Hola amig@s fintech,

This weekend, I visited the Anahuacalli Museum with my family. If you find yourself in Mexico City and want to explore the impressive archaeological collections of Diego Rivera, don't hesitate. The museum is accessible, stunning, and truly mind-blowing.

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

In 2023, LatAm consumers utilized diverse payment methods, processing $240B via credit cards, $80B through Brazil's PIX instant payment system, and $50B using debit cards. Digital wallets and cash vouchers surged to $45B, crucial for unbanked populations (Source).

📖  Read of the Week

The VI Fintech Radar Chile by Finnovista reveals an ecosystem of 485 fintech companies operating in the country, 28.2% foreign and 71.8% local. In 2023, 60% of companies billed over $500 million. 

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇺🇾 Crowder, the first Uruguayan crowdfunding platform, raised $400,000 for Foxsys, the virtual security startup.   

💵 Debt 

🇲🇽 Digitt, the Mexican debt refinancing startup, secured a $50 million line of credit from CoVenture Management LLC. This is the first direct investment of CoVenture in LatAm. 

🇧🇷 Vixtra, the Brazilian financial solutions provider for importers, raised $31.8 million in credit rights investment funds (FIDC), with participation of Capitânia, Verde, Credit Saison and Contea.

🚀 Product Launches & Partnerships

💻 Fintech 

🇵🇪 ProntoPaga, the Chilean payment collection and disbursement service provider, announced the launch of a new instant payment solution in Peru. The solution will reduce transaction waiting periods by over 90% and will allow businesses to disburse funds instantly. 

🇲🇽 Nu Mexico and SYStienda, the Mexican point-of-sale technology provider, announced a partnership to enable deposits to Nu's digital banking accounts through its POS systems. This partnership, facilitated by Arcus by Mastercard, aims to enhance financial services for over 5,000 small retail stores across Mexico.

🌎 Minka, the Colombian interbank payment solutions platform, announced its expansion into East and Southern Africa. The company aims to implement a unified communication infrastructure for local banks. 

🇲🇽 Blu Financiero, the Mexican financial services platform for underbanked consumers, announced the launch of a new credit card with a 99% approval rate and no formal credit history requirement. The company leverages big data and AI to provide real-time credit scoring and ongoing risk evaluation.

🇲🇽 Paynom, the Mexican payroll-linked credit solutions platform, announced the launch of a new credit card designed to prevent over-indebtedness. The card is directly linked to employees' salaries, with a credit limit capped at 30% of their monthly earnings and automatic repayment from each pay period. 

🇦🇷 Lemon Cash, the Argentine crypto wallet and payment platform, announced the launch of a new Visa card allowing users to pay with Bitcoin and Ethereum while earning crypto rewards on each purchase. This card integrates with users' existing crypto and fiat balances, enabling transactions and automatic cashback in Bitcoin. 

🇨🇱 Prex, the Uruguayan digital banking platform, announced the launch of its no-fee prepaid Mastercard in Chile. This new card enables users to make purchases both physically and online, transfer funds, and access ATMs globally.

🇨🇴 Tributi, the Colombian tax tech platform, announced the launch of a new feature allowing users to file their income tax returns via WhatsApp. This service connects users with certified accountants who guide them through the entire process.

🇵🇪 Ligo, the Peruvian digital wallet provider, and Plin, the Peruvian digital payment system designed for P2P transactions, announced a partnership to enhance interoperability with other digital wallets and banks, without the need for a traditional bank account.

🏦 Financial Services & Banking

🌎 Santander, the global banking and payments provider, announced it has decided to shut down its financial app Superdigital, which was focused on serving the unbanked population in LatAm. Users of Superdigital will be transferred to various local banks within the Santander group.

📜 Policy

🇦🇷 The Ministry of Deregulation and State Transformation of Argentina, announced that people will be able to pay tips using electronic payment methods. The regulation will be released soon. 

📰 Other News 

🇲🇽 Alicia Arias was named Commercial Director at Lakpa Mexico.

🇧🇷 Guilherme Nazar was named Vice President for LatAm at Binance.

🇲🇽 Rafael Garza was named Country Manager at InDrive Mexico.

🇺🇾 Cubo Itaú, the Brazil-based business accelerator, announced its arrival in Uruguay, thus completing the first step of its international expansion. The initiative aims to foster innovation and provide resources to companies in their early stages.

🌎 The White House announced the investment of 1 billion dollars in capital to support LatAm founders to promote entrepreneurship and innovation in the region.

🌎 Manutara Ventures, the Chile-based Venture Capital, announced the selection of 20 Latin American startups for its expansion program in Miami, aimed at sectors such as health, mobility and e-commerce.

🇲🇽 Lottus Education, the Mexico-based educational platform, announced the launch of PottencIA, an AI-powered program that aims to improve the skills and knowledge of its community.

🇲🇽 UPS announced the acquisition of Estafeta, a Mexican logistics company. The acquisition aims to strengthen UPS's position in Mexico's logistics market, valued at $2.5 billion. No further details were disclosed.

📚 Deeper Reads

Beyond the Boom: How VC is Maturing in Latin America

Legal tech, VC brawls and saying no to big offers

The hidden influence of venture capital on Bitcoin and the global economy

Colombia’s largest bank taps chainlink proof of reserves for COPW stablecoin

Latin America’s Tech Revolution: From Fintech to AI Integration

The AI ​​train is going full speed ahead, but there are no gains in sight (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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