Mexico is a red hot market for fintechs

Fintech startups are abounding in Mexico because many people have no bank accounts, and investment capital is readily available.

The fintechs are a new phenomenon in the country. Some 300 are reckoned to have been launched in the last year and a half, providing individuals and small businesses to provide facilities that banks are unwilling or unable to provide them.

"Mexico is really hot for the fintechs," Mauricio Cordero, a former banker and head of one of the startups said in an interview with the Spain-based daily El País.