👀 NEWS HIGHLIGHT
Monneo announced the launch of its service in Brazil as part of its plans to serve customers who require payment solutions in Latin America.
Through its launch in Brazil, Monneo’s clients can now send and receive money via the country’s most popular payment channels, including PIX, the electronic payment system currently used by 62% of the nation’s population. The rapidly growing solution, which was first introduced to the country in November 2019, offers Brazilians a genuine alternative to more time-honored payment systems.
Alongside its support of PIX, Monneo’s expanded service will help clients to execute payments in ways that Brazilians are most accustomed to. The company’s true end-to-end solution provides eCommerce merchants with a viable alternative to a myriad of traditional financial services.
👉 Read the full Finextra article here.
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📰 ARTICLE
AstroPay announced the launch of a new capability - Payment Links - for small and medium-sized enterprises (SMEs) in Brazil.
Brazil’s 18.2 million micro and small companies account for 99% of businesses in the country and were responsible for 70% of employment created since the beginning of last year. With AstroPay’s new payment capability, small businesses without a website or online store can continue to serve their customers with an easy online payment solution that suits their needs.
👉 Read the full Finextra article here
👨💻 BLOG
The pandemic helped accelerate the adoption — and acceptance — of fintech as shoppers went online in droves and FinTechs matched the opportunity with services and products.
In Latin America, Mexico is a fintech leader as the first country in the region to implement a fintech law and regulate the industry. There is no doubt the industry is flourishing.
👉 Read Juan Miguel Guerra's article in the comments below, where he explains the nine reasons why here.
💬 INTERVIEW
Vroon Modgill, CEO of Sokin talks to The Banker's Liz Lumley about meeting the needs of today's migrant workforce.
👉 Watch the full interview here.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Creditas announced that it has raised $260 million in a Series F funding that values the company at $4.8 billion. Link here.
⭐️ Latin American VC investments triple record to pass $15bn in 2021. Link here.
⭐️Check out this FinTech map from Costa Rica. Link here.
⭐️ SuperSim, a Sao Paulo, Brazil-based credit fintech company focused on bringing financial inclusion to working-class Brazilians, closed an over USD5m Series A financing. Link here.
MEXICO
Nexu, a Mexican fintech in the auto loans space, announced the close of a $50 million Series A round of funding. This brings the startup’s total funding to $53 million. The round includes a mix of debt and equity financing, though Nexu would not specify the breakdown.
Nexu, a Y Combinator-backed company, allows most Mexicans to get a loan on the spot when buying or leasing a car, therefore also helping salespeople to close more deals and earn more commissions.
👉 Read the full Bloomberg Linea article here.
BRAZIL
Latin American bank Itaú Unibanco will purchase Ideal in two stages, acquiring 50.1% of the share capital initially before making the second acquisition of shares worth R$651 million (US$117 million) and taking control of the company.
After the deal is completed and approved by regulatory authorities CADE and Banco Central, the bank is expected to leverage Ideal’s innovative platform - that has elevated the brokerage firm to become one of the leaders in trading on the Brazilian stock market.
👉 Read the full Finextra article here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.