Hola amig@s fintech,

It's that time of year, get ready for the annual TWIF Fintech Formal in New York! 

This year, we're hosting an exclusive, invite-only black-tie event for 250 fintech leaders on December 13th. Want to join us? Reach out at formal@thisweekinfintech.com

We'll also be announcing the 2024 TWIF Fintech Awards winners. We’re recognizing excellence in four categories:

• Fintech of the Year
• Best New Startup
• Best Fintech Partnership
• Most Innovative Financial Institution

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

Brazil's top five banks—Banco do Brasil, Itaú, Caixa, Bradesco, and Santander—grew their assets by 33% in two years, reaching over $2 trillion in 2024. Despite this dominance, financial tech, like Nubank with a $65B market cap, is reshaping financial services (Source).

📖  Read of the Week

The report "The challenge of Open Finance: origin and implementations" of the Argentinian Fintech Chamber, outlines the transformative potential of Open Finance in enhancing competition, financial inclusion, and innovation within Latin America's financial systems. By extending data-sharing principles beyond traditional banking, Open Finance aims to integrate sectors like insurance, investments, and pensions. Key recommendations include collaboration between regulators, fintechs, and traditional institutions to develop secure, interoperable systems tailored to regional needs.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇲🇽 Minus, the Mexican startup offering employees financial wellness solutions, raised $30 million in a Series B round, with participation from Next Billion Capital Partners, Flourish Ventures, Promotora Impact Ventures, Endeavor Catalyst, Clocktower Technologies, Working Capital Fund, and Fluent Ventures. 

🇲🇽 Solvento, the Mexican freight-payments platform, secured $12.5 million in a Series A round, led by CV firm Cometa. The round also had the participation of Quona Capital, Ironspring Ventures, Dynamo Ventures, Proeza Ventures, Zenda Capital, and Endeavor Fwd Fund. 

💵 Debt 

🇨🇴 Addi, the Colombian BNPL (buy now, pay later) startup, secured a $100 million credit facility from Victory Park Capital to expand its lending services across LatAm.

🚀 Product Launches & Partnerships

💻 Fintech 

🇨🇴 CLINNG, the Colombian payment processor, and Nequi, the Colombian neobank, announced a partnership to expand real-time digital payment adoption and e-commerce growth. This partnership allows merchants on CLINNG's platform to accept Nequi as a payment method.

🇲🇽 Albo, the Mexican neobank, and Paymentology, the UK-based issuer-processor, announced a partnership to expand digital payment solutions for SMEs and retail clients. The partnership aims to introduce 400 free top-up points across Mexico.

🇧🇷 PicPay, the Brazilian digital wallet provider, announced it has expanded its offerings for SMEs by launching a new card reader machine. Entering the merchant acquiring market just last year, the company aims to enhance financial solutions.

🇧🇷 Cumbuca, the Brazilian shared account and financial management platform, announced the launch of its "Smart Pix" feature, enabling users to deposit money via Pix without copying keys or switching apps. 

🇲🇽 Clara, the Mexican business payments platform, announced the launch of its "Invoice Recovery" solution to automate electronic invoice collection and streamline expense deductions. 

🏦 Financial Services & Banking

🇨🇴 Minka, the Colombian fintech specializing in real-time clearing and settlement infrastructure, announced it has partnered with banks, financial institutions, and regulators in Nigeria, Kenya, Uganda, and Cameroon to enhance financial interoperability across Africa. 

🇲🇽 Santander, the Spanish bank, announced the launch of its digital Openbank in Mexico.

📜 Policy

🇧🇷 The Central Bank of Brazil announced a pilot program for a CBDC trade finance solution, collaborating with Chainlink, Microsoft, 7Comm, and Banco Inter. This initiative aims to enhance efficiency and security in trade finance through blockchain integration.

🇧🇷 Brazil began piloting NFC payments via Pix, aiming to simplify transactions and expand its reach as the leading instant payment system.

🇲🇽 Mexico's 2025 Budget/Economic Package  includes provisions for regulating financial technology companies to foster innovation while ensuring compliance and operational safety across the fintech sector.

📰 Other News 

🇨🇴 David Vélez, founder of Nubank, received the Forbes 2024 Excellence Award for his contributions to financial innovation in LatAm.

🇧🇷 Blip, the Brazilian conversational platform for businesses, raised $60 million in a round led by SoftBank and Microsoft to expand its AI-driven solutions for customer communication.

🇲🇽 Mendel, the LatAm-focused startup, launched an online booking tool to enhance corporate expense management.

🇧🇷 Brazilian digital banks account for 18% of non-payroll loans in the country, showcasing their growing role in reshaping traditional financial services.

🌎 Nubank is considering relocating its legal base to the UK, signaling its commitment to the domestic market and regulatory alignment.

📚 Deeper Reads

Fintech startups need to be AI firms now to survive

Mastercard reinvents checkout with password and number free payments 

What are digital wallets and how they've changed the economy

Latin America and emerging countries have played a key role in the birth of unicorns (ES)

Evolution and key data of the crypto/blockchain industry (ES)

The race of banks and fintechs to get ahead of Automatic Pix (PO)

📣 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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