Top payment companies in Latin America increase by 150% in five years

• Today, FXC Intelligence published The 2023 Cross-Border Payments 100.
• Now in its fifth year, the market map is published annually to recognise and celebrate the biggest players in the cross border payments industry.
• Latin America is a key emerging market and companies based in the region that made it into the Top 100 this year have increased by 150% since 2019.

Today, FXC Intelligence published The 2023 Cross-Border Payments 100, a market map of the key players in the cross-border payments space. Now in its fifth year, the map is widely recognised as the definitive benchmark of the biggest players in the industry.

Featuring companies across money transfers, payments processing, ecommerce, B2B and beyond, the map separates the top 100 players into seven groups: VC/growth equity backed, independently owned, banks, private equity backed, crypto and public companies.

The top 100 is published annually to recognise and celebrate the biggest players in the cross border payments industry. This year we’re also taking a look back over the data we have accumulated on the top cross border companies to analyse key developments since 2019, one of which is the proliferation of emerging markets in Latin America.

Whilst North America continues to dominate the industry, data from the top 100 over the last five years shows that emerging markets are taking up more market share than ever before.

In 2019, two companies in Latin America made it into the top 100. This year five companies from the region have made it into the list – an increase of 150%. These are Mercado Pago, EBANX, dLocal, Monex and Banorte. These companies were founded or have headquarters in one of the following countries:

●        Argentina

●        Brazil

●        Mexico

●        Uruguay

Daniel Webber, CEO and founder of FXC Intelligence said:

“We’re seeing significant payments activity in Latin America. It’s quickly becoming a key region in the cross-border payments space as companies expand outwards and international payment providers look to tap into the market.

“The region’s appeal for payment companies lies in its openness to new technology and affinity for digital payment solutions. Fintechs are booming as previously unbanked populations seek digital and mobile banking options to access financial services.

“The region also continues to be a strong area for remittances, particularly as the job market recovered post-pandemic and immigrants based in the US were sending money home to help families tackle the rising cost of living.

“I expect the region to continue to grow in importance as we see more and more payment companies setting up shop in the region and partnering with larger international companies.”

The geographical spread of companies in the top 100 is now more dispersed than ever before, with Latin America becoming a real hot spot as demand for cross border payment service providers continues to evolve.

#FXCtop100

ENDS

Further information

●        To see the full breakdown of the top 100, view our report here.

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