trends, Insight & Technology

Colombia is the third largest economy in Latin America in the FinTech segment after Brazil and Mexico. The pandemic caused the ecosystem to mature and grow rapidly. The startups support this statement, since more than 80% of the companies had some impact on the number of their users or income; 64% believe that the impact was positive, and 17% negative, said Erick Rincón, president of Colombia FinTech.

According to a report from Finance Colombia, the Colombian FinTech market is expected to reach $11B by 2023. The report highlights that the industry is growing rapidly, with a 40% increase in the number of FinTech companies in the country in the last year.

Essential takeaways about Colombia:

• Colombia is predicted to become one of the three most innovative economies by 2025.
• The largest segment in Colombia's FinTech industry will be Digital Payments with a total transaction value of $14M in 2023.

<aside> 📌 The top FinTech companies to watch in Colombia in 2023 are:

1. RappiPay
2. Nequi
3. Sempli
4. Movii
5. PayU
6. Plurall
7. Klar
8. Flap
9. Credijusto
10. ADDI </aside>

Banks

<aside> 💡 Colombians **used credit cards more** in the last year for online purchases. However, cash (55%) continues to outperform online payment methods such as credit card (22%) and debit card (22%). The eWallet represents only 1% of the most popular Internet payment methods.

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