The continuing maturation of the Latin American fintech landscape is particularly apparent in Peru, where the market is undergoing a consolidation and advancement characterized by the growth of more established participants, a decrease in smaller-scale projects and an influx of foreign firms. 

These and other key trends are signs of increasing sophistication in the Peruvian fintech ecosystem, as detailed in a new report from Finnovista, in collaboration with Galileo and Mastercard. The study’s findings indicate that Peru’s fintech market is in a phase of transformation, and could become a reference point for fintech growth throughout LatAm.

Key stats on the maturing Peruvian fintech industry

As of 2024, there were 193 Peru-based fintechs operating in the country–a figure unchanged from 2023 after several years of steady growth, according to the recently released Fintech Radar Peru report. However, the market exit rate, which had hovered around 17 percent annually from 2020 to 2023, dropped to just 12 percent in 2024, indicating greater longevity and survival ability among market participants–another sign of a maturing market, according to the report. 

Along with consolidation among local players, Peru also is drawing significant attention from fintechs based outside the county, a trend that is increasing the diversity, quality and effectiveness of solutions offered in the market, the report noted. In 2024, 153 non-Peruvian fintechs operated in the country, representing 44.2 percent of the total market size, according to the Fintech Radar. Chile, Argentina and Colombia were the main foreign outside suppliers operating in the Peruvian market, the study found, 

Among service areas, foreign fintechs have carved out significant footholds in verticals such as payments and remittances and technological infrastructure for banks and fintechs. Locally based providers, meanwhile, have maintained a strong presence in segments including lending, due largely to the personalization and adaptation of their services to niche domestic audiences, according to the report.

3 trends shaping Peru’s fintech landscape

Along with revealing the numbers behind the maturation of Peru’s fintech market, the study also uncovered several key trends and developments that are driving advancement of the industry in the country.

1. Financial inclusion 

Peru stands out as one of the region's markets with the greatest focus on solutions directed at underbanked or non-banked segments, the report noted. Specifically, more than half of the fintech products and services available in the Peruvian market are targeted for individuals and small and mid-sized businesses (SMBs) that use one or fewer financial services–a proportion much higher than that of other LatAm markets.

2. Collaboration with legacy banking

According to the Fintech Radar Peru report, Fifty-five percent of fintechs operating in Peru either already are collaborating with an established financial institution or are seeking to partner with one. Some banks already allow fintechs to use their electronic transfer infrastructures, facilitating services such as deposit and withdrawal capabilities, and increased attention to security and risk automation is adding further momentum to bank-fintech cooperation, the study noted. 

3. Increased technology adoption 

Peru is closing the financial technological adoption gap compared to countries like Chile or Argentina, especially in areas of security and automation, Fintech Radar Peru report found. Artificial intelligence/machine learning, process automation, and biometrics are among the fastest-growing technologies in Peru’s fintech ecosystem, and have made significant progress in improving processes, efficiency, and security industry-wide, the report noted. 

Galileo First to Attain Multi-market Mastercard Certification in Latin America

Want to learn more?

Explore the increasingly sophisticated Peruvian fintech market in our new Fintech Radar report.

Disclosure: This blog references findings from the 2024 Finnovista Fintech Radars, which analyze fintech growth and trends in Latin America. The reports cover survey data from fintechs in Chile, Colombia, Peru, Argentina, and Mexico (2025), with around 200 participants per market on average. Results reflect the views of participants and may not represent all Latin American fintechs. For methodology details, contact fintech.radar@finnosummit.com.