However, dLocal seems to be just one of many Uruguayan financial technology companies that will make waves internationally. Many companies have seen rapid and strong growth, which bodes well for the future.

As a Highlights of El Pais’s new report The success of dLocal has stimulated optimism in Uruguay’s fintech sector. Ximena Aleman, the co-founder of the open banking platform Prometeo, told the Uruguay newspaper, “Uruguay has proven to be a technology center, especially in the fintech sector.”

Some players worth watching are highlighted below, including Inswitch, Bankingly and MiFinanzias, as well as Prometeo. Paganza, another company mentioned by El Pais, was previously named by Biz Latin Hub Uruguay startups are worth watching In the post-epidemic period.

If you are active in the financial technology field and Establishment of a business in Uruguay Or participate in the market in other ways, please read on to learn more about these four strong prospects.

Uruguay Fintech: 4 companies make significant progress

Switch machine: Born in 2002, Uruguay Fintech switch Focusing on the development of e-money solutions, in the past 18 months, its business methods have undergone major changes, and it has shifted to a cloud-based approach to provide financial technology as a service (FaaS). According to El Pais, the company’s recent annual growth rate reached 40%, and its customers include major banks and card issuers. Inswitch general manager Amilcar Perea said that the cloud-based strategy has achieved results. In recent months, it has added customers from 15 countries, including Africa and Brazil, and plans to enter Asia by the end of this year.

Banking: Provide financial institutions with digital channel platforms and web-based tools, banking It is expected to raise $7 million in investment in the next few months, with the aim of expanding its business scope from 15 countries/regions to 35 countries/regions and adding new products to its product portfolio. According to Bankingly CEO Martin Noor (Martin Noor), the company achieved 120% growth in 2020, and with continued strong growth, the number of employees will almost double by 2021- And plans to triple these figures by the end of the year. According to El Pais, Noor stated that the company is specifically looking for US and regional investors.

MiFinanzas: Was established in 2016, Microfinance company To provide financing for small and medium-sized enterprises, so far has provided customers with more than 100 million US dollars of funds. As of June 2021, the company’s outstanding loan portfolio totaled US$10 million, 2.5 times that of April 2020, with an average collection period of 60 days and a delinquency rate of less than 4%. Milton Rodriguez, CEO of Mi Finanzas, stated that Uruguayan Fintech cannot meet the demand for its products. “All the content we publish on the platform will be sold immediately. More importantly, we have unmet demand from investors asking for more products. There is a lot of money to put, and we have someone on the waiting list,” he told El Pais .

Prometheus: Open banking platform Prometheus As the global pandemic forces more and more people to go online, the company achieved strong growth in 2020, reporting that it doubled its turnover for the year and tripled its headcount in the first half of 2021. Organization, this Uruguayan financial technology has always attracted great interest from abroad. It is currently planning to enter Brazil and Mexico, the two largest economies in Latin America, by the end of 2021. It has established its position in nine regional markets and has 44 financial institutions have established relationships. mechanism.

Uruguay’s financial technology is booming in developed markets

The Uruguay market is one of the most developed markets in Latin America and ranks third in the region in the United Nations Human Development Index. It is estimated that 60% of its population is considered middle-class.

The country has benefited from long-term political and economic stability and has the lowest crime rate in the region. At the same time, its secure and confidential banking system and its firm observance of the rule of law have earned the country the nickname “Switzerland in South America”.

Uruguay is known as an international trade center and is a founding member of the Mercosur (Mercosur). The economic integration of the region also includes Argentina, Brazil and Paraguay, and 30th anniversary Earlier this year.

Uruguay is one of the smallest countries in South America, with a population of less than 4 million and a gross national income (GNI) of US$16,230-a figure that makes it a high-income country, but it has still achieved development based on Standart setting | World Bank.

Biz Latin Hub can help you start your business in Uruguay

At Biz Latin Hub, a multilingual team of corporate support experts can help you develop your business in the Uruguayan market.With our complete portfolio of back-office solutions, including Founded, Business representative, legal, accounting, with Recruitment Service, we can be your single point of contact for entering and conducting business in Uruguay or any of the other 17 jurisdictions in Latin America and the Caribbean where we operate. 

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