Hola amig@s fintech,

This weekend marks the Chicago Marathon (which my husband ran), and every visit to the city serves as a reminder of its rich cultural tapestry. The seamless blend of diverse communities, the vibrant Latin American flavors, and the unique synergies that bring it all together truly highlight what makes Chicago such a remarkable place.

Now, for those in Mexico City, we’re a few days away from Mexico Tech Week, where TWIF is hosting different events for our community: 

• Tuesday, Oct 22 - Our traditional Fintech Founders & VC Mixer, co-hosted with Ensemblex, Timbi, and BGBG.
• Thursday, Oct 24 - CFOs Connect Dinner, an exclusive dinner for founders, CFOs, and the extended network co-organized with Cobre. 

We’re stoked to see you again this month! Please share these events with your network and RSVP soon; spots are limited. 

You can 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

Latin America’s fintech sector has grown by 340% since 2017, with over 3,000 fintech companies now operating across the region, as shown in the report from the Inter-American Development Bank and Finnovista. Brazil, Mexico, Argentina, Colombia, and Chile host over 75% of these firms. In 2023, Mexico surpassed Brazil in VC investment in fintech. Despite a 50% drop in overall VC funding from 2021 to 2022, fintech attracted 40% of all investment in the region (Source).

📖  Read of the Week

The work "Expanding Women's Financial Inclusion in Mexico," by the World Bank, highlights that 63% of Mexican women lack access to formal financial services. The report provides strategies for improving access, such as tailor-made financial products and education programs. It also emphasizes the importance of collaboration between the public and private sectors to drive gender equality in financial services, with a focus on underserved rural areas.

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇧🇷 Asaas, the Brazilian financial services company for SMEs, raised $148 million in a Series C funding round from SoftBank and Latin America Bond to accelerate its growth. 

🇧🇷 Barte, the Brazilian B2B online payments platform, raised $8 million in a Series A round led by AlleyCorp to enhance its payment processing solutions and expand in LatAm.

🇺🇾 Horizon, the Uruguayan AI startup, received $1 million from Amazon to explore AI advancements in human task automation.

🇺🇾 Tuna, the Uruguayan offline payments startup, raised $360K in a funding round led by Abseed to enhance its payment infrastructure.

☯️ Exits

🤝 M&A - Fintech

🇦🇷 Aleph, the Argentinian unicorn of digital advertising, announced the acquisition of LocalPayment, aiming to enhance its payment processing capabilities across emerging markets.

🏦 M&A - Bank and FinServ

🇨🇴 Davivienda, the Colombian bank, announced the acquisition of ePayco, a leading payment gateway, aiming to strengthen its position in digital financial services.

🚀 Product Launches & Partnerships

💻 Fintech 

🇨🇱 Fintual, the Chilean wealth management platform, announced it has introduced a generative AI-powered investment assistant within its app. The new tool provides real-time insights into stocks and funds. 

🇲🇽 Stori, the Mexican financial services platform, announced the launch of Stori Inversión+, a fixed-term investment product offering returns of up to 15.5% annually. The new feature is accessible through the app with a minimum investment of just $5, providing flexibility with 90, 180, and 360-day terms.

🏦 Financial Services & Banking

🇲🇽 Banregio, the Mexican bank focused on SMEs, and its digital arm Hey Banco, announced a partnership with Quálitas, the Mexican automotive insurer, to offer enhanced auto insurance solutions. The partnership aims to provide customers with personalized coverage through digital and in-branch channels. 

🇨🇱 Western Union, the global money transfer service, announced that it has integrated Khipu's open finance technology to streamline transactions in Chile. Customers can now send money directly from any local bank account through the Western Union app or website. 

🇲🇽 Paysend, the global payments platform, and Mastercard, announced the launch of Paysend Libre in Mexico, aiming to expand financial inclusion across the region. The new service enables senders to transfer funds using just a recipient’s phone number, generating a virtual Mastercard for those without traditional bank accounts. 

📜 Policy

🇺🇾 The Central Bank of Uruguay unveiled an Open Finance roadmap, aiming to promote innovation and competition in the financial sector by sharing data across institutions.

🇺🇾 dLocal, the Uruguayan paytech, was authorized by Brazil’s Central Bank to operate as a payment transaction initiator through Pix.

📰 Other News 

🇲🇽 Regina García Cuellar was named Chief Executive Officer at Association of Banks of Mexico (ABM).

🇨🇴 Revolut, the UK-based neobank, announced its plans to enter the Colombian market, offering digital banking services like multi-currency accounts and crypto trading.

🇲🇽 Grupo Acerero, a leading Mexican steel manufacturer, made its debut on BIVA (the Institutional Stock Exchange) with a debt issuance to expand its financial flexibility.

📚 Deeper Reads

A comprehensive list of 2024 tech layoffs

FinTech funding surpasses $1bn on strong week for the sector

Cases of generative AI in the fintech industry (ES)

Idania Medina: A journey of resilience with the support of Compartamos Banco (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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