Evolution of fintech in Peru, 2010-2025

Abstract

The Fintech ecosystem in Peru underwent a significant transformation between 2010 and 2025, driven by accelerated financial digitization, expanded internet access, and evolving digital usage patterns. Consequently, this study aims to analyze this evolution and determine how Fintech has influenced access to financial services, particularly payments, credit, and digital banking. A documentary and descriptive approach was employed, based on official reports, academic literature, and international studies. This approach allowed for the identification of three distinct stages: first, an initial emergence between 2010 and 2016; second, accelerated consolidation between 2017 and 2021, heavily influenced by the pandemic; and finally, since 2022, a phase of diversified expansion characterized by the sustained growth of digital solutions in the market. Furthermore, the results demonstrate that Fintech has contributed to expanding financial inclusion, optimizing service efficiency, and driving the modernization of the Peruvian financial system. However, despite these advances, structural challenges related to regulation, digital education, technological infrastructure, and access to financing persist, continuing to hinder the ecosystem's maturity and long-term sustainability. Taken together, these findings underscore the need to strengthen public policies, improve regulatory frameworks, and promote digital capabilities to consolidate the development of the Fintech sector in the country