Building a long-term FinTech business takes time and effort. The most critical parameter that determines any startup’s success is the number of customers it acquires and retains. But let’s face it, bringing new customers is no easy task.
FinTechs tend to spend much time, effort, and energy in drawing customers to their platforms and applications only to realize that their efforts have been futile. Furthermore, with increased competition, it has become even more challenging to attract and then onboard customers. With all the money spent, tracking customer acquisition costs has become one of the key metrics closely inspected by FinTechs.
In Latin America’s FinTech Boom, a16z investors Angela Strange and Matthieu Hafemeister provide a great breakdown of the five reasons that FinTech is experiencing a funding and user growth renaissance in Latin America:
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