Hola amig@s fintech,

We hope you're enjoying a fantastic weekend! To make it even better and help you step into the week ahead feeling informed, here’s the latest roundup of fintech news from across LatAm.

💛 Until next weekend. Até a próxima!

• Lorena

📊 Stat of the Week

Bitcoin stands out as the eighth most valuable asset globally, reaching a market capitalization of $1.94 billion. This valuation places it ahead of tech giants like Meta Platforms (Facebook), valued at $1.44 billion, and close to Alphabet, ranked seventh with $2.07 trillion (Source)

📖  Read of the Week

The "Reporte Fintech 2024," by NTTDATA and Lexia, highlights the transformative role of fintech in Mexico, driven by Open Finance, digital payments, and financial inclusion. Technologies like generative AI and cloud computing enable personalized financial services, data-driven insights, and market expansion. Key statistics reveal that 41% of users consider digital payments essential for financial adoption. However, financial education remains a barrier, with nearly 60% of unbanked individuals citing lack of knowledge as the main challenge. 

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇧🇷 CloudWalk, the Brazilian payments platform, secured $444 millions through a Credit Rights Investment Fund (FIDC) structured by Itaú BBA, with participation from Bradesco BBI, BTG Pactual, BB Investimentos, and Banco Safra, to boost its merchant payment advances service.  

🇧🇷 Onze, the corporate pension platform, raised $20 millions led by Ribbit Capital, with participation from Atlantico and Red Ventures, a round to scale its operations and expand its B2B pension services in Brazil.

🇨🇴 Banco Contactar, the Colombian rural microfinance bank, secured a $15 million investment led by Accion Digital Transformation Fund, to enhance its tech-driven financial services. 

🇲🇽 Vambe, the Mexican conversational commerce platform, raised a $3.85 million Seed round led by Monashees, with participation of Nazca and M13, to accelerate its AI-powered customer engagement services. 

🇧🇷 Klubi, the Brazilian fintech specializing in digital consortiums, raised $9 millions led by Valor Capital Group with participation from unnamed investors. Klubi plans to enhance its services by integrating advanced financial management tools and scaling its operations in Brazil.

💰 Venture funds 

🌎 Attom Capital, the newly launched liquidity provider, aims to support VC-backed startups in Latin America. The firm offers alternative financing solutions, enabling startups to scale while maintaining operational stability.

☯️ Exits

🤝 M&A - Fintech

🇲🇽  Klar, the Mexican digital bank, announced the acquisition of Tribal, the financial management for SMEs company in emerging markets. The acquisition aims to strengthen Klar's B2B financial services by integrating Tribal's assets, customer base, and product offerings in Mexico.

📺 Sponsored Content

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🚀 Product Launches & Partnerships

💻 Fintech 

🇧🇷 Wise, the global cross-border payments platform, announced the launch of a multi-currency account for Brazilian micro-enterprises. The account, linked to a Visa debit card, enables small businesses to manage and make cross-border payments. 

🇨🇴 Nubank Colombia announced the launch of the NuControl credit card pilot to expand financial inclusion across the country. The card offers flexible options, including interest-free purchases with a monthly fee or standard interest rates with reduced fees, tailored to customers' credit profiles. 

🌍 Nuvei, the Canadian payment solutions platform, announced the launch of a blockchain-based payment platform for merchants across LatAm. Partnering with Rain, BitGo, and Visa, the solution aims to enable businesses to leverage stablecoins like USDC for secure, efficient cross-border payments while simplifying treasury management. 

🇨🇴 Druo, the Colombian digital payments platform, announced the launch of a payment button enabling businesses to accept bank account transactions seamlessly. Utilizing Colombia's Bre-B system, it supports instant and recurring payments, automates collections, and reduces costs. 

🇧🇷 Yuno, the Colombian global payment orchestrator, and Reserva, the Brazilian fashion retailer, announced a partnership to boost purchase conversion rates. By leveraging Yuno’s platform to centralize payment management and integrate over 300 payment methods, Reserva streamlined operations, enhanced fraud prevention, and improved the customer experience. 

🇨🇴 Plenti, the Colombian cross-border payments platform, announced the launch of its zero-cost dollar card, offering freelancers, businesses, and digital nomads international payments with 1:1 dollar conversion. The card eliminates hidden fees and management charges, aiming to set a new standard for global financial simplicity.

🇧🇷 Nomad, the Brazilian digital banking and foreign exchange provider, announced the launch of Dólar Nomad in partnership with Ouribank, the Brazilian digital bank, allowing customers to lock in dollar exchange rates for up to one year. The product aims to offer financial predictability and protection against currency fluctuations, catering to students, honeymooners, and frequent travelers.

🏦 Financial Services & Banking 

🌍Mastercard announced the introduction of its Payment Passkey service in LatAm, starting with Sympla and Yuno users. Utilizing tokenization and biometric authentication, the service aims to enhance security, streamline e-commerce checkout, and reduce cart abandonment.

📜 Policy

🇲🇽 Arcus, the Mastercard-owned PaaS platform that provides payment solutions, received authorization by the financial regulators to initiate operations in Mexico, aiming to enhance the ecosystem with its payment solutions.

🇨🇴 Revolut, the UK-based neobank, formally applied for a banking license in Colombia as part of its LatAm expansion strategy.

🇦🇷 Mercado Libre announced its upcoming bank's name and initial service offerings in Argentina, targeting credit and savings solutions.

🇨🇱 The Chilean Financial Market Commission (CMF) issued new regulations to enhance oversight on payment service providers. The updated framework aims to strengthen transparency, operational risk management, and cybersecurity standards, ensuring safer and more reliable financial transactions in the country.

📰 Other News 

🌍 Juan Jorge Soto was named General Manager for LatAm at Nuvei.

🇧🇷 Fernando Miranda was named CEO at Neon.

🇲🇽 Citi announced the separation of Banamex from Citi, marking the end of their partnership. Customers will transition to Banamex's new independent structure.  

🇦🇷 Prosegur opened a secure cryptocurrency custody bunker in Argentina, enhancing crypto asset protection services.  

🇦🇷 Argentina introduced a revolutionary ETF based on Cedears, expanding crypto investment opportunities for its financial market.

🌍 The European Investment Fund (EIF) and Quotanda, student Lending-as-a-Service (LaaS) platform, launched a pan-European finance education initiative to support students' access to digital and managerial skills.  

📚 Deeper Reads

AI and open finance: shaping the future of financial services

Crypto Trends: What’s left for 2024?

The Ecosystem of Venture Capital in Latin America: Key Players and Trends

How to Debate Ideas Productively at Work

Why Kindness at Work Pays Off

This is how the nenis are changing the digital economy in Mexico (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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