Hola amig@s fintech,

Once again we hope you're having a fantastic weekend! Here's the latest in LatAm fintech news. 

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🩵 Until next weekend. Até a próxima!

• Lorena

Feedback?  Reach out to us anytime! This week we're Elena on read and stat, post, and podcast of the week, funding, exists, policy, other news, and deeper reads, Daniela on product launches and partnerships, and Lorena on editing.

📊 Stat of the Week

The data reveals a strong, but not absolute, link between wealth and happiness. While richer countries often report higher happiness levels, exceptions exist. For instance, in Latin America, Costa Rica tops happiness rankings, followed by Mexico, which surpasses wealthier nations like the US, Canada, and France. Countries such as Brazil, El Salvador, Guatemala, Panama, and Uruguay also score high, while Bolivia, Ecuador, and Honduras rank among the least happy. This highlights the complex interplay of economic and cultural factors in shaping happiness. (Source)

📖  Read of the Week

The CB Insights Fintech Report 2024 highlights the global fintech landscape, emphasizing a record-breaking $180 billion in venture funding across 5,800 deals, marking a 25% increase in investment compared to the previous year. LatAm emerged as a high-growth region, accounting for 12% of global fintech deals, with Brazil and Mexico leading the charge. The report identifies payments, lending, and wealth management as the dominant sub-sectors, collectively representing over 60% of total funding. 

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇧🇷 Jota, the Brazilian finance management startup for SMBs, raised $8.9 million in a Seed round led by MAYA Capital and with the participation of HOF Capital, BigBets, Alter Global, Bogari Capital, and Norte Ventures. 

🇦🇷 Credicuotas, the Argentinian lending company and part of BIND Group, completed its ON (Negotiable Obligation) Series XI, for a value of $18.2 millions. The issuers were Banco Patagonia, Industrial Valores, ACA Valores, Banco Comafi, Buenos Aires Valores, Cocos Capital, and Latin Securities.

🇧🇷 Sol Agora, the solar energy financing company backed by Brookfield in Brazil, raised $135 million to expand its solar energy distribution platform. This funding supports Sol Agora’s mission to drive renewable energy adoption in Brazil by offering innovative financing solutions tailored for solar energy projects.

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🚀 Product Launches & Partnerships

💻 Fintech 

🇦🇷 tapi, the Argentine payments platform provider, and Naranja X, the Argentine digital financial services company, announced a partnership to enhance the virtual payments experience for users across the country. 

🇧🇷 Friday, the Brazilian financial management app, announced the launch of an automatic payment feature via WhatsApp, leveraging open finance to simplify transactions. The new functionality will allow users to pay bills by sending a simple message, with the app's AI assistant pulling funds directly from linked bank accounts. 

🏦 Financial Services & Banking 

🌎 Yuno, the Colombian payment orchestration platform, and PayPal, announced a partnership to enable merchants to offer seamless and secure transactions to over 400 million PayPal users worldwide. 

🇨🇴 Bancolombia and Davivienda, leading Colombian banks, announced the launch of a new instant and free money transfer service using a key system that allows customers to link their accounts to unique identifiers such as phone numbers, email addresses, or national IDs. The initiative contributes to prepare for the upcoming Central Bank’s Bre-B instant payment system. 

📜 Policy

🇩🇴 The Dominican Republic initiated its journey toward Open Finance, focusing on enhancing financial inclusion and interoperability between financial institutions through collaborative frameworks. This step aligns with regional efforts to modernize financial services and give consumers more control over their financial data.

🇧🇷 Appmax, the Brazilian payment solutions platform, received authorization from the Central Bank of Brazil to operate under the Pix ecosystem. The company is investing in AI to attract marketplaces, with plans to leverage innovative technologies.

🇨🇱 Baaskit Pagos S.A, the Chilean payment startup founded by the former president of BancoEstado, received approval to begin operations in Chile, aiming to simplify real estate investments.

🇧🇷 MAG Fintech, the Brazilian company part of MAG Group, obtained authorization to operate within the Pix payment system, marking an expansion of its capabilities in the Brazilian financial services sector.

🇲🇽 Clara, the Mexican corporate expenses company in LatAm, received authorization from the Mexican financial regulator CNBV (National Banking and Securities Commission) to operate as a Multiple Purpose Financial Company (Sofom) in Mexico.

🇲🇽 Impulso para el Desarrollo, the Mexican Popular Financial Society (Sofipo), had its operating license revoked by the CNBV due to non-compliance with regulatory requirements. The decision underscores the regulator's commitment to maintaining financial stability and ensuring the reliability of institutions in the Mexican financial system.

🇧🇷 Transfeera, the Brazilian B2B payment solutions provider, secured authorization to operate as a direct participant of Pix. This move enables Transfeera to connect directly to the Central Bank for financial settlements.

📰 Other News 

🇧🇷 Josue Ma was named Business Unit Head at meutudo. 

🌎 Nubank is evaluating moving its corporate domicile to Britain and expanding its presence in the U.S. This strategic move aims to enhance its global reach and attract new investors while continuing its focus on LatAm markets. 

🇲🇽 Mercado Pago reported profitability in Mexico, marking a milestone for the region's fintech industry. 

🌎 The Inter-American Development Bank (IDB) emphasized the role of smart financing and fintech innovation in combating climate change, showcasing their potential to enhance sustainability efforts across LatAm.

🇲🇽 Uber Eats, the food delivery platform, and R2, the Mexican embedded lending solutions platform, announced a partnership to offer fast and flexible financing solutions to restaurants registered on its platform in Mexico. The initiative provides three credit options, with an average loan amount of $2,000, accessible through the Uber Eats Manager app.

📚 Deeper Reads

Collaboration with banks and foreign presence: the keys to the fintech ecosystem in Peru (ES)

Why Colombia Fintech believes a usury rate review is necessary (ES)

The state of blockchain funding in early 2025

Walmart will now let suppliers test products in its customers’ homes

📣 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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