THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we highly recommend reading our weekly #DoneDeal newsletter 👇
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👀 NEWS HIGHLIGHT
The Mexican B2B payment solution Yaydoo just announced the acquisition of Oyster Financial, a financial services startup that helps freelancers and SMEs in Mexico.
Yaydoo will now increase its presence as a leader in payments, collections and B2B transactions, said the company.
👉 Read the full Business Mexico news article here.
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📰 ARTICLE
When Uils launched in 2021, it was a car rental service for rideshare drivers.
But after the founders realized that many rideshare drivers don’t have access to credit, particularly in Latin America, the Buenos Aires-based company pivoted to fintech, offering financial services to drivers through a behavioral scoring engine based entirely on a person’s driving history.
👉 Read the full Techcrunch article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️Trulioo expands digital ID verification access across Latin America. Link here.
⭐️ Nubank will launch its own cryptocurrency in the country next year, marking the latest move into digital assets by a large financial institution. Link here.
⭐️Menta grabbed a $6 million seed-round led by Base10 Partners. Link here.
⭐️ Nelo, BNPL product in Mexico secured a $100 million credit facility from Victory Park Capital. Link here.
BRAZIL
Sproutfi (YC S21) announces the acquisition of Passfolio's client portfolio in Brazil.
Passfolio will transfer all users in Brazil that have investments in the U.S. market to Sproutfi, which will provide all the necessary support for these users to continue their investment journeys within the application. Link here.
Nubank will launch the token, called Nucoin, in the first half of 2023. It would invite 2,000 customers to take part in a forum group for guiding the development of Nucoin. The new token offering comes against a bleak backdrop for cryptocurrencies, with bitcoin and other major digital assets down over 50% year-to-date. Link here.
ARGENTINA
Menta grabbed a $6 million seed-round led by Base10 Partners, with follow-on support from Pear VC, MatterScale Ventures and Gilgamesh Ventures. This capital will allow them to continue working with B2B companies to transform business throughout Latin America. Link here.
COLOMBIA
Zulu secured a $5 million seed round led by Cadenza Ventures. Users of Zulu’s mobile app -which was initially only on Android and now is also available on iOS – can buy the stable cryptocurrency USDC. Link here.
MEXICO
Nelo, BNPL product in Mexico secured a $100 million credit facility from Victory Park Capital, a leading global alternative investment firm specializing in private credit. Link here.
Covalto secured a $10 million line from the International Development Finance Corporation (DFC). The news came after the neobank expanded a $190 million credit line (MXN $3.8 billion) from FIRA, a state-run agribusiness lender. Link here.
REWORTH selected by Barclays to participate in RISE and increases its seed capital to USD $6.6m. The company also confirmed its participation in Barclays’ Rise Growth Academy, the prestigious fintech startup growth program which has helped companies raise an average of GPB50 million. Link here.
URUGUAY
Trulioo, a leading global identity verification company, has updated its coverage across Latin America, expanding access to the Dominican Republic and Uruguay and significantly strengthening data sources in Colombia and Mexico. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.