Hola amig@s fintech,

We love fintech news and we love music. As one of Mexico’s most significant music festivals is happening this long weekend, we remember that going to concerts can actually help you be happier and live longer.  

To all of our readers living in Mexico, don’t forget to join us for an upcoming evening of networking among fintech founders and CFOs at our Growth and Gains Night on November 20. The event is co-hosted with Flink powered by WeBull and will include 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

In Brazil, Mexico, and Colombia, 84-95% of respondents to a survey actively seek financial education, with millennials leading in knowledge (90% in Mexico and 95% in Colombia). Digital financial platforms are increasingly viewed as trusted partners, with 94-97% of users feeling secure with online transactions. Additionally, 75% of Mexicans find technology aids in financial control and planning, emphasizing the growing role of digital solutions in personal finance (Source).

📖  Read of the Week

In the "Open Finance en LATAM" report by Floid, Open Finance is positioned as a transformative force in Latin America's financial sector, driven by regulations like Mexico's 2018 Fintech Law, Brazil's phased Open Banking model, and Chile's 2024 Open Finance framework. APIs are enabling secure data sharing and adoption has grown but challenges persist, such as unequal regulations and resistance from traditional banks. Key benefits include increased financial inclusion, personalized services, and market competition. Notably, 94%-97% of users in some countries report trust in online transactions, bolstering fintech opportunities.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

🇦🇷 Ualá, the Argentinian personal financial management tools company, raised a $300 million Series E round led by Allianz X, with participation from existing investors, to continue its expansion through LatAm.

🇧🇷 Pravaler, the Brazilian student financing solutions startup, raised $70.1 millions through the issuance of FIDCs (Receivables Investment Funds) to expand its credit operations and support educational access across Brazil.

🌎 NovoPayment, the US-based API-based platform designed to deliver digital financial services, secured $20 millions from Morgan Stanley to accelerate innovation in embedded finance solutions.

🇧🇷 Educbank, the Brazilian educational financial services company, raised $14.5 millions through corporate bonds issuance to expand its offerings and support the educational sector.

🇧🇷 Tako, the stealth-mode Brazilian startup, raised a $13.2 million Seed round led by a16z and Ribbit Capital, to keep focusing on financial infrastructure solutions.

🇲🇽 Cometa, the Mexican digital lending startup, secured $12 millions to strengthen its growth and consolidate its position in Mexico's financial sector.

🌎 Tumoni, the US-based startup enabling free remittances to Central America, raised a $2.29 million Seed round to enhance its payment platform, focusing on reducing fees for users.  

🚀 Product Launches & Partnerships

💻 Fintech 

🇨🇱 MACH, the Chilean digital branch of Bci, announced a partnership with Pomelo, the Argentinian payment infrastructure platform, to launch its credit card.

🇵🇪 Panda, the US-based GMoney’s digital wallet, now interoperates with financial institutions in Peru, so people can send and receive money from the US and many LatAm countries. 

🌎 Stori, the Mexican-Chinese credit card company, announced an alliance with AliExpress, the Chinese e-commerce platform.  

🇲🇽 Félix Pago, the Mexican financial services platform, announced a partnership with Mastercard to digitalize remittances processes.

📜 Policy

🇧🇷 The Central Bank of Brazil raised the requirements for financial institutions participating in Pix. Starting January 2025, only institutions authorized by the regulator will be able to adhere to the system. This aims to strengthen operational security and ensure compliance with regulatory standards for financial transactions in the country. 

🇨🇱 Chilean Banks are actively exploring Open Finance opportunities, addressing collaboration and challenges to enhance digital financial services under upcoming regulations.

🇲🇽 The Mexican Government launched “Finviar,” an app to streamline remittance reception, aiming to reduce costs and simplify the process for recipients across the country. The government is actively seeking to digitalize and facilitate other citizens' services. 

📰 Other News 

🇧🇷 Juliana Strohl was named Chief Legal Officer at Kamino.

🇲🇽  MoradaUno, the Mexican proptech startup, raised $5.6 millions to simplify apartment rentals in Mexico through innovative tenant guarantee solutions.  

🌎 Outlier Ventures, the Open Metaverse accelerator funding, launched its LatAm Base Camp, featuring five startups aiming to revolutionize gaming, blockchain, and web3 solutions in Latin America.

🇧🇷 Pix, Brazil’s instant payment platform, celebrates four years, expanding into enterprise solutions and enhancing security for corporate transactions.

📚 Deeper Reads

Why Banks Should Rethink ‘Every Company is a Software Company’

How Flourish Fi Can Enable Credit Union Differentiation

Takeaways From Money 2020: Trends, Transformations, And Predictions

Shadows over fintech under Donald Trump (ES)

Lessons from second-time founders: preventing the risk of aimless growth (ES)

The 100 startups to watch in Colombia 2024 (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 and Lorena

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