👀 NEWS HIGHLIGHT
C6 Bank will be using core banking technology from Thought Machine for innovative products.
C6 Bank offers banking services to more than 20 million customers and will build and launch innovative products running on Vault Core – Thought Machine’s cloud-native core banking platform.
👉 Read the full Thought Machine article here.
😎 SPONSORED CONTENT
At MoneyLion we believe you should get more from your money. Our mission is to rewire the American banking system so that we can positively change the financial path for every hard-working American. Our products offer no hidden fees, and few barriers to entry. Accessibility is what we’re all about. There are no credit checks for cash advances and no hard credit checks for our loan products. Everyone is welcome.
📰 ARTICLE
How 🇧🇷Brazil's central bank launched its own FinTech startup👇
👉 Read the full story in another great article by Timothy Motte here.
💡INSIGHTS
Launching a fintech product in Latin America a decade ago was no easy feat.
Regulation at the time made it difficult to launch financial offerings independently, and entrepreneurs had no choice but to partner with financial services incumbents and legacy technology vendors to bring their products to market.
👉 Read the full Point72 Ventures article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Nubank announced a $330M equity capitalization in Mexico to continue expanding operations in that country. Link here.
⭐️ Google Pay received approval to operate as a payment institution in Brazil, Latin America's largest economy, allowing it to initiate payment transactions. Link here.
⭐️PayU is to double down on its presence in Central America with payment processing and payment card industry (PCI) compliance. Its latest territories include Guatemala, Honduras, El Salvador and Costa Rica. Link here.
⭐️ Neon acquired Brazilian FinTech Leve Capital. Link here.
BRAZIL
Senhasegura raised $13m in its Series A investment round. With the funds, the RegTech company plans to expand its global footprint and accelerate product innovation in its flagship 360º Privilege Platform. Link here.
Nubank announced a $330M equity capitalization in Mexico to continue expanding operations in that country. The Mexican banking regulator CNBV approved the expansion of Nu’s product portfolio, including the launch of the digital savings account and debit card. Link here.
Google Pay has received approval to operate as a payment institution in Brazil, Latin America's largest economy, allowing it to initiate payment transactions. Payment initiators, according to Brazil's central bank, initiate a transaction ordered by the final user but never manage the payment account, nor hold the funds of the transactions. Link here.
MercadoLibre is in talks with Meta to process payments for its WhatsApp messaging service starting in Brazil. Facebook owner Meta will launch a payments tool in Latin America's largest economy, allowing WhatsApp users to message and buy from a business directly in the chat. Link here.
COLOMBIA
Dale, Grupo Aval’s strategic fintech created to compete with other digital options, secured an investment of $30 million from Grupo Aval to reach 5 million users in 2023. Dale will close 2022 with just under one million customers who have made more than 3.5 million transactions. Link here.
MEXICO
Bitso joined forces with remittance provider Félix Pago to enable WhatsApp-based crypto-powered payments from the United States to Mexico. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.