Hola amig@s fintech,

We took a week off before all activities resumed after this summer. We are back and with some great events announcements!

In Colombia:  

• We’re stoked to welcome our two new co-hosts for the Fintech Founders & VCs Happy Hour at Colombia’s Tech Week next Wednesday August 28. Meet Timbi, your trusted partner for recruiting fintech talent in LATAM, and CFX Labs, the one-stop platform for enabling remittances, cross-border payments, and USD accounts accessible via API. RSVP now! 

In Mexico: 

• We have our TWIF exclusive RiskCon Dinner on September 3, co-hosted with Oscilar in Mexico City! Enjoy a lively happy hour, a delicious dinner, and engaging discussions on credit, fraud, and risk management. Register now to join us!
• We are only one month away from FINNOSUMMIT 2024! Do not forget that you get a 20% discount as a TWIF paid subscriber, just email us at latam@thisweekinfintech.com. Secure your place!
• We’re co-hosting a fireside chat and an insightful networking night in alliance with Accion Venture Lab, Niva, CFX Network, and BGBG on September 24. RSVP now here! 

Please find below this week’s front page of LatAm fintech news. If you’re reading this on the web, we’d appreciate your support by sharing and subscribing.  

💛 Until next weekend. Até a próxima!

• Lorena

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📊 Stat of the Week

The percentage of Mexicans actively investing grew from less than 1% in 2015 to over 13% by 2024. This increase has been driven by rising financial awareness and post-pandemic trends. The most popular investment is in CETES, Mexican treasury bonds, which currently yield high returns at 11%, making them attractive for long-term wealth-building (Source).

📖  Read of the Week

Endeavor Mexico released the report “The era of AI in Mexico”, focusing on how AI is transforming industries in the country. The study highlights significant growth in AI-driven innovations, especially in sectors like fintech, healthtech, and retail. It also discusses key challenges, such as the need for regulation and talent development, while showcasing successful case-studies of Mexican companies leveraging AI for scalable solutions.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇨🇴 Bayport Colombia, the Colombian non-banking financial intermediary, secured $30 millions in a round led by Cerberus.

🇧🇷 Magie, a Brazilian AI-based financial assistance company, raised $3.9 millions led by Lux ​​Capital. 

🚀 Product Launches & Partnerships

💻 Fintech 

🇧🇷 Mercado Pago, the Argentinian digital bank of Mercado Libre, and Ripio, the Argentinian crypto multi-product exchange, announced a partnership to launch Meli Dólar, a stablecoin pegged to the US dollar for the Brazilian users. It is available for trading through the Mercado Pago app, with no transaction fees initially. 

🇸🇻 DitoBanx, the Salvadoran digital financial services platform, announced the expansion of its operations to Mexico, targeting young users aged 18 to 32 with services including Bitcoin and U.S. dollar transactions. The company offers a DitoWallet, an international digital credit card, and plans to support tokenization in Mexico.

🇨🇴 Yuno, the Colombian global payments orchestration platform, and Nequi, the Colombian digital financial platform, announced a partnership aiming to provide secure transactions for Nequi users across a broad range of merchants, leveraging Yuno's advanced encryption and fraud prevention technologies. 

🇨🇱 SumUp, the Chilean payment solutions provider, announced the launch of a free POS software designed for SMEs. The software offers inventory management, payment processing, and real-time reporting features, helping merchants optimize their operations without additional costs. 

🇵🇪 Lemon Cash, the Argentine digital wallet, announced its expansion into Peru, enabling crypto transactions in Peruvian soles. Partnering with G-Money, the Peru-based digital payments platform, Lemon Cash now allows users to deposit and trade crypto through its app.

🇦🇷 Tapi, the Argentinian paytech, and Vibrant, the Argentinian blockchain-based digital wallet, announced a partnership to enhance digital dollar payments for over 120,000 users in Argentina. This partnership, integrated with Latamex’s fiat-crypto gateway, allows users to pay bills and manage funds in USDC.

🇵🇪 ProntoPaga, the Chilean payment processing platform, announced its expansion to Peru with a new instant payout solution. This service aims to enhance the efficiency of payment processes for businesses in Peru, supporting faster and more secure transactions. 

🇲🇽 Justo, the Mexican restaurant tech platform, and R2, the Mexican embedded lending platform, announced a partnership to offer flexible loans to its affiliated restaurants. This service allows restaurants to access quick funding with repayments adjusted to their sales.

🇨🇱 Rindegastos, the Chilean expense management software, and Tenpo, the Chilean transfers platform, announced a partnership to streamline how employees manage their expenses. This integration allows users to link their Tenpo prepaid cards directly to the Rindegastos platform.

🏦 Financial Services & Banking

🇲🇽 Finsus, the Mexican digital financial services provider, and Mexiutopic, the Mexican social enterprise, announced a partnership to empower 11,000 indigenous entrepreneurs in Mexico. The partnership will offer digital financial tools, including the ability to accept digital payments and access microloans, alongside financial education programs.

🇲🇽 Bitso, the Mexican crypto exchange, and Coincover, the UK-based blockchain protection company, announced a partnership to enhance the security of digital assets. This partnership integrates Bitso’s multi-party computation (MPC) infrastructure with Coincover’s non-custodial disaster recovery solution, offering users enhanced protection against hacks and lost access. 

🇺🇾 Ripio, the Argentinian crypto multi-product exchange, and OCA Blue, the Uruguay-based financial service under Itaú Unibanco Holding, announced a partnership to enable Bitcoin and Ethereum transactions for 350,000 OCA Blue users. 

📜 Policy

🇸🇻 The government of El Salvador introduced a bill in Congress to regulate fintech business models, including crowdfunding, payments, and loans. The bill proposes a five-year Income Tax exemption for fintech companies established after the law comes into effect. The companies should be authorized by the financial regulatory agency (Superintendency of Financial System) and the Central Bank.  

📰 Other News 

🇨🇱 Josefina Movillo was named CEO at FinteChile.

🇲🇽 Rodrigo Velasco was named Head BBVA Spark Mexico & Latam.

🇨🇴 Bitso highlighted that Colombian crypto users showed a notable increase in transactions during the last six months, driven by demand for remittances and stablecoins. 

🇧🇷 The Central Bank of Brazil launched its Center of Excellence in Data Science and Artificial Intelligence, aimed at strengthening financial system innovation and enhancing regulatory processes. The initiative focuses on advancing AI research and data analytics capabilities, supporting projects like open banking and Pix, the real-time payment system.

🇧🇷 Pix, the Brazilian payment giant, expanded to Europe through partnerships with WiPay and PagBrasil. This marks a significant milestone in the global reach of Brazil’s instant payment ecosystem.

🇲🇽 Nu Mexico announced a partnership with the National Commission for the Protection and Defense of Financial Services Users (Condusef) to promote financial education in the country.

📚 Deeper Reads

VCs are so eager for AI startups, they’re buying into each others’ SPVs at high prices

5 Brazil Fintech Companies to Know

Farming Is Hip in Brazil, Where a New Generation Is Outpacing the US

Bitcoin is down as it struggles to take advantage of a rebound in global risk appetite (ES)

Bitcoin: the return of savings (ES)

‘We all have to fight to move cash’ (ES)

📣 LatAm startup alum who have been impacted by layoffs and recruiters looking for top talent, check out the Startups Alumni and Layoffs Brasil databases.  

If you’re looking to hire from a group of 10,000+ smart, motivated fintech professionals, come pick up a Collective Pass and post a job here.  If you’re looking for your next adventure at one of the best fintech companies, check out the open roles here!

Made in LatAm with 💛 by Elena, Daniela, and Lorena

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