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The Number of Startups in Colombia Increased by 30%: 17% Are Fintech Companies

Colombia’s entrepreneurial ecosystem has surged, boasting 1,720 startups, up 30% according to the Colombia Tech Report 2023 by KPMG. Bogotá and Antioquia lead this growth, with 80% of startups concentrated there. Fintech dominates, followed by Saas, HealthTech, and others. The report emphasizes decentralization, with increased activity in regions beyond major cities.




Colombia has experienced significant growth in its entrepreneurial ecosystem, with a 30% increase in the number of startups, reaching a total of 1,720, according to the Colombia Tech Report 2023.

This study, published by KPMG Colombia in collaboration with universities such as EAFIT and CESA, as well as chambers of commerce and organizations such as ANDI and INNpulsa, highlights that Bogotá and Antioquia are the main focuses of this boom, concentrating 80% of these companies.

The Fintech sector emerges as a leader, representing 17% of startups, followed by other innovative fields such as Saas, HealthTech, business management, PropTech and EdTech. The latter have overtaken sectors such as RetailTech and AdTech/MarTech, which previously dominated the landscape.

Colombian startups growth

María Paula Peñaranda, Innovation Manager at KPMG Colombia, emphasized the growing participation of other regions of the country, highlighting an increase in entrepreneurial activity beyond large cities, with notable growth in departments such as Valle del Cauca and Atlántico. This phenomenon suggests a decentralization of entrepreneurship, boosting the economy at the national level.

“Taking into account the social conditions that the country presents, which can influence the decision of Colombians to undertake, as well as that of investors for believing in a project, it is necessary to promote strategic alliances and more programs that support new ones. entrepreneurs and gives them the possibility of accessing financing and networking options,” said Peñaranda.

In addition, the report highlights the importance of strategic alliances and support programs that facilitate access to financing and contact networks, essential to promote the development of new companies. In terms of investment, Fintech continues to be the favorite sector, capturing 39% of investments in 2023, followed by Proptech and Energytech, the latter focused on renewable energy and energy efficiency.

Finally, artificial intelligence is emerging as a catalyst for entrepreneurship in the region, with promising advances in the incorporation of these technologies in business processes.


(Featured image by UlisesCasarez via Pixabay)

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Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.