Hola amig@s fintech,

Calling all our friends in Mexico City! Join us for an exciting evening of connection and conversation at our Growth and Gains Night on November 20, co-hosted with Flink powered by WeBull. This networking mixer will feature engaging discussions among fintech founders and CFOs, delicious food and drinks, and 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

Paraguay offers the lowest tax rates in Latin America, with a 10% corporate income tax and minimal personal income and value-added taxes, making it highly attractive for digital nomads and foreign investors. In contrast, larger economies like Argentina, Brazil, Chile, and Colombia have higher tax burdens, but they still face fiscal deficits. Low-tax countries like Paraguay, Bolivia, and Guatemala aim to stimulate economic growth but face challenges in addressing inequality and poverty (Source).

📖  Read of the Week

According to the “2024 Embedded Finance Report” by Adyen and BCG, embedded finance represents a $185 billion opportunity globally, with a growth of 25% over the last two years. This trend reflects a strong demand for seamless, in-app financial services, which are becoming crucial across industries to improve user experience and drive engagement. 

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇧🇷 OxPay, the Brazilian company specializing in road transport financing, raised $6.7 millions led by SRM Ventures to scale its services and operations.

🇧🇷 CredAluga, the Brazilian B2B2C startup for Real Estate Agencies, secured $3.9 millions led by Caravela Capital, with the participation of Honey Island by 4UM, Norte Ventures, Terracota Ventures and FJ Labs.

🇧🇷 DNA Financeiro, the Brazilian ERP software system that helps SMBs with CRM, raised $208,000 in a crowdfunding round to expand its financial education and services platform.

🚀 Product Launches & Partnerships

💻 Fintech 

🇦🇷 Neverless, the UK-based stablecoin investment platform, announced its entry into Argentina as the first step in its LatAm expansion. With a platform centered on USDT, Neverless provides a secure way to preserve and grow capital in the face of inflation and currency restrictions.

🇦🇷 Nubi, the Argentine Banco Comafi's fintech arm, announced the launch of a corporate prepaid card designed to streamline business expense management for its clients. This digital card enables companies to assign and monitor funds in real-time. 

🇧🇷 Sankhya, the Brazilian enterprise software provider, announced the launch of Venda Mais, its new fintech solution to transform credit analysis and installment sales management for businesses. 

🇧🇷 RecargaPay, the Brazilian mobile payments platform, announced it has expanded its financial offerings after securing a Central Bank license as a Credit, Financing, and Investment Society (SCFI). This new status enables RecargaPay to raise funds through regulated financial instruments. 

🌎 Ramp Network, the UK-based crypto payment platform, announced the introduction of a new system for converting crypto into Mexican pesos through Mexico’s SPEI system. 

🇨🇴 Tpaga, the Colombian digital payment platform, announced a partnership with the Cali Chamber of Commerce to provide a payment solution for COP16 attendees. Through Tpaga’s SOFT POS feature, merchants can transform their smartphones into contactless payment terminals.

🇧🇷 Nubank announced the launch of its mobile virtual network operator (MVNO) service, NuCel, in partnership with Claro, offering telecom services directly to its customers. It is available initially via eSIM in Brazil. 

🇲🇽 Mujer Móvil, the Mexican MVNO, and Finsus, the online financial platform that offers SME credit and financial services, announced a partnership for the mobile operator to offer a credit card issued by FINSUS.

🇲🇽 OXXO expanded its fintech Spin by developing a credit product, positioning itself further into financial services in Mexico.

🏦 Financial Services & Banking

🇧🇷 Thomson Reuters announced a partnership with Belvo, Pismo, Celcoin, and VR to launch a digital account solution specifically designed for the accounting sector in Brazil, aiming to streamline financial management for businesses.

📜 Policy

🇧🇷 The Central Bank of Brazil announced that Open Finance will integrate with Drex, the country’s central bank digital currency. The institution also launched a public consultation to regulate BaaS, looking to provide higher security and risk mitigation of the products and services offered by regulated entities.

🇲🇽 Openbank, Santander’s digital bank, received approval from Mexican financial regulator (CNBV) to operate in the country.

🇨🇱 Tenpo Bank, the Chilean neobank,  received provisional authorization from the Chilean financial regulator (CMF) to operate as a regulated entity.

🇨🇴 Addi, the Colombian company that provides credit and banking solutions, received authorization from the Colombian financial regulator (Superintendence) to become a financing company.

🇸🇻 Banco Atlántida, the Salvadorian financial institution, received authorization from the financial regulator to issue digital assets, reflecting the country’s crypto-friendly stance.

📰 Other News 

🌎 Visa and Coinbase launched real-time crypto purchases via debit cards, enabling users to buy digital assets instantly.

🌎 IDB Invest led the issuance of a joint bond for Latin American countries, aiming to increase regional economic stability.

🌎 Mastercard introduced new AI-driven digital assistant capabilities to enhance customer experiences.

🌎 NVIDIA launched its AI workflow platform designed to improve AI model development and deployment for enterprises, enhancing digital security and fraud prevention capabilities.

🇲🇽 BBVA Mexico reported record earnings of $4.559 billion through September, surpassing BBVA Spain's performance.

🇲🇽 Fintech LatAm Sarl, the investment fund, is set to become the third-largest shareholder in Televisa, strengthening its stake in the Mexican media company as part of a strategic investment to influence LatAm media and tech sectors.

📚 Deeper Reads

Financing improves a communities quality of life

Super Apps - do they have an identity crisis? 

How to attract VCs: Inbound fundraising

Dominican Republic strives to address low rates of financial inclusion

Remittances at stake: Trump and Harris' "divergent policies" would impact Latin America's economy (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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