The financial technology ecosystem, known as fintech, continues to expand in Guatemala. In four years, the country went from having 47 companies in the sector in 2021 to 119 in 2025. This growth is primarily due to the development of digital solutions for electronic payments, loans, savings and investments, insurance, and personal finance management.

These companies differ from traditional banks in their intensive use of technology to offer financial services through mobile apps, web platforms, cloud services, and artificial intelligence, which simplify processes that previously required in-person visits and more extensive paperwork.

“A fintech is a company or Project that brings together the best of two worlds:  technology and the financial sector. It aims to apply these new trends to traditional institutions, such as banks and the financial system,” explained Mario Aguiluz, co-founder and CEO of Soft Money. 

Amilcar de León, director of Strategy and Operational Performance at Devel Group, noted that these types of companies seek to offer financial services to users in a more agile way. “It can be considered the equivalent to a bank, but the difference usually lies in the agility with which services are delivered,” he said. 

As an example, he explained that users can now apply for a loan through a mobile app and receive a response in a matter of minutes, without needing to be a prior costumer. 

According to the Guatemalan Fintech Association, the country ranks the second in this group, with 119 companies, trailing only Peru, which has 346. Further behind are the Dominican Republic (115), Ecuador (83), Costa Rica (66) and Uruguay (63).

Among the factors that have contributed to this growth is the country´s demographic composition. According to the Association, 59.7% of the population is between the ages of 0 and 29. In addition, telephone penetration stands at 1.13 lines per inhabitant, and 56% of the population has access to the Internet. 

For Sergio Morales, Vana´s Vice President of Collections, this growth responds to the goal of expanding financial inclusion. “The fintech sector is working to achieve greater financial inclusion in the region and has done so very successfully, not only through increased customer penetration but also through the innovation. Guatemala is a good example of how the sector has managed to bring thousands of people into the financial system through agile and easily accessible products,” he said.

The model that Guatemala could replicate

For the co-founder of Soft Money, one of the main challenges to the ecosystem’s continued growth is modernizing the infrastructure on which financial services operate.

As an example, he cited the cases of Brazil and Mexico, countries that have implemented a unified technology backbone: a system that allows banks, fintech companies, and other financial institutions to connect to the same infrastructure, provided they comply with pre-established rules.

In Brazil, the system known as Pix enabled more than 140 million people to join the platform in just two years, equivalent to 80% of the country´s adult population. In addition, the system is on track to account for about 23% percent of  Brazil´s gross domestic product (GDP) and has fostered the creation of thousands of fintech companies, as well as attracting more than US$1.5 billion in investment, Aguiluz explained. 

The entrepreneur noted that a similar experience occurred in Mexico with the implementation of a unified payment system, which also drove the growth of the technology and financial ecosystem. 

“That allowed many fintech companies to grow and turned this industry into a hub for attracting investment. We could definitely bring that model to Guatemala,” he said.

What would Guatemala need to change?

In Aguiluz’s view, one of the key changes that could drive the growth of Guatemala’s fintech ecosystem would be the creation of a unified rail—a technological infrastructure that allows banks, fintech companies, and other financial institutions to operate under the same rules and connect directly to the payment system.

Currently, he explained, a fintech company that wants to offer financial services must do so through a bank, since it does not have direct access to the Automated Clearing House (ACH)—a situation also faced by other players in the financial system, such as credit unions.

“I believe we need to learn from these other economies and ask: What if we establish clear rules for this unified system and allow other companies to compete and improve the service? That’s what Guatemala needs,” he said.

According to the businessman, the creation of a shared infrastructure would not only facilitate the participation of new players but would also encourage innovation among established financial institutions.

“Guatemala needs to rethink its vision of the financial world and ask itself whether it wants to attract new investment, new competition, and encourage existing institutions to innovate much more. If we lay the right foundations, Guatemala could become another Brazil or another Mexico,” he added.

For Aguiluz, the challenge is not limited to building technological infrastructure, but also to facilitating the population’s access to these services. As an example, he cited the case of a Brazilian bank that operates entirely through WhatsApp, without any physical branches.

