The LATAM Startups That Cloud Providers Should Be Watching in 2021

While Brazil currently outpaces its fellow LATAM countries in cloud adoption and spend, neighboring economies are building digital businesses that represent unique opportunities for cloud sellers to capitalize on.

As a whole, the LATAM cloud market is full of exciting opportunities for cloud providers to capture wallet share in a rapidly-growing region. Read on to learn more about the compelling startup scene in Latin America, and download Intricately's 2021 LATAM Regional Cloud Market Snapshot for our full analysis.

A Breakdown of the LATAM Business Landscape

Latin America's presence is steadily increasing across a variety of industries, but there is one that stands out among the rest: finance.

According to the World Bank, only 50% of Latin American citizens have a bank account—with millions lacking access to the common financial services taken for granted by the rest of the developed world.

As a result, FinTech startups, banks, and other financial organizations are realizing they can find tremendous success by filling in the gaps. In fact, there’s been so much FinTech activity in LATAM in recent years, experts have dubbed the region “the next capital of the FinTech world.” 

For cloud providers, this means a whole slew of potential buyers; from existing global corporations to “future unicorns” spending up to $100K per month on cloud services. But the growth doesn't begin and end with finance—let’s break things down a bit further using Intricately's "tiered" system:

Tier 1: Estimated Monthly Cloud Spend of $500K+: When looking at the LATAM business environment as a whole, we must first mention the huge players— enterprises like América Móvil in Mexico, Globo in Brazil, and MercadoLibre in Argentina—that spend millions of dollars per month on cloud services. However, these enterprise giants aren’t the only source of opportunity for cloud sellers.

Tier 2: Estimated Monthly Cloud Spend of $100-500K: The number of high-growth startups (some of them being unicorns) continues to expand in countries like Mexico, Colombia, Chile and Argentina—with many of these buyers spending up to $500K per month on cloud infrastructure.

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Examples of LATAM finance startups in this second tier of cloud spend include: 


  • HQ: Mexico City, Mexico
  • Industry: Finance
  • What they do: Terminal for electronic payments methods
  • Total estimated monthly cloud spend: $212K
  • Primary cloud hosting product: Amazon EC2


  • HQ: Buenos Aires, Argentina
  • Industry: Finance
  • What they do: Prepaid MasterCard platform to help users keep track of spending, complete transfers, and more
  • Total estimated monthly cloud spend: $130K
  • Primary cloud hosting product: AWS

Tier 3: Estimated Monthly Cloud Spend of $50-100K: Rapidly growing companies with a monthly cloud spend of $50-$100K per month—a group we call “future unicorns”—are widespread across Latin America. In fact, plenty of startups are increasing their spend beyond $50K per month in order to engage with buyers early in the lifecycle.

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One example of a LATAM finance startup in this third tier of cloud spend is Banco Patagonia:

Banco Patagonia

  • HQ: Buenos Aires, Argentina
  • Industry: Banking
  • What they do: Commercial banking services
  • Total estimated monthly cloud spend: $99K
  • Primary data center product: Self-hosted

As the number of buyers in each tier continues to grow in Latin America, both regional and global cloud providers are aiming to invest in growing their market share.

To successfully penetrate the market, cloud providers should begin by creating a long-term LATAM-specific strategy. Engaging with these companies today allows vendors to position themselves as a viable choice to be the primary provider of tomorrow.

Download the Intricately 2021 LATAM Cloud Market Snapshot now

Ready to go more in-depth on the startup scene in LATAM and learn where the best opportunities are for cloud providers? Download Intricately’s 2021 LATAM Regional Cloud Market Snapshot today:

Download the Report

Let us help you find the next opportunities for cloud vendors within the LATAM market. Contact us to learn more.

Wondering how you can get a customized report, specifically tailored to your company? Intricately can help—contact us for a market share analysis of your organization, market, or industry.

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