By Júlia Figueiredo, Director of Business Development & IR at Partners for Growth
Fintech in Latin America has entered a new era. What began as a wave of single-product innovators, tackling foundational challenges such as payments, lending, and financial inclusion, has evolved into a sophisticated ecosystem of infrastructure builders, embedded finance enablers, and data-driven platforms.
At LAVCA (The Association for Private Capital Investment in Latin America) Week 2025, I had the pleasure of moderating a panel with three exceptional investors who have shaped this evolution: Milena Oliveira (Volpe Capital), Rafa de Haro (Cometa), and Rodrigo Rodas (IDC Ventures & CEO of NovoPayment). Together, our discussion explored how fintech models are shifting, where the biggest opportunities lie, and what comes next for one of the world’s most dynamic regions.
- From Copycats to Category Creators
As Rafa de Haro of Cometa noted, the first generation of Latin American fintech founders largely replicated U.S. models. But as they encountered the region’s fragmented infrastructure and complex regulatory landscape, they localized solutions, building category-defining businesses like Nubank, Creditas, Clip, Bitso, and Konfío. Today’s founders aren’t just importing innovation; they’re creating it natively. They are solving uniquely Latin American challenges, from remittances to SME credit, while laying down the rails for the next generation of digital finance.
- Infrastructure Is the New Frontier
Rodrigo Rodas from IDC emphasized that the most exciting work now happens under the hood: rebuilding the financial plumbing that legacy institutions still rely on. From API-based banking to real-time payments, infrastructure modernization is essential for achieving regional scale. Even in markets with advanced ecosystems like Brazil, legacy systems remain “decrepit,” in Rodrigo’s words. The real opportunity lies in connecting traditional banks and credit unions to modern digital rails, an effort that will require adaptable, AI-powered, and region-specific technology.
- Regulation as a Catalyst, Not a Constraint
Milena Oliveira at Volpe Capital highlighted the critical role of Brazil’s Central Bank in fostering competition and innovation, pointing to PIX (Brazil’s Central Bank’s instant-payment system) and Open Finance as transformative frameworks that unlocked new business models and expanded financial inclusion. She also underscored how stablecoins and blockchain-based cross-border payments are the next evolution, pending clearer regulatory guardrails. Brazil could, once again, set a benchmark for the world.
- Embedded Finance and the Rise of B2B Models
The conversation turned to embedded finance, with Rafa sharing the example of R2, a startup enabling digital platforms like Uber Eats to offer working capital loans to small merchants. By leveraging transaction data for underwriting, these platforms can serve businesses that traditional banks overlook, unlocking scalable credit access while improving customer retention. As Milena summarized, “In ten years, every company will have its own fintech embedded in its software.”
- The Next Wave: Regional Integration and Stable Infrastructure
Despite significant progress, Latin America remains a fragmented market. Rodrigo and Rafa both highlighted the enormous untapped opportunity in markets like Mexico and Colombia, where digital payments penetration remains low. The next five years will likely be defined by convergence, interoperable payment systems, uniform regulatory standards, and regionally scalable infrastructure. Those who can build for complexity, not avoid it, will lead the next chapter.
- A Call to Action
Fintech in Latin America is no longer about “catching up.” It’s about leading. The region’s combination of tech talent, evolving regulation, and market size makes it one of the most attractive arenas for financial innovation globally. At Partners for Growth, we’re proud to back this momentum with minimally dilutive credit solutions that help fintechs, from Mexico City to São Paulo and beyond. We’ve committed nearly $150 million in the region and we’re just getting started.
If you’re building the future of finance in Latin America—we’d love to hear from you.
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The views expressed are my own and do not necessarily reflect those of my employer.
This content is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only to qualified investors through confidential offering documents. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results.
