EconomyFintechs will go through a process of "natural selection",...

Fintechs will go through a process of "natural selection", who will survive?

The Darwinian theory of natural selection is just around the corner for fintech companies.

Within the framework of the Inter.Mx Expansión Summit 2022 , the founders and co-founders of fintech companies discussed the future and the challenges ahead of an industry that has grown exponentially in recent years and has stolen market from traditional banking.

“There will be a process of natural selection of those players who are working on products that do them well; it is not a matter of arriving and being a flash, it is reaching a point where you really contribute to society”, considered Francisco Padilla, co-founder of Konfio.

For the manager, fintechs must earn the trust of users in order to remain current in the market.

Stefan Moller, founder and CEO of Klar, considered that the mission of fintech is to complement and improve the services that traditional banking already provides in Mexico with the difference that they have lower costs.

The savings that companies obtain with the help of technology, according to Moller, will allow them to reach more people. In addition, open banking or open banking will help institutions compete more and offer the best services to users.

Fintech companies work hand in hand with technology that allows them to better qualify or evaluate users and thus determine the amount they can pay. However, the other challenge ahead is the trust that can be given to individuals and micro-enterprises when lending them money.

“The problem is not that there are many options, but how easy it is to access (financing),” said Marlene Garayzar, co-founder of Stori. For her, the challenge is to democratize and approve more funding requests.

The speakers considered that in the following months there will be opportunities for mergers and acquisitions due to the fact that some players have not managed to impact clients. And it is that in the face of a complex global economic panorama, the investment funds that invest in fintech will be more selective.

“The lack of liquidity is not the same as the desire to invest. I do not see that the capital markets are investing less or with less desire, they have only raised their criteria,” said Sebastián Castro, co-founder and president of Kushki.

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