REPORT
By statistics alone, it is easy to see why the FinTech sector is taking off across Latin America.
👉Read the full “Latin America FinTech Rankings” report here.
👀 NEWS HIGHLIGHT
Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc., and Mastercard on Wednesday (May 4) unveiled a multiyear strategic alliance focused on “accelerating digital transformation and improving access to financial opportunities for unbanked and underserved segments in Latin Americas and the Caribbean.”
The partnership between Galileo and Mastercard “will enable Latin American FinTechs and issuers to build and launch digital financial services using their combined capabilities and infrastructure,” according to a press release. The companies will distribute various Mastercard products and services to support their customers, the press release says.
👉Read the full article here.
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📊 INFOGRAPHIC
Nubank tumbles as the end of fintech’s $26 billion lockup looms.
Over 90% of Nubank total stock able to hit market this month
Nubank down more than a third since public offering last year
👉Read the full Bloomberg LP article here.
📰 ARTICLE
Why fintechs supporting SMBs are crucial to the LatAm economy.
Fintechs have established themselves at the forefront of providing the more than 10 million SMBs in Latin America with the implementation of digital strategies and processes that accelerate growth.
👉Read the full Crunchbasenews article here.
💡INSIGHTS
It’s an exciting time to start a FinTech startup in LatAm, with 39% of the VC funding dedicated to that sector. The vast pour of capital minted six new FinTech unicorns in 2021. 🦄
👉Read the full Latinometrics article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️Picus Capital launches a global partner network to tighten bonds with Latin American entrepreneurs. Link here.
⭐️ Alchemy announces its expansion into the Latin America Fintech Market. Link here.
⭐️Is the US$10bn Decacorn the new Unicorn for FinTechs? Link here.
⭐️ Investments in Latin American startups drop 35% in April compared to 2021. Link here.
⭐️ CryptoPunk bought for $1 million sells for $139,000 just 6 months later. Link here.
⭐️ 40% of bitcoin investors are now underwater, new data shows. Link here.
⭐️Visa and Mastercard have announced their latest earnings – Q1 2022. Link here.
BRAZIL
UME snags $10 million to boost its BNPL solution across the country. Link here.
Given the startup ecosystem in Brazil, fintechs alone are responsible for providing more than 100,000 jobs. Link here.
Sicredi raises $100 million and it’s expected to benefit between 15,000 and 20,000 women entrepreneurs in Brazil. Link here.
Coinbase and 2TM scrapped talks over a possible purchase by the exchange of the Brazilian cryptocurrency brokerage. Link here.
Brazilian entrepreneurs start falling into Venture Debt. Link here.
Nubank's Cristina Junqueira and Brazil’s Banking Revolution. Link here.
Inter Invest reaches 2 million users. Link here.
Brazil moves closer to crypto regulation with a Senate vote. Link here.
Transactions with credit, debit and prepaid cards grew 36% in Brazil in the first quarter of 2022, reaching BRL 758.6 billion. Link here.
ARGENTINA
Mercado Libre’s Q1 net revenue rose 67.4%; the company says it is managing to offset costs through pricing. Link here.
Argentina slams brake on crypto, banning purchases through banks. Link here.
Mentum raised $4.2M led by Gradient Ventures and now its eyeing Peru and Argentina for expansion. Link here.
MEXICO
Mexico was the third-largest recipient of remittances worldwide. According to the Mexican central bank, the amount of money sent to the country from nationals living abroad reached $51.6 billion in 2021, a 27% increase from 2020. Link here.
YoCripto secures a $4 million seed round to take its credit card with bitcoin rewards to millions of young Mexicans. Link here.
PERU
PayRetailers announced the opening of new offices in Peru.
This helps the company be closer to its customer base and consolidate its presence in one of the fastest-growing markets. Moreover, it will enable the company to serve strategic markets throughout Latin America and innovate alongside dynamic financial service providers to offer differentiated and innovative digital experiences to its customers.
Given the myriad opportunities in the region, the company continues to expand its team and technology to build a robust and inclusive payments infrastructure. With a broad offering of card payment solutions and local alternative methods for global businesses expanding into Latin America, PayRetailers has teams of more than 20 different nationalities and operations in more than 15 countries in Europe and Latin America.
👉 Read more here.
This is a unique place where everybody from the FinTech space is welcome to connect and share news, insights, job opportunities, investment deal flow, etc.
I look forward to talking with you there.
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