Expansion underscores fintech growth opportunities in Latin America
Galileo, the company that powers world-leading fintech companies, financial institutions and investment firms, announced it has opened offices in Mexico City, demonstrating its commitment to expand into Latin America.
Galileo’s experience, expertise and technology, including its API-centric payments platform, will support Mexico’s newly enabled fintechs in this growing market to make rapid advances in delivering modern payments services.
Tory Jackson, Galileo’s in-country manager for Mexico, has relocated from the company’s headquarters in Salt Lake City to lead the new office in the Torre Reforma building, in the heart of Mexico City’s financial district. Jackson will play a pivotal role in staffing the office with local talent and growing Galileo’s business in Latin America.
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“As of May 2019, Mexico was the leading Latin American country in number of fintech startups, with 394 new companies working on financial technology solutions,” said Jackson. “The Mexican market presents incredible opportunities that our fintech solutions can answer. Our new office is the base to facilitate the success of our local and international partners that are addressing Mexico’s expanding payments needs.”
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Mexico’s fintech consumer adoption rate, which represents the share of digitally active people who have used two or more fintech services in the past six months, was 72%, according to EY’s Global Fintech Adoption Index 2019. This indicates a growing appetite for digital payments solutions in Latin America’s second largest economy as measured by total GDP.
“In their drive to foster financial inclusion and competition, Mexican Financial Authorities welcome fintechs aiming to take advantage of the new regulatory framework to introduce technology with the potential of bringing millions of unbanked consumers into the financial ecosystem,” said Adrián López, partner of Nader, Hayaux & Goebel, a leading Mexican law firm advising Galileo. “Within this legal environment, Galileo is well-positioned to provide Mexican consumers with access to more payments products and programs than ever before.”
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