Hola amig@s fintech,

In a couple of weeks you can join us for an exciting evening of connection and conversation at our Growth and Gains Night, which will take place on November 20. This fintech founders and CFOs event  is co-hosted by TWIF and Flink powered by WeBull, and you can expect a special announcement for our local community. Don’t miss out—RSVP here!

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

 Argentina's investment landscape is evolving. While Brazilian FDI surged, surpassing the U.S. and tying with Spain as Argentina's top investor, a shift toward debt over capital signals lingering investor caution. Yet, there's a glimmer of optimism: Q1 2024 saw a 37% rise in capital investment, with South Korea leading. However, the destination of these funds remains "Confidential," adding intrigue to Argentina's investment future. Source

📖  Read of the Week

According to the most recent Finnovista Fintech Radar Argentina, the country’s fintech scene is expanding rapidly. In 2024, Argentina’s Fintech Ecosystem -Argentina-founded and Argentina-based companies- hit a new record with 383 companies, marking an 11.7% growth from the previous year, with a notable addition of 40 startups and an increasingly sophisticated product offering to meet evolving consumer demands.

💸 Venture Financing

💸 Equity

🇧🇷 Lerian, the Brazilian banking software solutions startup, raised a first $3.1 million round led by Maya Capital with the participation of Quartz, Supera Capital, Norte Ventures, and Crivo Ventures. 

💵 Debt 

🇲🇽 Fairplay, the Mexican financing platform for e-commerce SMEs, secured a $35 million line of credit from BBVA Spark, the tech companies arm of the bank.

💰 Venture funds 

🇨🇱 Holdo, a Chilean AI-driven investment advisory institution, launched Chile Smart Fund, the first Mutual Fund administered by AI.

☯️ Exits

🤝 M&A - Fintech

🇧🇷 The Brazilian Central Bank approved the purchase of Inipay, the Brazilian payment institution, by Klavi, the BrazilianOpen Finance data intelligence solutions company. 

🚀 Product Launches & Partnerships

💻 Fintech 

🇲🇽 Klar, the Mexican financial services app, announced the launch of its new Klar Platino credit card. The Platino card targets high-end users with competitive interest rates, cashback rewards up to 6%, and benefits like global airport lounge access through a Mastercard partnership.

🇨🇴 MOVii, the Colombian digital wallet platform, and Payválida, the Colombian payment processor, announced a partnership to integrate Transfiya, offering businesses the ability to make and receive instant payments and disbursements across banks in real-time. 

🇦🇷 Mercado Pago, the Argentinian digital wallet, announced the introduction of NFC contactless payments for Android users as an alternative to QR payments. 

🇨🇴 Treinta, the Colombian financial services platform supporting small businesses, announced the launch of a no-interest credit service for shop owners to purchase inventory via its B2B marketplace. 

🏦 Financial Services & Banking

🇲🇽 Nu México announced the expansion of its deposit network for Cuenta Nu users through a partnership with FINABIEN, the Mexican government organization focused on financial inclusion, and Arcus by Mastercard, the US-based digital financial solutions platform across LatAm. 

📜 Policy

🇧🇷 The Brazilian Central Bank launched Pix by approximation for Google Pay. The service will be available starting February 2025.

🇧🇷 Tino, the Brazilian B2B payment in installments company, was authorized by the Brazilian Central Bank.  

🇨🇴 Addi, the Colombian digital financing BNPL startup, was authorized by the Financial Superintendency (regulatory agency) to become a financing company. 

📰 Other News 

🇧🇷 Giulliano Carvalho was named Chief Technology Officer at Astride.

🇧🇷 Eduard Genton was named Chief Revenue Officer at Kapitale. 

🇲🇽 Amazon announced a partnership with Justo, the Mexican food delivery company, to deliver fresh produce. 

🇦🇷 Mercado Pago blocked Visa credit card transactions through MODO and other banking apps on its QR codes. This restriction undermines the Central Bank’s goal for QR interoperability, sparking debate over users' payment freedom.

📚 Deeper Reads

The future of Banking is personal 

What fintechs should consider for the usa of AI

📣 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 Daniela and Lorena

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