THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we highly recommend reading our weekly #DoneDeal newsletter 👇
Are you interested in funding news from the FinTech space?
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👀 NEWS HIGHLIGHT
PayRetailers, the leading payment specialist in Latin America, announced the acquisition of Asamblo, a leading company in the development of digital solutions for the financial sector.
With the signing of the agreement, all of Asamblo's talent will become part of PayRetailers' internal workforce, expanding its IT project management capabilities and adding to its expertise across the region.
👉 Read the full Newswires article here.
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📰 ARTICLE
Mexico is discriminating against U.S. bank card suppliers and homegrown financial technology companies in favor of state-owned enterprises, industry experts say.
“There is a lack of market access for payment processing in Mexico,” Brian Pomper, the executive director of the Washington-based Alliance for Trade Enforcement, told FreightWaves.
👉 Read the full FreightWaves article by Noi Mahoney here.
💬 INTERVIEW
Meet Adrian Cockcroft, Nubank’s new Tech Advisor.
Today you’ll be introduced to Adrian Cockcroft, Nubank's first technical advisor. Dive into his legacy in the technology field and his motivations to join the Nubank team!
👉 Read the full Nubank interview article here.
💡INSIGHTS
Overall there were 26 FinTech seed deals across Latin America in the second quarter of the year with Brazilian companies taking the biggest share with nine deals, or 35% of all deals at that stage.
👉 Read the full Global Fintech article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Brazil exceeds 1M registered crypto users in July for the first time as the number grows 68% in a month. Link here.
⭐️ Revolut plans to launch its application in Brazil🇧🇷 in November. Link here.
⭐️ Argentina’s Uala has moved into Mexico’s remittance market by pairing up with local bank ABC Capital, in a bid to get a slice of a market that captured $32.8 billion in the first seven months of the year. Link here. Ualá has acquired Ceibo Créditos. Link here.
⭐️ Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion total meaning it's over halfway to equaling Visa. Link here.
BRAZIL
The Brazilian Securities and Exchange Commission banned the Singapore-based cryptocurrency exchange Bybit from brokering securities. Link here.
Credix secured an $11.25 million Series A round as it seeks to expand in Latin America, and hopes to start operations in Mexico and Colombia later this year. Link here.
Brazil exceeds 1M registered crypto users in July for the first time as the number grows 68% in a month. The Brazilian tax authority also included reports made by individual investors or companies, both of which are obliged to disclose monthly amounts above 30,000 Brazilian reais ($5,740). Link here.
Western Union expanded to Latin America through Te Enviei’s acquisition – a Brazil-based digital wallet that widens its financial ecosystem offerings. As part of its renewed purpose-driven strategy, Western Union is expanding its value proposition to customers by offering a broader set of digital financial services. Link here.
MetaMask integrated the Brazilian government’s payment system Pix and started allowing crypto purchases with Brazilian reals. Link here.
ARGENTINA
MODO launched an instant payment feature and is exploring BNPL products. A public-private project with the participation of more than 35 banks in Argentina, MODO allows users to keep track of all their different accounts in one place, make payments, and access offers, cashback, and rewards Link here.
COLOMBIA
Plurall raised $20 million in debt financing from Fasanara Capital. The funding will bolster the financial inclusion of micro-businesses in Colombia, which are currently underserved by the financial industry. Link here.
Finaktiva raised $20 million in debt from Bancolombia and other local banks, and $5 million from responsABILITY, a Swiss impact investment fund that offers capital in emerging markets for companies creating a positive impact. Link here.
MEXICO
Efinti raises USD 1M to expand into Mexico. With this capital, Efinti will enter the Mexican market in 2023, with the ultimate goal of serving 14 countries and one million startups within 5 years. Link here.
The former Chief Operating Officer of the Japanese conglomerate, Marcelo Claure, is the newest private investor in fintech Credix, which raised R$60 million (US$11.6 million) in a Series A round. Link here.
US-based financial services company Goldman Sachs has agreed to lend USD 140 million to Chile-based fintech Xepelin to support its expansion into Mexico. Link here.
EL SALVADOR
Bitfinex CTO Paolo Ardoino says El Salvador’s ‘Volcano Bond’ establishes a new way for countries to raise money. In November of last year, El Salvador President Nayib Bukele announced that the Central American country would be issuing Bitcoin bonds – also known as volcano bonds. Link here.
VENEZUELA
Ubii raised $4.5 million in a funding round that will ensure its growth by providing innovative products adapted to the market’s needs. Link here.
CHILE
Chile Fan token (UCH) is still on a downward trend: Its current Price value is $0.8513. Why you should consider Battle Infinity (IBAT) Token Instead. Link here.
PERU
Prestamype raised US$2M to improve access to credit. The $2 million loan will favor the financial inclusion of businesses that traditionally face problems with access to credit. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.