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Investment in the Colombian Fintech Sector Grew in 2023

McKinsey predicts fintech revenue will grow almost three times faster than traditional banking globally from 2022 to 2028. RapiCredit exemplifies how fintech combines social impact and profitability by offering financial services to Colombia’s unbanked populations. Amidst a 56.3% informality rate, fintech addresses financial inclusion and demonstrates significant economic and social contributions.




According to the Colombia Tech Report 2023-2024, during 2023 the fintech sector led the acquisition of investments in the country, representing 39% of the total, followed by Proptech startups, with 29%.

According to a study by consulting firm McKinsey, the fintech industry’s revenue is expected to grow almost three times faster than that of the traditional banking sector between 2022 and 2028 globally. It is for this reason that RapiCredit, an innovative fintech that offers inclusive financial services to populations without access to credit in Colombia, is positioned as an example of how investment with social impact and profitability can go hand in hand.

The importance of fintech companies in Colombia

Therefore, the world is increasingly aware of the importance of corporate responsibility, the positive impact on society, and investing in purpose-driven companies has become a growing trend.

The fintech sector has demonstrated exponential growth in recent years, but this is not only reflected in economic terms, but also in the ability of these companies to generate a positive social impact through their services and operations.

Financial inclusion and access to banking services are persistent challenges in Colombia, and according to the National Administrative Department of Statistics (DANE), the informality rate in Colombia for the January – March 2024 quarter was 56.3%. That is, more than half of the employed population in the country was in an informal work situation during that period. This is not a minor fact about the current panorama of the country, because informality limits access to traditional financial services.

For this reason, fintech companies like RapiCredit have stood out for their commitment to inclusion and their focus on providing accessible financial solutions for those who have been excluded from the traditional banking system. With a focus on small and medium-sized businesses (SMEs), as well as unbanked individuals, it provides financial advice and microcredit, democratizing access to essential financial services.

“Our commitment to financial inclusion and equal access to financial products such as credit drives us to continue innovating and seeking new ways to generate a positive impact in the communities we serve,” said Daniel Materón, CEO of RapiCredit.

RapiCredit, like the Fintech industry in the world, is not only positioned as a proposal for credit product solutions that are transforming the financial landscape of millions of people without access to credit, but it is also becoming an investment option with great potential. of valuation. These companies not only offer innovative solutions to specific financial needs, but also contribute to the sustainable development and well-being of communities.


(Featured image by NickyPe via Pixabay)

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First published in LA NOTA ECONOMICA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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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.