Latin America is in the midst of a financial transformation unlike anything it has seen before. The region, long marked by high levels of financial exclusion and reliance on cash, is now embracing digital banking, real-time payments, and fintech innovation at an unprecedented pace. According to the World Bank, an estimated 70% of the population is still unbanked or underbanked and only 28% of adults have access to traditional financial institutions, so the opportunities for digital finance to reshape economies and improve lives are enormous.
Global digital banks like Black Banx are stepping in at just the right time. By offering borderless, inclusive, and technology-driven banking services, they’re not only expanding access to financial systems but also fueling economic growth across Latin America.
The Fintech Boom in Latin America
Over the past few years, Latin America has emerged as one of the most dynamic fintech hubs in the world. An IDB Invest and Finnovista study found that the number of fintech platforms in the region more than doubled from 1,166 in 2018 to 2,482 in 2021. This rapid growth is driven by local entrepreneurs and global players addressing long-standing challenges such as high fees, slow cross-border payments, and limited access to credit.
The rise of real-time payment systems has been especially transformative, according to the World Economic Forum:
- Brazil’s Pix processed nearly 42 billion transactions in 2023, settling payments in seconds and capturing 35% of all transactions nationwide.
- Mexico’s SPEI and its newer service DiMo, launched in 2023, are pushing digital payments deeper into the mainstream.
- Argentina’s Transferencias 3.0, Colombia’s Breve, and Peru’s adoption of India’s UPI model are creating an interoperable payments ecosystem across borders.
At the same time, open finance regulations are giving consumers more control of their financial data. Brazil’s open finance system now has 42 million active user consents and processes 1.5 billion API calls weekly. Mexico, Chile, and Colombia are also building frameworks that encourage innovation while protecting consumers.
These developments are making it easier for people and small businesses to move away from cash and embrace digital solutions. In fact, 60% of consumer spending in the region is now digital—a seismic shift in just a few years.
All Sides of the LatAm Payment Industry
Of course, the transformation hasn’t been without challenges. On the positive side, digital wallets, mobile apps, and contactless payments are reducing reliance on cash. According to Banco Central Do Brasil, platforms like Yape and Plin in Peru processed 397 million digital transactions in just the first half of 2023, up 76% year-on-year.
But small and medium-sized businesses (SMBs), which make up the backbone of Latin American economies, have been slower to adopt. Many still rely heavily on cash or use personal bank accounts for peer-to-peer transfers instead of digitizing their operations. Cost concerns and informality often stand in the way of fintech adoption.
Then there’s the darker side: fraud. Latin America loses nearly 20% of e-commerce revenue to fraud, the second-highest rate in the world after Southeast Asia. Authorized push payment scams are on the rise, costing Brazilians around US$247 million in 2023—a number projected to hit US$636 million by 2027. Add in the risks of AI-driven deepfakes in digital onboarding, and it’s clear that fintech innovation must go hand-in-hand with advanced security measures.
This is where global digital banks like Black Banx play an essential role.
Black Banx: A Global Fintech Powerhouse with Local Impact
Founded in 2014 by German billionaire Michael Gastauer, Black Banx has quickly grown into one of the world’s leading digital banking groups. By mid-2025, the platform had reached 84 million customers across 180 countries, up from 78 million at the end of Q1. That growth is being driven by its focus on underbanked regions like Africa, South Asia, and Latin America.
The company’s recent financial performance offers a small sample of the momentum it has maintained for over a decade:
- Q2 2025 pre-tax profit: US$1.5 billion
- H1 2025 profit before tax: US$3.1 billion
- Q2 2025 revenue: US$4.1 billion
- Cost-to-income ratio: 64%, down from 68% at the end of 2024
With its combination of profitability and scalability that is rare in fintech, Black Banx CEO Gastauer is confident the group will reach its 100 million customer target by year-end 2025, positioning Black Banx as a true global leader.
What Makes Black Banx Different?
Black Banx’s model is uniquely suited to the challenges and opportunities in Latin America:
1. Borderless, Multi-Currency Banking
Customers can open accounts remotely in 28 FIAT currencies and multiple cryptocurrencies, making international payments faster and more affordable. This is especially critical in a region heavily reliant on remittances, which totaled US$605 billion to low- and middle-income countries globally in 2021.
2. Remote Onboarding for Financial Inclusion
With just a smartphone and ID, users can open an account instantly. This capability helps overcome the barriers posed by limited physical banking infrastructure in rural areas.
3. AI and Blockchain for Efficiency and Security
AI tools are streamlining onboarding, compliance, and fraud detection while also cutting costs. Blockchain networks such as Lightning and Solana enable near-instant, low-cost cross-border transfers, which can be a lifeline for families and businesses moving money across Latin America.
4. Expanding Ecosystem for SMEs and Individuals
Beyond payments, Black Banx is rolling out tools for cash flow management, forecasting, API integrations, and even tax compliance. By 2025, the group plans to launch DeFi lending and crypto credit services, which could further empower digital entrepreneurs across the region.
Why Latin America Stands to Benefit Most
Latin America is uniquely positioned to leapfrog traditional banking. Unlike developed markets, where legacy infrastructure slows innovation, many Latin American countries can adopt cutting-edge fintech solutions without having to overhaul entrenched systems.
Several factors make the region ripe for disruption:
- Mobile-First Populations: Smartphone penetration is high, making app-based financial services accessible.
- Heavy Dependence on Remittances: Millions rely on cross-border transfers, which digital banks can make cheaper and faster.
- SME-Led Economies: Digital banking tools can empower small businesses to scale, access credit, and join the formal economy.
- Youthful Demographics: A young, tech-savvy population is more willing to adopt new financial technologies.
By addressing these needs, global digital banks like Black Banx can do more than just provide banking—they can act as catalysts for inclusive economic development.
Toward a More Inclusive Future
Global digital banking isn’t a silver bullet for all of Latin America’s financial challenges, but it’s a powerful lever. The combination of fintech innovation, supportive regulation, and international platforms like Black Banx is already transforming how people save, spend, and grow their wealth.
As Latin America continues to adopt real-time payments, digital wallets, and open finance systems, the role of global players will only grow more significant. If executed responsibly—with strong fraud prevention, fair pricing, and accessible services—digital banks could bring millions into the financial system, boost small businesses, and support long-term economic resilience.
In the words of Michael Gastauer, Black Banx’s CEO: the company’s focus on underbanked regions, platform innovation, and scalable growth is delivering “measurable progress.” With 84 million customers already onboarded mid-year 2025 and a strong push into Latin America, global digital banking may indeed prove to be one of the most important contributors to the region’s development in the years ahead.