$82.7 million in fintech funding 

Hola amig@s fintech,

Thanks to all who joined us for the inaugural TWIF & Oscilar RiskCon Dinner in São Paulo! It was an incredible evening filled with enlightening discussions on risk management, fraud prevention, and more. 

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

Bank app downloads in Mexico reached 57 million between April 2023 and April 2024, a year-on-year increase of 23%. In 2024, traditional banks recorded a total of 39.9 million app installations (74%), while neobanks recorded 17.8 million downloads (26%). Source

📖  Read of the Week

The "Colombia Tech Report 2023-2024" by KPMG Colombia highlights how the combination of technology and entrepreneurship has strengthened the digital ecosystem in the country, positioning it alongside regional leaders such as Brazil and Mexico. The report identifies opportunities and challenges within the entrepreneurial ecosystem and presents a strategy to help startups grow by connecting them with key stakeholders.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇲🇽 Aplazo, the Mexican omnichannel and BNPL platform, raised $70 millions, which includes a $45 million Series B round led by QED Investors and with the participation of Volpe Capital, Oak HC/FT, Kaszek and Picus Capital.

🇧🇷 NG.CASH, the Brazilian company of prepaid credit cards for generation Z people, raised $12.7 millions in a Series A round led by Monashees and with the participation of Andreessen Horowitz (a16z), 17Sigma, Tekton Ventures, and Generalist Capital.

💰 Venture funds 

🌎 Accion, the US-based global nonprofit organization, announced the launch of a $152.5 million fund, Accion Digital Transformation, to invest in financial institutions in emerging markets. Accion has previously invested in LatAm startups. 

☯️ Exits

🤝 M&A - Fintech

🇺🇾 TransNetwork, the US-based B2B payments infrastructure platform, announced the acquisition of Inswitch, the Uruguay-based platform specializing in digital wallets, payments, and card issuance. The deal, finalized in February, is expected to boost Inswitch's revenue and customer base. No further details of the transaction were disclosed.

🚀 Product Launches & Partnerships

💻 Fintech 

🇵🇪 Tulkit Pay, the Brazilian crypto wallet provider, announced the launch of a prepaid card in Peru linked to its multi-currency wallet through Mastercard’s global payment network. Users can store and use cryptocurrencies like Bitcoin, Ethereum, and USDT, converting them to local currency for everyday purchases and earning up to 1% cashback on transactions.

🇨🇴 Konvex, the Colombian API software for reconciliation and underwriting, announced the launch of an API in LatAm that integrates over 10 ERP systems. This innovation aims to allow companies to consolidate accounting and ERP systems into a single access point.

🇧🇷 Juros Baixos, the Brazilian loan marketplace API provider, announced the integration of its new API with debt negotiation platforms to offer credit solutions to financially recovering clients. This solution aims to enable platforms like Acordo Certo and IQ to provide loan comparison and contracting. 

🇧🇷 Compra Agora, the Brazilian e-commerce platform for wholesalers and small retailers, and Trademaster, the Brazilian financial solutions and B2B credit platform, announced a partnership to launch a credit program to support 30,000 stores across 80% of Brazilian municipalities.

🇦🇷 GOcuotas, the Argentine app that helps finance purchases with debit cards, announced the introduction of installment payments via debit cards to help merchants boost sales and reach more customers without extra costs. This initiative aims to allow shops to offer up to four installments.

🇨🇴 Bold, the Colombian financial solutions for businesses platform, announced the introduction of Cuenta Bold, a free digital banking solution tailored for businesses of all sizes in Colombia. Partnering with Mastercard, it aims to provide swift receipt of sales funds and streamlined financial management.

🏦 Financial Services & Banking

🇧🇷 Totvs Techfin, the Brazilian enterprise relationship and management software company, announced the expansion of its ERP banking portfolio with new offerings including working capital loans, "Bolepix" payments, and an embedded digital account set to launch later this year.

🇲🇽 Sabadell, the Spain-based financial group, announced it is entering the Mexican neobank market to compete with players like Nu, Bineo, and Hey. The bank plans to launch a new digital savings account for individuals.

📰 Other News 

🇧🇷 Alex Franco was named CRO and CTO at Jeitto.

🇸🇻 The National Bitcoin Office of El Salvador, the government entity, announced that public funds currently contain 5,750 bitcoins, of which 473.5 have been mined since 2021 using a geothermal power plant generated by the Tecapa volcano.

🇧🇷 The Brazilian Association of Banks (ABBC) announced the launch of the Institute of Academic Studies of the Financial System (IEASF/ABBC), which will conduct advanced research on the Brazilian capital market, digital assets, blockchain, and AI.

🇨🇱 Finnovista, the Mexican innovation and venture capital firm, opened the application process to be part of the Finnovista Fintech Radar Chile 2024. The process will remain open until June 9.

🇲🇽 Worky, a Mexico-based all-in-one HR and payroll software solution, raised a $6 million Series A round led by Atlántico, with the participation of ADP Ventures.

🌎 Mercado Libre announced to American regulators that by the end of the first quarter of 2024, it held a total of 412.7 BTC and 3,041.6 ETH. These assets date back to 2021, when the company announced its investment strategy in digital assets as part of a diversification plan.

📚 Deeper Reads

VCs aren't your friends

Generation Z has it tougher than millennials

Lose to win, Nu's strategy (ES)

The tokenization of money has no turning back (ES)

The online subscription market in Latin America will exceed US$ 30 billion in 2025 (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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