Hola amig@s fintech,

As the holiday season approaches, we want to take a moment to reflect on the year that’s passed and share our heartfelt gratitude with all of you. 2024 has been a year of fintech growth, connection, and learning, and we’re so thankful for the community we've built together.

In Elena’s words: As 2024 comes to a close, I can’t help but feel excited about the impact fintech will continue to have in LatAm. In 2025, I envision an even more collaborative ecosystem, where large corporations and startups join forces to transform lives and push the boundaries of innovation. At This Week in Fintech, I’m thrilled to remain part of this movement. We will continue to share the stories that deserve to be heard, highlight the leaders making a difference, and act as a bridge connecting ideas and people across the globe.

In Daniela’s words: It’s been inspiring to witness the remarkable growth of fintech in LatAm, with innovation driving financial inclusion and new opportunities across the region. I’m excited for what 2025 holds and look forward to continuing to share the stories shaping this thriving ecosystem. See you next year!

In the spirit of the season, we’ll be taking a short break to recharge and spend time with loved ones. We’ll be back with fresh insights and exciting updates in January 2025, ready to kick off the new year with renewed energy.

Wishing you all a peaceful and joyous holiday season. Here’s to what’s ahead—full of hope, opportunity, and continued connection.

See you in 2025!

🎄❤️  Until next year. Até o próximo ano!

• Lorena

📊 Stat of the Week

As of June 2024, 6.4 million loans were granted through Argentinian fintech platforms, with 376,000 new borrowers added in the last quarter alone. Fintech loans now account for 18.8% of the financial system, marking a 1.5 percentage point increase from the previous quarter and representing nearly one in five loans issued (Source).

📖  Read of the Week

"Latin America's new landscape" by JPMorgan and Wired Consulting, points out that the LatAm payment landscape is undergoing a rapid transformation driven by digitalization, technological adoption, and evolving consumer behavior. Key trends include the rise of real-time payments (RTP) in major economies like Brazil and Mexico, fueled by increased smartphone penetration and broadband access. The pandemic accelerated the shift from cash to digital payments, creating significant growth opportunities for financial institutions and fintechs alike.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇧🇷 Creditas, the Brazilian lending and financial solutions platform, secured $60 million through a new bond issuance. The funding will support its ongoing business expansion and reinforce its position in the Brazilian fintech ecosystem.

🇨🇱 Colektia, the Chilean AI-driven debt collection platform, secured $9 millions in a Series A round led by Mouro Capital, with participation from other investors. The funds will be used to enhance its debt management platform and expand across LatAm. 

💰 Venture funds 

🇧🇷 BS2, the Brazilian financial services platform, launched a $16 million Corporate Venture Capital (CVC) fund to support Brazilian startups. The initiative focuses on investing in early-stage fintechs and tech-driven businesses that align with BS2’s strategic goals.

📺 Sponsored Content

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☯️ Exits

🤝 M&A 

🇧🇷 Transfero, the Brazilian blockchain and crypto solutions platform, announced the acquisition of Fuse Capital, the Brazilian VC firm focused on Web3, to enhance its DeFi offerings. Transfero Ventures will now operate under the Fuse Capital name, maintaining an independent approach to fund management while launching DeFi solutions. No further details of the transaction were disclosed.

🌎 Evertec, the Puerto Rico-based payment processing company, announced the acquisition of Grandata, the US-based AI-driven credit risk analysis firm. The acquisition aims to expand Evertec’s capabilities in AI and diversify its financial technology offerings, particularly in serving unbanked populations across LatAm. No further details of the transaction were disclosed.

🚀 Product Launches & Partnerships

💻 Fintech 

🌎Kuady, the payments service processor, announced its expansion into LatAm with the launch of its digital wallet in Ecuador and a virtual prepaid Mastercard in Argentina. The wallet aims to simplify cross-border transactions, while the card aims to enable online purchases in ARS and USD.

