👀 NEWS HIGHLIGHT
Latin American commerce platform Ebanx has acquired Brazillian remittance house Remessa Online for $229 million.
The deal follows October's acquisition of B2B fintech Juno and a $430 million raise in June and is in line with Ebanx's expansion across Latin America, where last year it processed over $3.5 billion in volume and 150 million transactions.
João Del Valle, co-founder and CEO, Ebanx, says: "We are joining forces to better serve merchants and consumers, consolidating our expertise and depth in the region.
👉 Read the full finextra article here.
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💡INSIGHTS
When the pandemic erupted in 2020, many people in the region were forced to start to do things, from shopping to banking, online.
Large swaths of Latin America's population began transacting digitally for the first time in their lives.
While the whole world was going through an acceleration of digital adoption, the pace in Latin America exceeded other regions, said Patricia Kemp, a co-founder, and managing partner at Oak HC/FT.
By the latter half of 2020, other investors realized how rapidly many Latin American startups were expanding.
👉Read the full pitchbook article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Open Co, a São Paulo-based consumer credit company, announced yesterday that it has raised $115 million in a round led by SoftBank Latin America Fund. Link here.
BRAZIL
Brazilian fintech Stark Bank has secured a $13 million Series A round (about BRL 74 million) to back its product portfolio expansion and consolidate itself as the “first digital bank for enterprise accounts.”
“We will change the way large enterprises deal with their bank,” claims Rafael Stark, founder, and CEO of the fintech.
The round was led by solo-VC Lachy Groom – the term “solo capitalist,” coined by Nikhil Trivedi, co-founder of Footwork Ventures, refers to venture capitalists who manage million-dollar investment funds, like a “one-man-venture capital firm”.
👉 Read the full LABS article here.
COLOMBIA
Addi, a startup that has seen rapid growth by offering customers in Latin America the option to buy now and pay later, raised $200 million of debt and equity to help fuel an expansion in the region.
The Bogota-based financial technology company said its valuation is above $700 million after it raised $80 million in equity from Singapore’s sovereign wealth fund, GIC Private Ltd., Softbank Group Corp.’s Latin America Fund, and others. The round included an additional $125 million in debt financing, most of which came from Goldman Sachs Group.
👉Read the full Bloomberg article here.
CHILE
Mercado Libre, a technology firm and the largest e-commerce company in Latin America, announced the acquisition of Redelcom, a Chilean company that has been operating since 2010 as a payment services provider and that in October 2019 began offering point-of-sale (POS) terminals with the latest technology to retailers.
Mercado Libre seeks to consolidate its value proposition in Chile and enhance the growth of its multiple payment tools and digital financial solutions.
Redelcom will join the Mercado Libre and Mercado Pago ecosystem and its successful business model.
👉 Read the full finextra article here.
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