Getnet to Appoint Juan Franco as New Global CEO
Weekly news up to Wednesday, 27th of November 2024.
👀 NEWS HIGHLIGHT
In the third quarter of 2024, Brazil's five main publicly traded digital financial institutions - Inter, Nubank, PagBank, Stone and XP - recorded an adjusted net profit of R$5.863 billion. Growth over 12 months amounted to 45.7%.
Nubank posted results of R$3.257 billion (considering the dollar at R$5.5), followed by XP, with R$1.187 billion. PagBank and Stone reached R$572 million and R$587 million, respectively. Inter closed the period with R$260 million, an advance.
📰 ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Latin America FinTech will be a market to watch in 2025.
⭐️ Trump’s tariff threats don’t scare this Mexican FinTech.
⭐️ Getnet to appoint Juan Franco as new global CEO.
⭐️ Revolut Reveals 2025 Vision, With AI Assistant, Mortgages, and ATMs on the Horizon.
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BRAZIL
Brazilian neobank Nubank considers domicile move to UK. The Brazilian FinTech company Nu Holdings Ltd. is considering plans to shift its legal base to the UK, in a move that would mark a major win in Britain’s push to encourage more tech companies to move to the country.
The race of banks and FinTechs to get ahead of Automatic Pix. The Central Bank plans to launch Automatic Pix on June 16, 2025, but players like Santander and FinTech Ebanx are already moving to implement it seven months ahead. Keep reading
Chainlink, Banco Inter, and Microsoft Sync Up to Power Brazil’s CBDC Pilot. Brazil’s central bank, Banco Central do Brasil (BCB), has entered Phase 2 of its Drex CBDC pilot, aiming to enhance cross-border agricultural trade and streamline supply chain operations using blockchain and finance solutions.
The race of banks and FinTechs to get ahead of Automatic Pix. The launch of Pix Automático is scheduled for June 16, 2025, by Brazil’s Central Bank (BC), but some players are already gearing up to introduce the feature at least seven months early.
COLOMBIA
Colombia's Addi lands $100 million credit line to expand buy now, pay later service. The startup began turning a profit earlier this year and received regulatory approval to become a bank, it said in a statement. Read more
MEXICO
Openbank debuts in Mexico with fully digital proposition, no fees and competitive rates of return. The Santander Group’s digital bank launched operations in Mexico with its website and app, offering competitive debit and savings products and one of the world's most advanced technology platforms.
Mexican FinTech Minu bags $30m Series B funding. The cash injection has been earmarked to expand Minu’s “regional footprint in Mexico and to continue strengthening its wellness offering across financial, physical and mental health”, according to a company statement.
URUGUAY
Uruguay passes law regulating crypto, could set precedent for rest of Latin America. The new law, which was initially proposed over two years ago, recognizes cryptocurrency as virtual assets and gives the Uruguayan Central Bank the power to regulate the currency.