$238.7 million in fintech funding (equity and debt)

Hola amig@s fintech,

Welcome back! As we step into October, we're gearing up for the TWIF Fintech Trek in Mexico City. 

We thank all the fintech enthusiasts that made it to the TWIF Latam Finnosummit Kickoff Mixer, sponsored by BGBG. 

BGBG is a full-service law firm in Mexico, which boasts a robust team of lawyers focused on banking, finance, fintech, and regulatory compliance, among other fields. If you're a fintech entrepreneur or a company seeking legal expertise, don't hesitate to reach them out. You can book a consultation with the team here or email them at jperez@bgbg.mx. 

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

Feedback?  Reach out to us anytime! This week we're Daniela on funding, product launches & partnerships, Elena on stat, read, and podcast of the week, other news and deeper reads, and Lorena on funding, policy, and editing.

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📊 Stat of the Week

47% of Brazilians are ready for fully digital transactions, while Argentina (40%), Colombia (39%), Chile (37%), Peru (37%), and Mexico (30%) show lower digital financial adoption.(Source)

📖  Read of the Week

Financial inclusion remains a challenge, requiring collaborative efforts and individual measures to bridge the digital divide and enhance opportunities for the poor, vulnerable, and underserved people, as highlighted in the CGAP study "The Future of Financial Inclusion."

🎙️Podcast of the Week

💸 Venture Financing

💸 Equity

🇵🇪 Prestamype, the Peruvian digital financial services platform for MSMEs, raised $5 million in a Pre-Series A funding round. The funding was led by Acumen Latam Impact Ventures (ALIVE) and Oikocredit, with participation from Salkantay Ventures, Inca Ventures, and AVP.

🇧🇷 Nagro, the Brazilian fintech credit company for agro producers, raised a Series A funding round of $49 million, through a combined credit and equity format. The round was led by Kinea Ventures and Revolution funds and it will be used for the company's expansion.

🇲🇽 Mundi, the Mexican company that simplifies Latam commerce, raised $15 million in a Series A2 funding round led by Haymaker Ventures, with participation of Union Square Ventures, GMO Ventures, Upper90, and others. The company will enhance users’ experience.

🇲🇽 Albo, the Mexican neobank, raised $40 million in a Series C funding round led by Morpheus Ventures and with participation of Nazca Ventures and Valar Ventures. The company will accelerate its development process by improving its platform and services. 

🇧🇷 Drip, the Brazilian fintech specializing in Pix installment solutions, raised $8 million led by SRM Ventures, the venture capital arm of SRM Asset. This investment is set to further accelerate its expansion. No further details were disclosed.

🇨🇱 Patrimore, the Chilean financial planning platform, raised $400,000 by welcoming some of its customers as capital contributors. Some participants in this funding round include Francisco Ackermann, founder of Finup, and Matías Spagui, former president of FinteChile and current general manager of MercadoPago.

🇨🇱 Infocheck, the Chilean risk evaluation company, raised $350,000 through Broota, the Chilean crowdfunding company. The funding will support product development and bolster the commercial and marketing teams.

💵 Debt 

🇨🇴 Nu, the Brazilian neobank, announced a significant increase in the A/B loan provided by the IFC. Originally committed at $150 million in January 2023, the total amount has now risen to $265.1 million through an oversubscription of the syndicated B credit, involving commercial banks. The company aims to expand access to its financial services across Colombia.

🇨🇱 Sempli, the Colombian fintech that provides working capital financing to MSMEs, secured a $6 million credit from Citi. The credit is part of Citi's Social Finance Strategy, which aims to reach 15 million people, with a focus on empowering women entrepreneurs and contributing to SDGs such as poverty alleviation and gender equality.

💰 Venture funds 

🌎 WeBoost, the Chilean investment fund, launched a new $80 million fund, focused on the Venture Capital Chile program that will invest in Latam companies with high growth potential.

🚀 Product Launches & Partnerships

💻 Fintech 

🇲🇽 Fintual, the Chilean asset management platform, announced a new virtual financial advice service through WhatsApp, powered by AI, to ask about personal finance and products. This solution is available throughout Mexico, accessible via the "Pregúntale a Fintual" website. 

🇲🇽 Liquido, the US-based payment solution platform for Latam markets, announced its expansion into Mexico by introducing a WhatsApp payment system. This move aims to streamline online payments for businesses and entrepreneurs. 

🇧🇷 Nubank introduced accounts for 12 to 17-year-olds in Brazil with the condition that one of their parents holds a Nubank account.

🇨🇴 Druo, the US-based payment gateway for businesses, launched a new real-time payment service enabling Colombian businesses to conduct transactions instantly with 18 banks. This streamlines operations such as subscription payments, payroll, and supplier transactions.

🌎 Trace Finance, the Brazilian global banking and smart cross border solutions for Latam startups, announced the creation of a global account through a partnership with BNY Mellon Pershing to hold its clients' assets, providing increased security and stability.

🌎 Yuno, the Colombian software company specializing in payment solutions, and Monnet Payments, the Peruvian multinational, announced a partnership to expand its payment operations across Latam, offering more options to clients and streamlining processes.

🏦 Financial Services & Banking

🇨🇴 Banco W, the Colombian microfinance institution, and Belvo, the Mexican open finance API platform, announced a partnership to promote financial inclusion in Colombia through open finance. This collaboration pioneers open finance models in Colombia's microfinance sector, aiming to foster financial inclusion and innovation.

📜 Policy

🇧🇷 The Brazilian Central Bank began the investment data sharing phase in the Open Finance track. Clients can now share investment-related data with participating institutions, fostering collaboration within the ecosystem.

🇧🇷 The Brazilian Central Bank announced that it is starting talks with other countries, in order to internationalize PIX and develop a cross-border payments platform.

📰 Other News 

Halan Gobira, Sales Director for Latam at Pismo.

🇧🇷 Pismo, the Brazilian all-in-one processing platform for banking and payments, named Halan Gobira as Sales Director for Latam, with the aim of strengthening Pismo's relationships with banks, neobanks, fintechs ,and other financial services companies in the region.

🇧🇷 Gringo, the Brazil-based app that helps manage all automotive and insurance needs, raised $30 million in its C round, led by Valor Capital, with participation from existing investors Kaszek, VEF, Piton, ONE VC, ICU Ventures and Actyus.

🇵🇪 Edipro, the Peruvian proptech that offers condominium management, raised $750 thousand led by Invexor.

🇨🇱 Broota, the Chilean crowdfunding platform, announced the launch of the course "Get ready to fundraise" with the aim of teaching the main topics related to financing rounds.

🇨🇴 PhyloScale, the Colombia-based legaltech, announced the launch of its platform to facilitate fundraising for Latin entrepreneurs in the US, allowing them to quickly create companies that also include legal protocols for fundraising.

🇦🇷 The Government of Buenos Aires, announced the issuance of digital IDs based on blockchain under the ZkSync protocol, this initiative will start with birth and marriage certificates.

📚 Deeper Reads

Transactions with digital wallets increase 530% in Chile

Why Is David Beker from BofA More Optimistic About Brazil Than the Market?

Latam banks look at new ways to attract tech talent

All venture funds use the ‘2 and 20’ fee structure, right? Not really

Binance: the train wreck in slow motion?

The rise of artificial intelligence in finance (ES)

Made in Latam with 💛 by Elena, Daniela, and Lorena

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