MVO BLOG
👀 NEWS HIGHLIGHT
Nu, the holding company that includes Nubank in Brazil, as well as Nu México and Nu Colombia, added 5.8 million customers in the last quarter, reaching a total of 53.9 million customers in Brazil, Mexico, and Colombia – of these, 41.1 million are considered to be monthly active customers. The largest digital bank in Latin America estimates that more than 55% of its active monthly customers have chosen it as their main account.
The company also saw its average revenue per active customer grow from $3.3 in Q4 2020 to $5.6 in the last three months of 2021 while reducing the average monthly cost of services per active customer by 20.4%.
👉 Check out the full article here
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📰 ARTICLE
For the first time in Latin America, there is an explosion of Fintech activities spreading wide across the region.
This is due to the extreme demand from the majority of customers who need an alternative option that is more accessible to everyone. While this growth may seem sudden, change has been building up for a long time.
There is now Fintech-friendly regulation to support the growth of Startup agencies. For instance, the Fintech law or "Ley Fintech" was passed in Mexico in 2018 to create a policy that ensures that fintech companies offer innovative products while adhering to the same regulatory and supervisory criteria as traditional financial institutions.
In addition, the rise of neobanks (online financial companies) has paved the way for more people to obtain loans and bank with consumer-friendly institutions with low-interest rates. For instance, Nu is currently the largest neobank worldwide, with 33 million customers, and it's valued at $25 billion.
👉 Read the full article here
🎤 PODCAST
Check out the latest episode of The Emerging Markets Enthusiast.
Pedro Sônego de Oliveira is Co-Founder and CEO of Brazilian B2B Fintech start-up TruePay. Founded only a little more than a year ago, the company has scaled rapidly, having raised +US$40M of capital with leading investors Addition, KASZEK, Monashees, and GFC.
👉 Listen here.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ LEASY has secured $2 million in equity and $15 million in debt. Link here
⭐️ PayRetailers will continue as an Official Sponsor of CONMEBOL Sudamericana for the second consecutive year. Link here
⭐️ Also, PayRetailers has entered into a sponsorship agreement with the Super League of American Rugby (SLAR) to support South American rugby. Link here
BRAZIL
Brazil leads the list of countries with the majority of Soonicorns. According Soonicorn club, 46 Brazilian startups have the potential to become unicorns.
👉 Read the full article here
COLOMBIA
Paysend, the card-to-card pioneer and international payments platform, announced the expansion of its cross-border money transfer services to Colombia with MOVii, a leading mobile wallet service in Colombia.
Using global payments infrastructure company Terrapay, Paysend will enable U.S. and European customers to send money to their loved ones via MOVii mobile wallets and help banked and unbanked Colombians carry out financial transactions from their mobile phone, in real-time.
Transferring money internationally can be challenging and time-consuming with bank-to-bank transfers often taking multiple days, and fraud prevention and currency exchange adding further time and complexity to the money transfer process.
Through working with Terrapay and MOVii, Paysend’s U.S. and European customers will be able to send money to friends and family in Colombia quickly, securely and conveniently.
👉 Read the full Finextra article here
MEXICO
Coinbase said it has launched a free pilot programme for sending crypto funds to friends and family in Mexico. Receivers can convert the tokens into pesos at participating locations across the country or invest the funds into a Coinbase account. The service will become fee-based after Mar 31.
Coinbase didn’t disclose the cost but said in a blog post it will be “still 25-50 per cent cheaper” than traditional cross-border transfers.
“We recognize this is a global issue. And while we’re starting in Mexico, over time we’ll consider other regions where customers face similar challenges,” Coinbase said in the blog post. Link here
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.