🇧🇷 Horizon Pay, the Brazilian payments solutions provider, announced the launch of PIXCard, a new tool that leverages Brazil’s instant payment system, PIX, to enable installment purchases and streamline credit access for private label transactions. The solution aims to allow customers to split payments while retailers receive funds upfront.

🏦 Financial Services & Banking 

🇨🇴 Banco Popular, the Colombian bank, announced the launch of the PoSÍble credit card aimed at pensioners earning one to two minimum wages, even without prior credit history. The card, backed by the Fondo Nacional de Garantías, aims to promote financial inclusion for seniors with benefits like rewards points, discounts, and price protection insurance. 

🌎Mesh Payments, the global travel and expense management platform, announced a partnership with SoFi Bank, the US-based digital financial services company, and Galileo Financial Technologies, the US-based payments infrastructure provider. The partnership integrates Mesh's expense solutions with SoFi's sponsor banking services and Galileo’s scalable API-based platform, reducing inefficiencies and accelerating product development. 

🇲🇽 BBVA México, the Mexican bank, announced its entry to the used car marketplace with its platform AutoMarket, offering secure person-to-person vehicle transactions with financing options. BBVA aims to expand its used car loan portfolio while enhancing transaction certainty with mechanical and legal verifications. 

📜 Policy

🇲🇽 Plata Card, the Mexican credit card startup, received authorization from the Mexican financial regulatory authorities (CNBV and Central Bank) to operate as a regulated financial institution, enabling it to provide a broader range of financial services.

🇲🇽 Masari, the Mexican Stock Exchange House, formally applied for a Type 1 Banking License, aiming to expand its financial product offerings and consolidate its market position.

🇧🇷 The Central Bank of Brazil proposed the Dynamic Boleto, enhancing the traditional ticket system by integrating with Pix to streamline payments and boost digital financial inclusion. The Central Bank also joined a global open finance prototype project, aiming to enhance the country's financial integration through international collaboration. This initiative is part of its broader strategy to strengthen Brazil’s financial ecosystem through open banking innovations.

🇧🇷 The Brazilian Senate approved new directors for the Central Bank of Brazil, reinforcing the institution’s leadership amid evolving financial regulations.

🇩🇴 República Dominicana advanced in implementing open finance regulations, fostering greater financial inclusion and digital payment adoption. The government is working on regulatory frameworks to ensure secure and transparent financial transactions.

🇲🇽 Klar, the Mexican digital bank, initiated the process to obtain a banking license in Mexico. This move will enable Klar to expand its product offerings, including deposit accounts and additional credit services, strengthening its presence in the country’s financial sector.

📰 Other News 

🇲🇽 Andreas Waldmann was named Chief Marketing Officer at Kueski.

🇲🇽 Sofía, the Mexican insurtech startup, raised $13.5 millions in a new funding round. The capital will support its expansion strategy, development of AI-powered healthcare services, and improvement of its digital insurance platform.

🇧🇷 Makasi, the Brazilian proptech company  that streamlines financing for residential constructors, raised $19 millions through corporate bond issuance. 

🇲🇽 Google Cloud announced that Mexico will serve as its strategic hub for LatAm, enhancing cloud infrastructure, AI services, and digital transformation initiatives across the region.

🇵🇪 The Peruvian Central Bank will enhance its financial inclusion strategy through strengthened institutional capacity, supported by an agreement with the Inter-American Development Bank.

🌎 Mercado Libre and Nubank are intensifying competition in the LatAm fintech sector by expanding services and market reach, driving innovation in digital banking and e-commerce.

🇸🇻 El Salvador expanded its crypto partnerships beyond Argentina, engaging with 25 nations to advance its blockchain and digital asset ecosystem.

🇧🇷 Brazilian tech companies are advancing efforts to reduce credit card chargebacks, using fraud detection technology and improving transaction security for digital payment ecosystems.

📚 Deeper Reads

Billionaire Harvard Dropout Powers Female Family Office Boom

The Silent Partner in Silicon Valley's Success

Fintech Unlocks Eco-friendly Property Development

Technology at the service of banking: crucial for customer loyalty and business profitability (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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