“What we need to think about is how we bring these experiences closer to users. With artificial intelligence, a customer service agent could even provide assistance in any of the Mayan languages spoken in Guatemala. Technology has the ability to bring services to the person rather than forcing them to travel to a branch,” he said.

Demand for Talent

As the number of fintech companies continues to rise, so does the demand for specialized professionals. According to the Guatemalan Fintech Association, the ecosystem currently generates more than 2 thousand 100 jobs and is projected to create another 570 jobs over the next 12 months, equivalent to 26% growth.

However, the sector faces challenges in finding specialized talent. Galdámez explained that one in two fintech companies hires staff from outside the country, mainly to fill positions related to software development and technical roles.

Luis Linares, a labor consultant, believes that this growth could open up new job opportunities, both through the expansion of local businesses and the establishment of foreign companies seeking to set up operations where qualified personnel are available. “It’s possible that a foreign company—or one that provides services abroad—might locate in a country where it can find personnel trained to work in this type of business,” he explained.

However, he noted that the talent shortage is not a unique phenomenon to the digital finance industry. “Construction, information technology, and mechanical engineering companies also face difficulties in finding qualified personnel. They often have to invest resources in training their workers, with the risk that those workers may eventually leave for another company,” he said.

Morales noted that fintech companies are primarily looking for software engineers, data scientists, and business intelligence specialists. “We are always on the lookout for software engineers, data scientists, business intelligence analysts, and technical professionals who can help us continue to develop products,” he said.

He added that, although Guatemala remains an attractive market for hiring professionals, the company´s growth has led them to seek talent in other countries. “As a result of out growth, we´ve had to look beyond our borders,” he said.

From De Leon´s perspective, in addition to technical knowledge, companies are looking for professionals capable of communicating with senior management and translating technological concepts into business decisions. 

“Companies need professionals who understand cyber security strategy and can discuss return on investment with senior management. On the technical side, profiles in offensive security, ethical hacking, and defensive security remain in high demand,” he explained.

Certifications: A solution?

For the León, specialized certifications and practical experience carry a significant weight during the hiring process. “We do not focus so much on which university they attended. We want to know what they have done in the fintech field. We are interested in people who are curious, self-taught, and think outside of the box” he said. 

He added that, in technology fields, specialized courses lasting just a few months may respond faster to market needs than academic programs lasting several years. 

Morales shared a similar view. “Much of the knowledge I've acquired in recent years has come through certifications. We need fast learning and constant updates, because everything changes so quickly,” he said.

Regarding the most in-demand skills, De León mentioned software development, data analysis, artificial intelligence, and big data; though he emphasized that soft skills continue to be a distinguishing factor. “The technical aspects can be learned. What makes a good professional is curiosity, the ability to solve complex problems, and the judgment to apply that knowledge,” he said.

Linares agreed that technical programs and short-term certifications can facilitate a faster entry into the labor market, though he noted that this requires strengthening institutions such as Intecap. “The government needs to expand Intecap’s reach by allocating more resources so it can fulfill that role,” he said.

The Future of Fintech

For Aguiluz, the sector’s growth should not be limited to the Guatemalan market. He believes that, given the size of its economy and its position in Central America, Guatemala has the potential to become a regional hub for financial innovation. “Guatemala should view the fintech world not just as Guatemala, but as a regional hub,” he said.

He explained that if Central America were to move toward common technological and regulatory standards, the regional market would reach a sufficient scale to attract more investment and develop companies with an international reach.

 “Let's establish a unified regulatory framework, a unified technological foundation, and a standardized process. Let's encourage innovation and attract investment. If we were to truly commit to a regional project, we could see companies valued at more than one billion dollars, and Guatemala would have the opportunity to lead that process,” he said.

Linares believed that the development of technology-intensive industries could also provide an opportunity to expand employment options for young Guatemalans, given that a significant portion of them remain outside the labor market.

“In Guatemala, one in four young people between the ages of 15 and 30 is neither studying nor working. The challenge is to identify ways to provide opportunities for everyone, so that migration isn't the only path available to them,” he said.

He added that the first step is to identify the sectors with the greatest growth potential and, based on that, design training and job placement programs that facilitate people’s entry into the labor market. “Active employment policies have two main components: training and job placement to promote entry into the workforce, especially among young people,” he explained.

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