$77.2 million in fintech funding

Hola amig@s fintech,

Stay tuned for the highlights of the upcoming  Fintech México Forum 2024 which will take place on February 29 in Mexico City.

And please remember that FINNOSUMMIT Connect 2024 will take place from March 4 to 7 in Cancún. Join for an opportunity to share experiences, network with industry leaders from Latin America, and shape the future of the financial industry. TWIF paid subscribers get a 20% discount, email us at latam@thisweekinfintech.com. 

Thank you for your support. Below is this week’s roundup of Latam fintech news. If you’re reading this online, please consider sharing and subscribing!  

👓 Until next weekend. Até a próxima!

• Lorena

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📊 Stat of the Week

35.7 million Argentinian people hold at least one bank and/or payment account, facilitating payments, transfers, and the establishment of savings and investments. Notably, 68% of exclusive payment account holders fall within the age range of 15 and 29, underscoring  that almost 80% of young individuals have a fintech account (Source)

📖  Read of the Week

The Mexican Entrepreneurs Association (ASEM) released the study "Radiography of Entrepreneurship in Mexico: Women's Edition", signaling  the context in which women undertake and do business, and addressing the main challenges they face. According to the study, 21% of companies have been founded exclusively by women, individually or with partners.

🎙️ Podcast of the Week

🦉 Post of the Week

💸 Venture Financing

💸 Equity

🇨🇴 Simetrik, the Colombian financial automation B2B company, raised $55 million in a Series B round led by Goldman Sachs, with the participation of FinTech Collective, Cometa, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and Vtex co-founders.

🌎 Marco, the Miami-based financing startup for SMEs agribusiness exporters in Latam, raised $12 million in a round led by Barn Investimentos, with the participation of IDC Ventures, IDB Lab, Arcadia Funds and Florida Funders.

🇧🇷 Open Co, the São Paulo-based credit and financial tools company, raised $10 million through a fund of investment in receivables rights (FIDC) led by Empírica Investimentos.

🇧🇷 Finplace, the Brazilian marketplace connecting SMEs to credit institutions, raised $280,000 in a crowdfunding round through the EqSeed platform. DSK Capital, together with 100 investors, participated in the round.

☯️ Exits

🤝 M&A - Fintech

🇨🇴 Redeban, the Colombian payment facilitator, announced the acquisition of SoyYo, the Colombian digital identity provider, aiming to enhance its digital authentication processes for businesses across various sectors, including retail, fintech, and health. No further details were disclosed.

🇧🇷 Banco Master, the Brazilian financial institution, announced the acquisition of Will Bank, the Brazilian neobank, to expand the traditional bank's digital ecosystem and customer base by leveraging synergies and technology. No further details were disclosed.

🚀 Product Launches & Partnerships

💻 Fintech 

🇨🇱 Global66, the Chilean international online payment platform, announced the introduction of a new feature for cross-border payments with its Smart Card, enabling users to transact in up to eight different currencies directly from their corresponding accounts.

🇧🇷 PicPay, the Brazilian digital wallet app, announced the expansion of its lending offerings by launching retirees and pensioners payroll loans with proprietary funding. This move aims to follow the acquisition of the public payroll loan marketplace BX Blue.

🇨🇴 Nuvei, the Canadian payment processor, announced the launch of direct local acquiring capabilities in Colombia. The company enables businesses to receive payments directly from customers, streamlining payment flows and enhancing efficiency.

🇨🇴 Arch.Finance, the Chilean crypto asset manager, announced its expansion into Colombia, partnering with Koywe and Paloma to offer users access to secure crypto investments and to provide investors with a diversified platform, leveraging decentralized technology and financial education resources to navigate the crypto market.

🇧🇷 Ebury, the UK-based platform specialized in SME transactions, and Nium, the Singapore-based global payments infrastructure  platform, announced a partnership to facilitate fast and affordable cross-border payments and international transactions in Brazil. 

📜 Policy

🇨🇴 The Colombian financial regulatory agency (Financial Superintendency) launched the guidelines on crowdfunding in Colombia, which contain relevant information and recommendations for investors and companies.

🇦🇷 Koibanx, the Argentinian blockchain and Web3 platform for the financial system, presented before the Patent Cooperation Treaty three patents on payments blockchain technology. 

📰 Other News 

🇲🇽 Karla Berman was named as new member of the Board of Directors at Mendel, the Mexican corporate expense management company.

🇧🇷 Loovi, the Brazil-based auto insurance tech company, raised $9 million led by Marçal Holding and Oliveira Participações.

🌎 Pygma, the acceleration program for early-stage startups in Latam, announced its Fintech PY5 acceleration program, which  consists of 10 weeks of work culminating with a Demo Day and a closing event in New York in June 2024.

📚 Deeper Reads

Behavioral change and engagement to build positive money habits

Open Finance turns three years in Brazil. Can it become as popular as Pix?

Fintech perspectives for 2024

AI will transform finance, but not with personalized card offers

Resolving the debt of financial inclusion in Mexico (ES)

Financial and digital management to overcome the economic challenges of microenterprises (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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