$56.1 million in fintech funding (equity)

Hola amig@s fintech,

I hope you're having a fantastic weekend! To make it better, here's the latest in Latam fintech news. And remember, don't miss out on our first Mexico City TWIF Happy Hour of 2024 on February 1st—RSVP now!

 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 fintech sector received significant investments in 2023 to strengthen its operations and to expand in the region. Opismo, Mercado Pago, Konfio, and Finsocial were the companies with the highest investment. (Source)

📖  Read of the Week

In the last 10 years, the average growth of fintech companies in Peru was 13%. From 2022 to 2023 the sector grew 24%, going from 154 companies to 203 nationwide, according to the “FinTech Business Guide 2023/2024” prepared by EY Law in collaboration with the Ministry of Foreign Affairs of Peru.

🎙️ Podcast of the Week

🦉 Post of the Week

💸 Venture Financing

💸 Equity

🇧🇷 Conta Simples, the Brazilian financial management company focused on SMEs, raised $41.5 million in a Series B round led by Base10 Partners, and with the participation of Valor, Jam Fund, Y Combinator, Big Bets, Broadhaven, and Domo.VC.

🇺🇾 Prometeo, the Uruguayan financial software platform to connect global businesses, raised $13 million in a Series A round led by Antler Elevate, and with the participation of PayPal Ventures, Samsung Next, DN Capital, Cometa y Magma Partners.

🇧🇷 Lina, the São Paulo-based open finance and open insurance startup, raised $1.6 million in a round led by MSW Capital (MSW Multicorp 2 fund), BR Startups' corporate venture capital manager.  

🚀 Product Launches & Partnerships

💻 Fintech 

🌎Nu Mexico and Félix Pago, the US-based chat digital platform, announced a partnership to streamline money transfers between the US and Mexico via WhatsApp. The first transfer is free, and the subsequent ones will have a $2.99 fee.

🇨🇱 KLog.co, the international cargo transportation platform in Latam, and Xepelin, the Mexican SaaS platform for SMEs in Latam, announced a partnership to optimize imports’ financing in Chile. They aim to streamline the import experience by offering financing through Xepelin's platform for critical and costly customs clearance expenses. 

🇧🇷 Palenca, the Mexican data verification platform, announced a new product that allows income verification through digital work portfolios. The company plans to include data from MEIs and catalog resellers, providing solutions for Brazilian workers. Through a B2B2C model, it collaborates with banks and fintechs to offer tailored products and services.

📜 Policy

🇨🇱 The Commission for the Financial Market, the Chilean regulatory agency, announced a new consulting process to implement the Fintech Law. The consultation will be on participants, products, and graduality. 

🇧🇷 Trio, the Curitiba-born payment infrastructure company, was approved by the Brazilian Central Bank to operate as an electronic currency issuer and a payment transaction initiator. The company will now integrate with the central bank systems. 

🇺🇾 Crowder, the Uruguayan collective funds startup, was approved by Uruguay’s Central Bank as a crowdfunding platform. This was the first approval of this kind. 

🇧🇷 Stone, company, was approved by the Brazilian Central Bank to operate as a payment institution and direct credit society.  

📰 Other News 

🌎 Maria Fernanda Juppet, CEO at Cryptomarket, the cryptocurrency exchange, is the only Latin American finalist in the Dubai fintech event, competing in the category “Excellence in Financial Leadership, Fintech and Startups”, within the framework of the FiNext Conference Dubai 2024 event, which will take place on February 28 and 29, 2024.

📚 Deeper Reads

Trends 2024: Who Wins if AI Takes Over White-Collar Jobs Like Banking?

How long will cash dominate in Mexico?

SupTech, the technologies that are changing financial regulation (ES)

Fraud prevention: how to reduce risks and boost your business at the same time? (ES)

During 2023, Fintech grew 20% in Colombia (ES)

Investments in Latin American startups fall 48.6% in 2023 compared to 2022 (PO)

Brazilians withdraw R$ 170 million from cryptocurrency funds in 2023 (PO)

📣 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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