Alchemy announces their expansion into the Latin America FinTech Market

By Edlyn Cardoza

Over the COVID-19 pandemic, the FinTech landscape changed dramatically as most of the population began transitioning from traditional in-store purchases to e-commerce and online payments. Another contributor to the shift in e-commerce in Latin America is the high rate of mobile phone usage. In 2019, there were 343 million mobile internet users in Latin America, which is expected to increase to 424 million by 2025.

In the past, Latin America has been a challenging environment for FinTechs to thrive in due to the regulations and traditional banks controlling the market. For example, in Brazil, the top five banks control 80% of the market, making it difficult for new entrants to break through successfully.

Recently, countries like Mexico and Brazil have implemented FinTech-friendly regulations to welcome FinTech companies into the banking scene. These new laws have made Latin America a breeding ground for venture capitalists and investors.

Buy Now Pay Later has become increasingly popular around the globe since COVID-19 impacted many people financially. This was no different in Latin America, and many people shifted to e-commerce payment methods allowing them to pay for their product or service over time.

Alchemy has worked with various clients throughout Latin America to build their end-to-end white-labelled BNPL solution. Their Point-of-Sale system instantly empowers their client’s network to take in applications, pre-screen the customer with automated underwriting rules, and have the necessary documents for consumers to sign to start the services.

Over the past couple of years, Alchemy has geared up its entry into the Latin America FinTech market by powering banks, financial institutions, and small businesses to help them quickly launch credit products.

Alchemy believes they have developed an end-to-end lending experience for their clients. From the website or mobile app to loan management and payment processing.

Alchemy is an embedded financing software company that powers FinTech, merchants and banks with an end-to-end cloud-native experience. Their lending software provides a complete package of powerful software modules, including their digital customer onboarding process, real-time underwriting, loan servicing and management, real-time payments gateway, customer and merchant communications, collections modules, etc.