THIS WEEK’S FUNDING NEWS OVERVIEW
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REPORT
Argentina saw some big regulatory news in its crypto sector this week, with its National Securities Commission approving a Bitcoin futures contract to trade on the Matba Rofex exchange that lists futures and options.
Read more in the Latam Crypto Report #2: Argentina Approves Bitcoin Futures by Kristin Majcher.
Federal Police, the São Paulo Public Ministry, and the CVM - Brazil’s securities regulator - are expanding investigations into whether Binance illegally enabled Brazilian users to trade derivatives on its platform.
Read more in the Brazil Crypto Report #88.
👀 NEWS HIGHLIGHT
2023 started strong for Pix volumes and transactions yet below the levels seen during Dec/22, which is expected. But it only took three months to surpass the volume and complete the largest quarter ever for Pix. In March, R$ 1.246 trillion was processed through the Brazilian instant payments infrastructure.
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📰 ARTICLE
Every FinTech is in the risk business, whether they want to be or not. That’s because FinTech unit economics have a unique factor: downside risk. FinTechs live or die on their ability to manage fraud and credit risk. Most companies eventually get “good enough” at it or simply die by mismanaging it.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ ID Finance secured a $30 million debt facility from SR Alternative Credit.
⭐️ Payfy raised $800,000 in a seed round led by BB Ventures.
⭐️ Belvo acquired Skilopay to grow its payments offering.
⭐️ Habi announces a $100 million credit facility from Victory Park Capital.
BRAZIL
The Brazilian Central Bank granted authorization for MovilePay to operate as a Sociedade de Crédito Direto. This allows MovilePay to offer credit operations to its customers without the need for intermediation by traditional financial institutions.
Nubank's payment platform, NuPay, is now integrated with the popular food delivery app iFood, allowing NuPay users to conveniently make purchases on the platform. The integration expands NuPay's already impressive reach, as it is already available on 160 e-commerce platforms and 6,000 physical establishments.
InComm Payments is set to create around 200 technology jobs in Brazil through the opening of an IT hub in the city of Fortaleza. The jobs will include software engineers, quality assurance automation, database administrators, DevOps, and database developers.
MOVERS & SHAKERS
Bitso's co-founder and CEO Daniel Vogel was elected as the new president of the Mexican Fintech Association. The appointment is seen as a positive development for the Mexican FinTech sector, as Bitso has been one of the most successful and innovative fintech companies in the country.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.