Chilean fintech startup Global66 reported double the number of transactions it handled in April compared to the number of transactions it processed in February, a local media reported.
With the surge in demand, the startup planned to launch in Mexico last month. In February, Global66 received $3.25 million from UK investor Venrex to further expand across Latin America. It is reported that the startup offers transfer services eight times better than the existing ones.
Already, it has opened new offices in Peru and seeks to expand into Columbia, Mexico and Argentina over the next two years. In a span of two years, the startup has processed more than 25,000 users across 60 cities worldwide.
The fintech market is booming in Latin America. Even Amazon Web Services plans to invest $236 million in São Paulo over the next two years, media reports said. The region has a highly competitive ecommerce market dominated by players including MercadoLibre.It is reported that Amazon’s investment will help to expand into Brazil and enhance local services offerings to both private and public partners.
In fact, fintech regulation in Latin America is anticipated to propel growth in the sector. Its comprehensive 2018 fintech law comprises crowdfunding, virtual wallet, cryptocurrency transactions and open banking.