Hola amig@s fintech,

Get ready for FINNOSUMMIT 2024 on September 25 and 26! And to get the spirit going, make sure you attend our TWIF Mexico City events:

• September 24 - Fintech Talks @Finnosummit by TWIF, Accion, Niva, BGBG & CFX Network 
• September 25 - Happy Hour by TWIF & Ripple
• September 26 - Fintech Breakfast by TWIF & CFC Network

RSVP now! 

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

Following the fall in VC investment during 2022 and 2023, when global fundraising fell by 40%, data indicates the trend will continue into 2024 in Latin America. Only 162 investments have occurred during 2024, with a value of $1.1 billion (Source).

📖  Read of the Week

“The Atlantico Digital Transformation Report 2024” by Atlantico VC, highlights Latin America's unique position in the global digital economy. The region's challenging environment, with scarce resources and high competition, has bred resilient companies such as Mercado Libre, Nubank, and iFood, referred to as the "Triumphant Three." The report emphasizes LatAm's potential for value creation, noting how tech adoption and AI advancements are reshaping industries while regional market dynamics favor high returns for innovators.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇨🇴 Karrot, the Colombian point of sale software for SMEs, secured $1 million to drive the digitalization of small and medium-sized businesses in Colombia.

🇨🇴 Plaza, the Brazilian real estate AI-focused company, raised $1 million in a pre-seed round to develop its fintech platform.

🇧🇷 Yolo Bank, the Brazilian personal accounts for students and Saas for universities, raised $500K in a Pre-Seed round to expand its services for migrant workers in Mexico.

🇦🇷 Pomelo, the Argentine technology for issuing, processing, and managing cards, received an investment from an ex-Mastercard executive who also joined its board. The company focuses on simplifying financial infrastructure in LatAm.

💵 Debt 

🇲🇽 Mercado Pago received $250 millions from JP Morgan to expand its credit offerings in Mexico, strengthening its lending capacity to underserved markets.

🇨🇴 Finkargo, the Colombian imports startup, extended its Series A investment round for $95 million. The round is made of  $75 million of debt and the rest of equity, and it was led by QED Investors and Community Investment Management (CIM), with participation from Quona, Flybridge, Nazca, Maya and OneVC.

🇨🇴 Finaktiva, the Colombian all-in-one financing ecosystem for SMEs, received debt investment from AlphaMundi Group to provide early-stage funding to MSMEs in Colombia.

💰 Venture funds 

🌎 Nik Milanovic's fintech fund announced a new $10 million investment round to support early-stage fintechs across emerging markets. The fund will focus on sectors like B2B and API-based fintechs, investing in Africa, Southeast Asia, and LatAm, continuing its mission to back innovative companies and expand financial access globally.

🚀 Product Launches & Partnerships

💻 Fintech 

🇸🇻 Nequi, the Colombian digital wallet, launched its services in El Salvador with a strategy focused on facilitating remittances, leveraging its established presence in cross-border financial transactions.

🇲🇽 Traderpal, the US-based investment platform, announced a $4 million investment to launch a new line of prepaid cards in Mexico.

🇧🇷 Belo, the Argentine digital wallet, is expanding its services into Brazil ahead of the summer season, focusing on cryptocurrency integration.

🇲🇽 Mercado Libre expanded its dollar-pegged stablecoin, Mercado Coin, to Mexico, enhancing financial inclusion.

🇸🇻 n1co, the Central American neobank, and Sostengo, the Salvadorian insurtech for cars, announced a partnership to launch Protecciones n1co, offering accessible insurance solutions for vehicles, health, travel, and more through its app. 

🇨🇴 Finaktiva, the Colombian all-in-one financing ecosystem for SMEs, launched a multifunding platform designed to provide comprehensive funding solutions for MSMEs. This platform will allow businesses to access various financing sources, helping them grow and innovate.

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📰 Other News 

🇲🇽 Carolina Corral Acosta was named Vice President of Operations at Conekta.

🇲🇽 Travis Foxhall was named Finance Director at Clara.

🇲🇽 Óscar Iván Mancillas was named CEO at Compartamos Banco.

🇦🇷 BircleAI, the Argentinian AI-driven platform that automates debt collection for businesses, announced it has been selected for the second cohort of the AWS Generative AI Accelerator.

🇧🇷 Cayena, the Brazilian B2B marketplace for restaurants, raised  $55 million in a Series B round led by Bicycle Capital, aiming to scale its procurement platform for foodservice businesses.

🇲🇽 Koltin, the Mexican private health insurance coverage to seniors, raised $7.3 million in a Series A funding round. 

📚 Deeper Reads

Bridging the gap between cash and digital paymentsM&As and AI are in the spotlight, but there’s still capital left for quick commerce and more

Swift, ready to connect cryptocurrencies, CBDCs and fiat money (ES)

The panorama of burnout in the workplace (ES)

Elon Musk starts to comply with Brazilian court orders, suspends accounts on X

📣 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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