THIS WEEK’S FUNDING NEWS OVERVIEW
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REPORT
Mexico has arguably the largest opportunity worldwide for Banking as a Service (BaaS). Its financial system is in dire need of reform.
In a country of 130 million and despite the digitalization that COVID brought about, 50% of Mexican adults are unbanked.
Zac T. ’s guide will explain what the key market dynamics are, give an overview of the regulatory challenges, and examine the main players in the industry.
👉 Read the full report here.
👀 NEWS HIGHLIGHT
Nubank opens its new product account for teenagers under 18 in Brazil🇧🇷.
Nubank customers with children between the ages of 12 and 17 can apply for an account and debit card in their teen's name.
👉 Read the full Latam Fintech article here.
😎 SPONSORED CONTENT
PayRetailers is a leading global provider of online payment services with Latin DNA. We offer e-commerce payment solutions for end-to-end cross-border transaction flow without the need of a local entity. Through one direct API, one technology platform and one contract, we offer merchants worldwide multiple local payment options in Latin America.
📰 ARTICLE
Fintechs in Dominican Republic set for strong growth, seek to create regional hub.
The Dominican Republic’s fintech segment continues to expand and is seen closing the year with growth of 23.6% compared to 2021, and in which 68 fintech companies are operating, according to the Inter-American Development Bank and Finnovista.
👉 Read the full Bloomberg Linea article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Nubank exceeds expectations with $7.8M Q3 net profit as loan portfolio swells. Link here.
⭐️ Mendel raises USD $60M to consolidate their presence in Mexico. Link here.
⭐️ Ping wants to simplify global payments while helping Latin Americans embrace crypto. Link here.
⭐️ Crypto.com launches ARS deposit and withdrawal fiat wallet to Argentines. Link here.
BRAZIL
Nubank exceeds expectations with $7.8M Q3 net profit as loan portfolio swells. Founder and CEO David Vélez’s bank posted third-quarter net profits of $7.8 million, and gross revenues of $1.31 billion. Nubank, which surpassed 70.4 million customers in Latin America, said it saw its default rate rise to 4.7% from 4.1% in Q3 2021, and total deposits of $14 billion for the quarter ended September 30. Link here.
ARGENTINA
Bitso now enables customers from across Latin America to pay for purchases in Argentina with crypto using QR codes through the Bitso app. The new function will let tourists travel using crypto and avoid the inconvenience associated with exchanging cash for local currency. Link here.
Crypto.com launches ARS deposit and withdrawal fiat wallet to Argentines. With a simple set up process, this local fiat wallet gives Argentines an instant and lower deposit limit to fund their account via Debin for crypto purchases. Link here.
MEXICO
Yave raised $7.5 million in funding led by Better Tomorrow Ventures and Metaprop. Despite a slowdown in the global housing market, demand for tech-enabled mortgage origination continues to grow in Mexico. Link here.
Sivo (YC W21) announced a partnership for up to $2B Mexican Peso’s for Mexico’s Kapital (YC W22) to fund SMB lending in Mexico. Kapital has shown accelerated growth since it launched based on the data-driven platform which provides flexible credit solutions to SMBs. Link here.
Trully recently raised a USD $4.1M seed round led by Costanoa Ventures. Trully’s solution is currently in the testing phase with multiple fintech startups. Link here.
Getnet Mexico and Pacto announce strategic partnership to launch ontegrated payments and POS at restaurants across Mexico. Deal Integrates Getnet’s Industry Leading Merchant Payments Technology with Pacto’s All-in-One Point of Sale (POS) for One of the Fastest Growing SMB Categories in Latin America. Link here.
CHILE
Levannta raised USD $2m funding round. The latest funding round was led by Option Venture Studio and comprised equity and debt capital. The startup uses a platform that provides an estimate of the amount availabe to pay in advance based on the client's financial information and subscription portfolio. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.