MMM: The State of FinTech Apps in Mexico in 3Q24

Summary

In Mexico, the neobank cohort is experiencing rapid growth, with downloads rising 77% year-over-year in 2024 YTD, significantly outpacing the broader Latin American average of 30%. Monthly active users (MAUs) in Mexico for neobanks increased 26% YoY, compared to 8% for the region. Nubank, the largest neobank globally, dominates LatAm MAUs with over 50% share in Q3 2024, but in Mexico it holds only 18% of MAUs, while Mercado Pago and Banco Azteca lead with 28% and 25%, respectively.

DiDi Finanzas, a Chinese entrant, initially surged in Q3 2023 with 700% YoY download growth in Mexico, but this plummeted to a 6% decline in Q3 2024. In advertising, Mercado Pago and BBVA Empresas Mexico were the primary social spenders in Q3 2024, accounting for about 45% and 35% of spend. However, both reduced ad spend quarter-over-quarter in Mexico—down 10% and 5%, respectively—even as total cohort spend increased 5% QoQ.

These trends highlight Mexico's growing neobank market, competitive dynamics, and shifting advertising strategies.