Challenger banks, or neobanks, in emerging markets, like Latin America, provide a huge opportunity for fintech companies. There is a large consumer base, many of whom are unbanked or underbanked, which provides these challenger banks with the opportunity to gain new customers by leaping over more traditional financial service providers. Below are some of the more popular challenger banks in Latin America.
Neon: A Brazilian based fintech, founded in 2016, whose mission is to unite technology and design to redesign and simplify people’s financial experience. They have raised over $120M in venture capital.
Nubank: A Brazilian based neobank and the largest Fintech in Latin America. They are considered one of the most innovative companies in the world, according to the 2019 Fast Company ranking. They have over 20 million customers and raised over $1B in venture capital.
C6 Bank: Another Brazilian based challenger bank with no physical locations. They are a newer challenger bank but have quickly grown to over 200,000 customers.
Albo: A leading Mexican challenger bank that helps their customers easily open a bank account and manage their money. Albo is the leading Mexican challenger bank that helps you manage your money, and it can adapt to your lifestyle bringing you an honest service that cares about you. They have received over $27M in venture capital.
Burbank: Brubank is the largest and fastest growing challenger bank in Argentina. It is recognized as the first entirely digital bank in Argentina. They have raised $12.8M in venture capital.
Create a Challenger Bank or Banking Components with Hydrogen
Hydrogen provides a configurable API platform and no-code solutions with all of the data storage, analytics, business logic, and UI needed to build a cutting edge challenger bank application. Building these types of solutions can be difficult, frustrating, and extremely time-consuming. Through our numerous integrations, we’ve done all the heavy lifting for you.
If you are currently working with a fintech or banking partner in Latin America, please have them contact us and we can work on adding them to our list of integrations.