Mexico is known for a lot of things. The region is blessed with a rich food and drink culture, is home to historic Mayan temples, offers beautiful cenotes, and is lined with picturesque beaches.

Typically, Mexico is not associated with being a global fintech hot spot. However, the region is prime for growth. Half of Mexico’s residents are unbanked, more than half own smartphones, and 70% have internet access. These factors, combined with the country’s relatively young population (43% of people there are under the age of 25) make Mexico fertile ground for alternative banking services.

We took a look at Mexico’s 441+ fintech startups to bring you the top five (based on website visits):

Kueski

Founded in 2012, Kueski uses big data and analytics to approve and deliver loans in minutes. Headquartered in Guadalajara, Mexico, the online lender has delivered 3.3 million loans and raised $39 million in funding.

Kubo Financiero

Headquartered in Mexico City, Mexico, Kubo Financiero is a digital alternative lending platform that offers financial products including savings, personal loans, and term deposits. The company was founded in 2012 and is aimed at serving the country’s middle class.

Konfio

A digital banking and software tool provider, Konfio was founded in 2013 by David Arana and Francisco Padilla and is headquartered in Mexico City, Mexico.

Prestadero

Founded in 2012 and with $909 million in funding, Prestadero is Mexico’s most well-known P2P lending platform. The Mexico City, Mexico-based company offers competitive rates on both loans and investments, making it a popular alternative to traditional banking services.

Conekta

Leveraging AI, Conekta processes online and offline payments to enable financial institutions to identify fraudulent purchases by analyzing transaction behavior while encrypting and protecting financial information. The company is headquartered in Mexico City, Mexico and was founded in 2011.

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Photo by Hugo Entrepreneur from Pexels