Global guide to the SMB market for fintechs and financial service providers


Read on to learn about:

• The size and composition of the small business market in Mexico
• The fintech ecosystem and regulatory environment
• The top financial platforms in the region

Size & make up of the market

Mexico has a large number of low-producing SMBs, and the proportion of sole traders is well above the OECD average. Small firms lag behind in digital uptake, although significant progress was made after the onset of the COVID-19 pandemic.

The fintech ecosystem

Fintech in Mexico is supported by the government, which is keen to cement its reputation as one of Latin America's most developed financial centers, but it lacks technical skills.

Most popular financial software

CONTPAQi, founded back in 1984, leads the accounting software market while Wix is currently ahead in eCommerce. E-invoicing in Mexico has been mandatory since 2014, which means that all SMBs must use a government-approved e-invoicing company (PAC).

International trade

5% of Mexican SMBs are active exporters (far below the OECD average of 39%), and 7% are importers. The low proportion of international trading means there is little exposure to the volatilities of the global supply chain.

Top financial software platforms


2.9M Mexican SMBs have specialist bookkeeping or ERP software


of Mexican SMBs use spreadsheets in place of accounting software


fully outsource bookkeeping to accountants

SMB tech readiness and the fintech ecosystem

Tech readiness and regulatory environment

SMBs in Mexico ​are behind the rest of the OECD countries in their adoption of cloud computing. However, Mexican online business presence grew by 800% during the pandemic, suggesting they won't lag behind for long.

​The administrative framework for entrepreneurship in Mexico is good (simple regulations), but administrative costs for starting a business or resolving insolvency are high.

The fintech ecosystem

Mexico is ranked #32 out of 83 in Findexable's global index of the strength of fintech ecosystems.

Since 2016, the number of fintech start-ups in Mexico has increased by 23% annually.

Payments and remittances services are very important to the Mexican economy and account for 20% of the fintech market.