THIS WEEK’S FUNDING NEWS OVERVIEW
👀 Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
REPORT
The financial shock caused by the failure of Silicon Valley Bank and then by the collapse of Credit Suisse takes a toll on Latin American banks (as their stocks show).
If you want to stay up to date with the latest SVB, and other FinTech news, please sign up for my daily newsletter here.
Enjoy this week’s other FinTech news!
Cheers,
Marcel
👀 NEWS HIGHLIGHT
Brazil is one of the largest economies in Latin America, representing 31% of e-commerce in the region. Within this market, iGaming has experienced significant growth in LATAM, particularly in Brazil.
PayRetailers has built a strong bond and commitment with the gaming industry since its inception.
💡INSIGHTS
A recent study made by Fiserv shows that QR and digital wallets have grown significantly as payment options in Argentina. While credit card preference has stagnated, the use of cash for payments has decreased with only 14% of the polled choosing to use it over other options in the country.
🎤 PODCAST
Unlocking LatAm: Global Expansion Without a Local Entity
Francis Bignell sat down with Patricia Rodríguez, senior account manager, and Philippe Laranjeiro, recently appointed CCO at PayRetailers. Together, the three discuss how PayRetailers is helping organizations unlock the true potential of the Latin American market.
🎤 PODCAST
Latitud launched a banking product called Meridian that will focus on founders of early-stage startups that need international accounts but are not big enough to be customers of large US banks.
Check out Latitud’s podcast episode where Patrick Kolencherry and Brian Requarth explain more about this new service through the link below 👇
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Clara is the latest startup to get fresh financing, inking a credit line for up to $90 million from Accial Capital.
⭐️ Brazil’s Central Bank initiated testing of a pilot version of its Digital Real, the ambitious bank’s digital currency which is expected to go fully live by the end of 2024.
⭐️ Mattilda secures a $10M credit line from Addem Capital. Mattilda helps schools manage and automate payments and offers credit solutions for education institutions.
⭐️ ACI Worldwide announced a partnership with financial technology company RedAbierta to power real-time payments. Expected to go live in Q2 of 2023, the scheme will enable banks to offer new digital payment services.
BRAZIL
Nubank has its sights set on disrupting Latin America’s financial services. Since its founding in 2013, the challenger bank has grown its user base rapidly — reaching 60M customers as of May 2022. Nubank opened its new transaction channels mostly by inking partnerships with e-commerce and payments leaders like Amazon and PayPal.
COLOMBIA
BBVA is setting up a business unit Spark focused on serving entrepreneurs and tech companies. BBVA’s Spark first launched in Spain and Mexico last July with the aim of boosting innovation and supporting enterprises working with groundbreaking tech and scalable business models.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.