LATAM Fintech | 2021 #17
BLOG
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I could almost feel myself smiling. Except that, as we all know, the downside to every last-minute decision is that you have to pay a premium…
Well, my dutch roots got the best of me. I decided not to pay that premium after all. But to sit on a nearby coffee shop’s patio, in front of the entrance to the event, and, well, meet people there.
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NOW, ON TO THE SUMMARY OF THE LATEST NEWS IN LATAM
NEWS HIGHLIGHTS
Mobile payments in Latin America have been evolving at an unprecedented rate in the last twelve months. For delivery apps like Rappi, cash is still a predominant payment method in most of the region but especially in Colombia and Mexico.
In Rappi, cash has lost more than 42% of the market share just in Colombia, while in Argentina this trend is even more pronounced, losing 53% 2019 vs 2020-2021. Overall, when looking at the nine countries in which Rappi operates, the market share of cash is down 40%.
Juan Pablo Ortega, Rappi: 'Technology is changing how we do things every day and super apps are helping us save time that we can now spend doing what we like'
👉 Read more here.
INDUSTRY HIGHLIGHTS
⭐️ The 10 most promising startups in Mexico. Link here.
⭐️ dLocal, a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets, announces the launch of dLocal’s Direct Issuing, a service enabling merchants to issue their own branded prepaid cards for online and in-store shopping in local currencies. Link here.
BRAZIL
Large Brazilian investment bank BTG Pactual has announced the launch of a new platform enabling customers to make direct investments in Bitcoin, making it the first large financial institution in Brazil to offer direct Bitcoin exposure.
The bank’s Mynt platform allows users to purchase Bitcoin. BTG Pactual CEO, Roberto Sallouti, described Mynt's creation as being in response to high demand from customers who wanted to trade in Bitcoin and crypto.
👉 Read more here.
CHILE
Chilean lender BancoEstado has selected Mambu and its cloud-based core banking system to deliver new digital services.
Originally founded in 1855, BancoEstado is the only public bank in Chile. Its current iteration was formed by a government decree in 1953.
It is the country’s largest mortgage lender, the largest issuer of debit cards, and the second-largest bank by total assets.
Mambu is charged with underpinning, designing, and launching new products for the bank to serve its 13 million customers.
The vendor says it will digitize BancoEstado’s transactional services via a complete transformation. It hailed the bank’s choice during a tender process “plagued by legacy systems”.
👉 Read more here.
ARGENTINA
Spreedly, the provider of the leading Payments Orchestration platform, and MODO, the “wallet of banks” app, announced that Spreedly’s Payments Orchestration platform was selected to support MODO’s over 35 connections to banks across Argentina.
These connections are the foundation for the MODO app, which offers customers the ability to connect all of their bank accounts and cards in one place.
MODO enables its customers to easily and securely send and request money between contacts, pay merchants with QR codes, as well as offer easy access to all accounts and cards — all integrated into a single app.
Banks from both the public and private sectors are currently participating and available to customers.
👉 Read more here.
COLOMBIA
Financiera Dann Regional has deployed Mambu’s SaaS digital platform for IRIS, its first commercial neo-bank spinoff, in an unprecedented timeframe for the traditional banking sector.
IRIS, powered by FDR, broke further ground as Colombia’s first purely digital banking for SMEs. IRIS is transparent, secure, and tailored to offer financial services to a historically underserved sector: Colombia’s small and medium-sized businesses.
Its corporate customers can now open online savings accounts from anywhere in the country.
👉 Read more here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.