$47.8 million in fintech funding (equity and debt)

Hola amig@s fintech,

This is a very quick intro to remind all readers that, besides focusing on what’s going on with the fintech industry in LatAm, we're kicking off a summer of football magic with the UEFA Euro 2024 and Copa America 2024 happening over the next weeks!

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

LatAm leads in female entrepreneurship, according to the Global Entrepreneurship Research Association. A third of Ecuadorians aged 18-64 are in the early stages of starting their businesses, with similar rates in Chile (30%), and over 28% in Guatemala and Panama. (Source).

📖  Read of the Week

The "Emerging Markets Payments Handbook" by dLocal is an essential guide for companies expanding in Africa, Asia, and Latin America. It covers preferred payment methods, behaviors, and regional trends in 12 high-growth markets, offering insights into alternative payments and regulatory challenges. This comprehensive report helps businesses adapt to consumer preferences and navigate market complexities.

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity / Debt

🇨🇴 BioCredit, the Colombian credit management startup, received $200,000 from the Google for Startups Cloud Program, and it will be used for expanding capacities on AI and credit processing. 

🇨🇴 El Dorado, the Colombian P2P commerce platform, raised a $3 million round with the participation of Multicoin Capital, Coinbase Ventures, Cripto Coinbase, UC Berkeley Skydeck and Awesome People Ventures, to build a crypto app in the region. 

🇧🇷 Bulla, the Brazilian credit startup, raised $44.6 millions through a FIDC (credit rights investment fund).

💰 Venture funds 

🇨🇱 Broota, the Chilean startup, launched ‘Diversifica Startups DS3‘, a more accessible way to invest in startups, lowering the entrance ticket for investments. It offers at least 15 startups in which to invest. 

☯️ Exits

🤝 M&A - Fintech

🌎 Paysecure, the international payments orchestration company, acquired a stake in a55, the Brazilian credit startup for SMEs. No further details were disclosed. 

🌎 Incode, the US-Mexico founded ID verification company, announced the acquisition of MetaMap, the Silicon Valley-based company. No further details were disclosed. 

🚀 Product Launches & Partnerships

💻 Fintech 

🇵🇪 Momo, the Peruvian WhatsApp bot for personal finance management,  launched to help users organize their finances efficiently. 

🇦🇷 Belo, the Argentinean digital wallet platform for freelancers and remote workers, launched an ACH transfer support in USD directly to user wallets. This new feature simplifies payments from the US, reducing intermediaries and offering a competitive 2% transaction fee.

🇨🇴 Leasity, the Chilean proptech platform, expanded its operations to Colombia and seeks to transform real estate management by offering innovative digital solutions for owners and tenants.

🇧🇷 Sette, the Brazilian newly formed agri-fintech, emerged from the merger of A de Agro and Bart Digital, combining their expertise in AI-based agricultural monitoring and SaaS solutions for formalizing agricultural titles and guarantees. The new company operates in over 1,200 Brazilian cities, serving more than 400 clients.

🇧🇷 Nomad, the Brazilian digital bank, launched a new fixed income investment product named Renda Fixa em Dólar. The product will be gradually available to users over the next few weeks. 

🇧🇷 Nubank began the integration process with ‘Celular Seguro’, a Brazilian government program in collaboration with the Federation of Banks and the National Telecom Agency, which blocks virtual cards and disconnect users when they issue an alert through the platform.  

🏦 Financial Services & Banking

🇧🇷 Via Varejo, the Brazilian retail giant, launched its own digital wallet app. This move aims to enhance customer experience by offering seamless payment solutions and loyalty programs directly through the app.

🇨🇴 Visa and Rocketfy, the Colombian e-commerce solutions platform, announced a partnership to launch Rocketcard, a free virtual debit card. The Rocketcard aims to support over 100,000 entrepreneurs and small businesses in Colombia.

🌎 Banco Itaú expanded the scope of its cryptocurrency buying and selling service by offering Bitcoin and Ethereum.

📜 Policy

🇧🇷 The Central bank of Brazil announced the launch of contactless payments with Pix for 2024, which is part of the integration between the payment system and Open Finance. 

🇧🇷 Pluggy, the Brazilian Open Finance solutions startup, was authorized by the Central Bank to operate as a payment transaction initiator in Brazil. 

🇦🇷 The regulatory tax agency of Argentina, AFIP, has clarified that crypto is not taxed with VAT, as those are digital assets. 

🇲🇽 Mexico's Central Bank announced that its digital payment platforms, CoDi and DiMo, are growing, with DiMo showing promise by registering over 7 million accounts.

📰 Other News 

🇧🇷 Roberto Campos Neto, President of Brazil's Central Bank, received the "Central Bank of the Year" award at the Central Banking Awards 2024 in London.

🇧🇷 Brex, the AI-powered spending platform, co-founded by Brazilian Henrique Dubugras and Pedro Franceschi, announced a restructuring. Dubugras will transition to Chairman of the Board, while Franceschi will become the only CEO. 

🇲🇽 The number of internet users in Mexico reached 97 million in 2023, representing 81.2% of the population, according to the National Institute of Statistics and Geography (INEGI). This marks an increase from 2022, where 78.6% of the population used the internet.

🇧🇷 Google announced a pilot program in Brazil for a new AI-based anti-theft feature for Android phones. This feature will use AI to detect phone snatching movements and automatically lock the screen.

🇲🇽 SEPOMEX, the Mexican postal service, launched CorreosClic, a new e-commerce platform to compete with giants like Amazon and MercadoLibre. This initiative aims to empower local businesses by providing them with a robust digital marketplace and efficient logistics solutions.

📚 Deeper Reads

How fintech lenders can help capture small business opportunity

Six ways female founders can accelerate their fintech startups

Why Colombia stands out as an important market in the LatAm fintech scene

Argentina: crypto epicenter in Latin America (ES)

What about artificial intelligence in Mexico? (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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