Super apps are a one-stop shop for consumers, providing a wide variety of services from ride-hailing to e-commerce to payments. We examine the current state of super apps in Latin America, how startups and big tech companies are tackling the space, and the challenges they face.
Latin America is becoming the new battleground for super apps.
The region is home to over 650M people, with a younger population than most developed economies and an outdated financial system that’s dominated by a few banks. This provides a massive opportunity for digital consumer platforms.
Venture-backed technology companies like MercadoLibre, Rappi, and Nubank are using these tailwinds to become super apps, or digital platforms that provide consumers with a wide variety of services all-in-one, from online shopping to ride-hailing to payments.
These companies have already reinvented industries in the region through speed, digitization, and superior customer experience. Their growth in Latin American started with a single product: e-commerce, on-demand delivery, or credit cards, respectively. They then rapidly rolled out new products on their platforms, aiming to become the single point of contact for Latin American consumers.
In this report, we use CB Insights data to provide a snapshot of the development of super apps in Latin America, the strategies employed by key players, the startup outlook, and challenges to widespread adoption.
TABLE OF CONTENTS
- What are super apps?
- Where the opportunity lies
- The current state of super apps in Latin America
- The outlook for super apps in Latin America
- Conclusion
