$358.5 million in fintech funding (equity and debt)

Hola amig@s fintech,

I came across a photo of two of Latin America's greatest poets and writers in conversation—a powerful symbol of dialogue between cultures, countries, hemispheres, and friends. This embodies the spirit of our region, and it's a sentiment we hope continues to thrive.

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

From January to April 2024, 1.8 million people opened a fintech account for the first time, from which 84% are 13 to 30 years old.

• 35% of the accounts were opened by the "Alpha Generation" (2010-2025).
• 49% were opened by the "Centennials" (1994-2009).

(Source)

📖  Read of the Week

The report "Towards Greater Financial Inclusion for Development," by the IDB, analyzes the state of credit and financial inclusion in Central America, Mexico, Panama, and the Dominican Republic. It highlights the importance of financial inclusion in mitigating consumption fluctuations and fostering investment, especially in a context of reduced economic growth and stricter financial conditions. The report proposes policies focused on national financial inclusion strategies, financial education, financial digitalization, and a competitive environment. 

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇨🇱 BTrust, the Chilean factoring startup for SMEs, raised a $1.5 million Seed round led by Invexor Venture Partners. 

💵 Debt 

🇧🇷 CloudWalk, the Brazilian owner of the InfinitePay platform, raised $309 millions in four three-year term FIDCs (credit rights investment fund) led by Itaú BBA and coordinated by BBI and BV.

🇧🇷 Pagaleve, the Brazilian BNPL Pix installments startup, announced the structuring of a FIDC of $48 million.

☯️ Exits

🤝 M&A - Fintech

🌎 PayRetailers, the Spain-based payment processing company, announced the acquisition of Transfeera, the Brazilian platform that generates savings with each transfer between banks, to expand its operations in LatAm. The acquisition is pending approval from the Central Bank and CADE. No further details of the transaction were disclosed.

🇨🇷 Evertec, the Puerto Rico-based technology and financial services company with a strong presence in LAC, announced the acquisition of Zunify, the Costa Rican digital payment service provider. The acquisition includes Zunify's customer portfolio, financial permits, and technology license. The terms of the deal remain undisclosed and are pending regulatory approval.

🇧🇷 Somapay, the Brazilian payroll and digital account platform, announced the acquisition a 40% stake in Bee Vale, the Brazilian flexible benefits company. No further details of the transaction were disclosed.

🚀 Product Launches & Partnerships

💻 Fintech 

🇧🇷 Nubank announced the launch of a new feature allowing users to transfer and receive cryptocurrencies via wallets. 

🌎 n1co, the Salvadorian neobank, announced the launch of a new app and card, offering users in Central America a fully digital experience with cashback on purchases. 

🌎 Monkey, the Brazilian receivables marketplace, announced it has expanded its operations to the US, Mexico, and Chile. The company aims to support Brazilian and international companies by connecting large enterprises, their suppliers, and financial institutions to streamline supply chain financing.

🌎 Kushki, the Ecuador-based payment infrastructure provider, announced it has expanded its acquiring services to Colombia, Peru, Mexico, and Chile. By integrating physical payment methods, Kushki becomes LatAm's first non-bank regional acquirer, offering unified access across its operating countries with Visa and Mastercard licenses.

📜 Policy

🇧🇷 The Central Bank of Brazil (BC)  released the next steps in the regulation of cryptocurrencies, which include: a second public consultation on provider rules and authorizations, the BC’s internal planning for stablecoin regulation, particularly in payments and international capital markets, and the development of a framework for entities involved in these sectors. 

🇲🇽 MercadoPago began the process to operate as a banking institution in Mexico. Currently, the company is regulated under the Fintech Law.

🇧🇷 Nagro, the Brazilian credit company for the agro-industry, was authorized by the Central Bank to operate as a direct credit society in Brazil. 

🇲🇽 The Mexican Central Bank announced that CoDi (digital payments through QR code) has failed as a payment method due to the high use of cash, informal economy, fear of tax authorities, and limited internet access. 

📰 Other News 

🇲🇽 Jorge Alegría Formoso was named CEO at the Mexican Stock Exchange (BMV).

🇧🇷 Ranveer Kunal was named VP of Engineering at Neon.

🇲🇽 Roberto Gaudelli was named Payments Director at Prometeo Open Banking for Mexico.

🇲🇽 Santander announced a change in its digital wallet strategy, replacing Superdigital in Mexico and closing operations in Chile. The bank's shift is driven by increased digital competition and aims to offer more agile products. 

🇦🇷 Vercel, the Argentina-based cloud application development platform, raised $250 million in a Series E round led by Accel, with the participation of CRV, GV, and others. 

🇲🇽 Welbe, the Mexico-based healthtech management solutions company, raised $7 million in a Series A round co-led by Volpe Capital and the International Finance Corporation (IFC). The funds will support its expansion in Mexico, particularly near the U.S. border.

🌎BBVA announced a strategic agreement with OpenAI to enhance its use of generative AI. This collaboration will introduce 3,000 ChatGPT Enterprise licenses to BBVA employees, aiming to boost productivity, efficiency, and innovation across the bank's operations.

📚 Deeper Reads

Offline Digital Payments to Deal With Financial Exclusion of the Non-Digital World

Why Venture Capital Funds Beats Investing In Individual Companies

Challenges of digital banking in Mexico (ES)

Paraguay uses AI to identify illegal Bitcoin mining farms, seizes 600 machines (ES)

Cryptocurrency salaries: how popular are they in LatAm and why do they choose them? (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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