Hola amig@s fintech,

This week we commemorate the rich history and enduring spirit of Venezuela on the anniversary of its independence. On July 5th, 1811, the Act of Independence was signed, marking the birth of a nation steeped in culture, resilience, and pride. 

For our readers in São Paulo 🇧🇷! Don’t forget to RSVP for our Fintech Happy Hour next Tuesday, July 16th, co-hosted with Ensemblex and our local community members. Book your place here and help us spread the word!

Stay tuned for more updates and events from TWIF, and 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

63% of digital wallet users in Colombia use more than two wallets. Among the most popular wallets are Nequi (44%), Daviplata (77%), and Movii (15%). This diversification in the use of different digital wallets suggests that consumers are looking to maximize the benefits and convenience offered by each platform (Source).

📖  Read of the Week

“Global Fintech 2024,” by BCG and QED Investors, highlights how global fintech companies are prioritizing prudence, profits, and sustainable growth. The report examines the sector's evolution, the impact of regulation, and the importance of profitability in fintech strategies. Additionally, the study explores opportunities in emerging markets and the integration of advanced technologies to enhance operational efficiency and customer experience.

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇧🇷 Tivita, the Brazilian company offering financial solutions for medical premises and clinics, raised $5.8 millions in a Seed round led by Fintech Collective, and with the participation of K50 Ventures, MAYA Capital, and SSV.

🇧🇷 Alume, the Brazilian startup for the medical student community, raised a $7.14 round led by Credit Saison. 

🇨🇱 Retorna, the Chilean online money transfers and payments startup, raised a $1.2 million round with the participation of Impacta VC, Amplifica Capital, Morro Ventures.

💵 Debt 

🇨🇴 RapiCredit, the Colombian microcredit startup, received an approved credit of $4.24 million from Fondo Nacional de Garantías (FNG) to expand its credit offerings in the country. 

🚀 Product Launches & Partnerships

💻 Fintech 

🇨🇴 Meru, the Colombian digital wallet provider, announced the launch of new services aimed at over 15 million regional freelancers, by integrating blockchain protocol BLEND on the Stellar network. The platform allows for interest generation in US dollars through a self-custody savings pocket and offers an easy setup for a US bank account.

🇨🇴 Clinng, the Colombian new payment processing brand by Monnet Payments Solutions, announced its launch in Colombia with plans to expand across LatAm. The company aims to facilitate cross-border commerce for global merchants and provide payment solutions locally, supporting local businesses in their regional expansion.

🇲🇽 Kavak, the Mexican used car marketplace platform, announced it is making strategic investments in the Brazilian automotive market through tokenized debt issuance. The company aims to offer tokens secured by Kavak’s vehicle inventory, providing investors with a 5.5% annual return. 

🇨🇱 Floid, the Chilean open data platform, announced the expansion of its offerings across LatAm with new products aimed at streamlining online payments. This move introduces pay-in and pay-out services that integrate with open banking frameworks, allowing clients to receive payments from any account and manage payouts and reconciliation automatically. 

🇨🇴 Vita Wallet, the Chilean international transfers platform, announced the launch of Vita Card, its first virtual debit card in Colombia, set to be available in August. This Visa-backed card allows businesses to make payments in both Colombian pesos and US dollars, directly from their account balances. 

🇧🇷 Mercado Pago announced it has initiated tests on a new "intelligent transfers" feature as part of its open finance agenda. This feature enables automated transactions between user-owned accounts, allowing for fee-free money movements with customizable limits and scheduling. 

🇬🇹 MayaPlus, a Guatemalan remittances platform, announced the launch of an app designed to improve the way remittances are managed. By facilitating secure, low-cost transfers, MayaPlus aims to empower Guatemalan migrants to invest in construction and housing projects back home. 

🇨🇴 Bravo, the Colombian debt recovery platform, announced the launch of Sync, a new tool designed to aid financial institutions, collection agencies, and banks in enhancing their debt recovery processes. Sync offers a real-time view of debtors enrolled in recovery programs.

🇦🇷 Brubank, the Argentine digital bank, announced the launch of Brubank Empresas, a service tailored to boost SMEs in Argentina. This offering aims to allow businesses to open an online account quickly and free of charge, and to manage their finances entirely digitally without visiting a physical branch. 

🇨🇴 AAvance, the Colombian financial services app, announced the introduction of a debit card, backed by Visa, aimed at fostering financial inclusion among unbanked migrants. The company now offers both virtual and physical debit cards.

🇲🇽 Finsus, the Mexican financial services provider, and the National Tortilla Council, announced a partnership to launch a pilot program allowing tortillerías in Mexico City to accept digital payments and bill payments. This program introduces QR and NFC-enabled transactions.

🏦 Financial Services & Banking

🇦🇷 DeRentas, the Argentinian mobility solutions company, announced the launch of "Rent to Own" service targeted at Uber drivers, providing a new vehicle financing solution. This service allows drivers to rent a vehicle with an option to buy. 

🌎 ScaleX, the alternative market exchange housed within the Santiago Stock Exchange, announced it will allow pension funds in the Chilean and Andean capital markets to invest in startups. This move aims not only to diversify investment portfolios but also to drive venture capital and private equity growth in Chile.

🇲🇽 Mercado Pago announced it has boosted its annual yield rate to 15%, aiming to encourage savings among Mexican users. In partnership with Grupo Bursátil Mexicano (GBM), Mercado Pago offers an enhanced return on daily earnings within user accounts, competing in Mexico's interest rate market. 

🇧🇷 Sicredi, the Brazilian financial cooperative institution, announced the introduction of two new open finance features aiming to enhance the banking experience for its members in Roraima, Brazil. These features allow members to transfer funds from other financial institutions directly through the app and share their financial history via WhatsApp.

📜 Policy 

🇧🇷 The Brazilian Central Bank announced new regulations and directives to move forward with the Open Finance system, from which the main feature is contactless Pix and increase the scope of institutions that have to participate in the ecosystem. 

🇧🇷 Cora, the Brazilian SMEs startup, received approval from the Central Bank of Brazil to operate as a credit, financing, and investment company (SCFI). Currently, the company is operating as a direct credit company.

🇧🇷 Cumbuca, the Brazilian sharing expenses company, received authorization form the Central Bank of Brazil to operate as a payment transaction initiator via Pix on Open Finance. 

📰 Other News 

🇧🇷 Letícia Moschioni was named COO at BaaS2U.

🇨🇱 Florencia Barrios was named Country Manager at Fintual Chile.

🇲🇽 Stori, the Mexican unicorn, will invest $385 million to expand its growth in Mexico.

🇨🇱 Buildlovers, the Chilean construction startup, secured $300,000 investment from Manutara Ventures. This funding will support the development and expansion of Buildlovers' innovative solutions in the construction sector, enhancing their ability to scale and meet market demands.

🇨🇱 Fintual, the digital wealth management platform, announced the First OpenAI hackathon in LatAm in partnership with OpenAI, which will take place next August 23-25 ​​in Chile.

🌎 Impacta VC, the Chilean VC firm, announced the "Impacta Revenue Strategy Program (IRSP24)," a new initiative designed to help LatAm startups grow their revenues tenfold. The program will offer comprehensive training and mentorship to selected startups, focusing on strategies to significantly boost their income.

📚 Deeper Reads

Brazil is fintech’s next frontier

Exploring the technological advancements in Latin America and the Caribbean

Bitcoin crashes to $53K, but analysts warn the worst isn’t over

49% of startup founders will give up this year (ES)

Cryptocurrencies: those that appreciated the most and those that lost the most in the first half of 2024 (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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