REPORT
Next-generation consumer payments are growing rapidly due to changes in consumer behavior, advances in tech and innovative competition. Accenture research finds that over half of consumers in major markets have used tools like digital wallets, which are more popular than credit cards.
👉 Check out the #fintechreport: “Payments gets personal—strategies to stay relevant” by Accenture here
REPORT
In 2022, G20 countries sent nearly $212 billion in remittances.
But nearly $11.6 billion was lost to fees along the way. The reason remittance prices remain high is the lack of transparency. Today, providers can tell consumers their transfers are “free”, include “0% commission” or cost just a low fixed fee of $5. In reality, however, the biggest cost is hidden in a terrible exchange rate.
👉 Read the full report by Wise here
REPORT
Check out this amazing FinTech report by Google: “The UX Playbook for Finance” with some great case studies👇
👉 See the whole “The UX Playbook for Finance” report here
👀 NEWS HIGHLIGHT
Alternative payment methods, such as bank transfers and digital wallets, are booming in rising economies. In Latin America, APMs continue to flourish and should reach almost 40% of the e‑commerce volume in the region.
New numbers released by the consultancy firm AMI reveal that Alternative Payment Methods, which are defined as anything other than credit and debit cards, are expected to reach 39% of the digital commerce volume in 2022 in LatAm.
👉 Read the full EBANX FinTech report here
📰 ARTICLE
Investors are looking at Latin America for mergers and acquisitions and other opportunities.
This is likely to increase the amount of M&A in the region in 2023, but the number of initial public offerings is still likely to be held back by other factors.
👉 Read the whole PYMNTS article here
👨💻 BLOG
Today, it has never been easier or cheaper to launch a fintech product in Latin America. Thanks in part to the success and scale of first movers in the region, incumbents ranging from MasterCard to Amazon Web Services now have dedicated teams focused on startups.
In response to rising demand, an entire ecosystem of financial infrastructure startups has emerged that enables companies to onboard users, facilitate payments and unlock alternate data.
👉Read the whole Point 72 Ventures article by Travis Foxhall here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Máximo with the support of Mastercard expands its portfolio by announcing the launch of the first Touch Card in Peru. Link here
⭐️ Vivo Ventures will invest BRL 10 million in Klubi. Link here
⭐️ Kavak.com, Mexico’s first unicorn, took on the biggest debt crown among LatAm startups. Link here
BRAZIL
Vivo Ventures said it will invest BRL 10 million in Klubi by acquiring debentures convertible into a shareholding position. Vivo Ventures wants to increase its presence in the fintech sector. Link here
PayU called on banks and regulators to work together to increase customers’ access to online money transfers in Brazil in 2023. Link here
ARGENTINA
Fintech is growing in Argentina, with lots of new companies popping up to shake up the traditional financial industry. Link here
VENEZUELA
The Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market. Link here
MEXICO
Faced with the drought of venture capital financing in 2022, the large startups in Latin America turned to debt. Kavak.com, Mexico’s first unicorn, took on the biggest debt. Link here
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.