Latin America’s Fintech Stack Is No Longer a Neobank Story

Latin America’s fintech story is often reduced to one spectacular number: the rise of the neobank.

That description is increasingly incomplete.

The more interesting story is structural. Latin America is building an increasingly sophisticated financial stack, where digital banks sit at the top, payment infrastructure provides the rails, specialised lenders finance businesses and consumers, and stablecoins and blockchain infrastructure begin to connect the region to global liquidity.

The four-floor framework presented by Dmytro Kysliuk is therefore particularly useful because it moves the discussion away from individual fintech brands and toward how the financial system itself is being reconstructed.

And the numbers increasingly support that interpretation.

Latin American fintech attracted roughly $2.8 billion of venture funding in 2024, according to one regional analysis, with Brazil remaining the dominant market. More importantly, capital has become more selective: investors are increasingly looking for revenue, credit economics, infrastructure and sustainable business models rather than simply user growth.

The implication is important:

The next phase of Latin American fintech will not be won simply by acquiring customers. It will be won by controlling financial flows.

1. The first floor: digital banks

At the consumer level, the scale is extraordinary.

The companies highlighted in the original framework include Nubank, Inter, C6 Bank, PagBank, Ualá and Plata.

Their numbers illustrate why the neobank narrative became so powerful.

Nubank is the clearest example. In Q2 2026, Nubank reached 139 million customers globally, including almost 118 million in Brazil, 15.8 million in Mexico and more than 5 million in Colombia. The company also reported quarterly net income above $1 billion for the first time.