Hola amig@s fintech,

The TWIF x Taktile x Belvo Happy Hour in Mexico City was a success, uniting top-notch fintech professionals, including operators, investors, and founders, and fostering meaningful connections. The atmosphere was electric, highlighting the passion and dedication of participants in driving fintech innovation across our Latin American region. We will keep contributing to a stronger, more connected fintech community in the region. Thanks to all!

Taktile redefines how banks and FinTech companies approach credit risk assessment, onboarding, fraud detection, and dynamic pricing. Trusted by leading companies like Branch, Novo, Rhino, and Kueski, Taktile's decision engine adapts seamlessly to any use case. Schedule your demo today! 

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

Total Latam investment contracted to $2.78B across 742 rounds, with Fintech (33%), FoodTech (6%), Proptech (5%), and Energy (4%) leading. Brazil, Mexico, Colombia, and Chile are top contributors to the accumulated 2023 investment. (Source)

📖  Read of the Week

According to "Fintech 2024: innovation meets consolidation", 2024 will be a promising year for fintech, mainly for AI-driven solutions, blockchain and SaaS models. In addition, there are expectations for  fintech consolidation and the reactivation of investment in the industry.

🎙️ Podcast of the Week

🦉 Post of the Week

💸 Venture Financing

💸 Equity

🇧🇷 BRLA Digital, the Brazilian blockchain solution for cross-border payments company, secured an additional $810,000 in a second stage of its pre-seed round from the 99 Capital fund. 

🇵🇪 Price Lab, the Peruvian startup that uses AI to optimize prices, secured $360,000 in a pre-seed financing round led by iThink VC, with the participation of Venture Do, to expand through Latam. 

☯️ Exits

🤝 M&A - Fintech

🇧🇷 PayBrokers, the Brazilian payment solutions specialist, announced the acquisition of a stake in PagFast, the Brazilian service provider in the betting and lottery segment. PagFast, known for its proprietary accounting system and open finance solutions, aims to enhance PayBrokers' capabilities in the newly legalized payment landscape. No further details were disclosed.

🌎 GFT Technologies, the German digital transformation multinational, announced the acquisition of 100% of Sophos Solutions, the Colombian core banking and software platform, for $96 million. This acquisition aims to expand GFT's client base in Colombia and strengthen its presence in core banking, AI, and cloud modernization.

🚀 Product Launches & Partnerships

💻 Fintech 

🇨🇴 Belo, the Argentine digital wallet for freelancers and remote workers, announced a new feature allowing users to withdraw pesos directly to a Colombian bank account. This will enable users to receive foreign currency earnings and withdraw the funds in local currency. 

🏦 Financial Services & Banking

🇲🇽 Banorte, the Mexican financial institution, announced the launch of bineo, its digital bank. Bineo will offer savings accounts and personal loans, including mortgages, credit cards, and car loans, without diverting clients from Banorte's existing bank operations.

🇲🇽 Kueski, the Mexican BNPL lending platform, and Amazon announced a partnership to introduce bi-weekly installment payments in Mexico, with Kueski providing financing and credit. They aim to broaden access to financing for previously excluded individuals.

🇨🇴 Credibanco, the Colombian financial institution, and Koibanx, the Argentinian Web3 banking system, announced a partnership to boost payment interoperability in Colombia, leveraging blockchain technology aiming to transform Credibanco's acquiring network into a receiver for assets like loyalty points, gift cards, and vouchers.

🌎 LAKPA, the Chilean financial advice company, and Scotia Wealth Management in Mexico announced a partnership to allow LAKPA to distribute Scotia's products, implement investment strategies within the wealth management platform, and even open accounts in Canada. 

📜 Policy 

🇧🇷 Datanomik, the Uruguayan B2B open banking platform, and Muevy, the Brazilian payment beyond border company, were authorized by the Brazilian Central Bank to operate as payment initiators institutions.

📰 Other News 

🇲🇽 Vinte, the housing developer in Mexico, secured $88 million financing from the issuance of sustainable bonds through the Institutional Stock Exchange (Biva).

🇲🇽 Citigroup announced that Manuel Romo Villafuerte will be the director of the National Bank of Mexico (Banamex), and Álvaro Jaramillo Escallón will be the director of Citi Bank Mexico. This after separating the businesses in mid-2024.

🌎 StartCo, the Colombia-based event for the innovation ecosystem in Latam, announced the opening of its call for startups that want to participate to raise live capital.

📚 Deeper Reads

What Did It Take To Raise A Series A Round In 2023?

Affinity Marketing and the Latino American Fintech Opportunity

Open finance celebrates three years with advances in the payments agenda, but there are challenges (PO)

Is it close? Contactless payment should maintain growth trend (PO)

Do Mexicans get more into debt with Fintech? (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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