First photo to ‘fintech’: $ 1.9 billion reported in sales | My finances

Although for a decade fintech companies have been growing hand in hand with technological development, especially mobile telephony, The pandemic gave it an additional boost and in Colombia the phenomenon has generated the creation of 322 companies that generate 9,308 jobs.

(Fintech lending and its commitment to financial inclusion in the country).

Those are two of the numbers that the sector presented its first X-ray in the Fintank sector report, in which progress is made in characterizing the sector.

For Erick Rincón, president of Colombia Fintech, “In the country, it went from having 260 companies to 322 that develop fintech (finance and technology).

(What is the reason for the strengthening of Fintech companies in the country?).

Most of the sector (30%) are dedicated to digital credit, 26% to digital payments and 13% to factoring or invoice discounting.

The report also mentions that in the industry 67% of fintech companies are micro, 19% are small, 8% are medium and 6% are large.

The director of Colombia Fintech says that “Our most representative group is the microentrepreneurs.”

In terms of geographic location, until a few years ago there were only these types of entities in Bogotá and Medellín, but currently there is a presence in 13 departments.

Likewise 92% of the companies in this sector are Colombian and 8% of foreign origin.

In addition, the fintech companies that generate the most jobs are those that offer digital credit and payments through platforms.

Rincón says that the generation of employment in the industry grew 38% between 2019 and 2020, which is indicative of its dynamism.

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Assured that The 322 companies identified sold $ 1.9 trillion in 2020 compared to $ 1.5 trillion in 2019.

What’s more, announced that they will begin to publish periodic figures for that sector that has been growing despite factors such as the pandemic and that statistics from the Superintendency of Companies, Confecámaras and credit bureaus will be used.

Colombia Fintech has 260 affiliated companies and Rincón said that at the end of the year they can consolidate some 310.

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