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
⚫ Fintech Projected to Become a $1.5 Trillion Industry by 2030
A recent report from BCG & QED Investors projects #FinTech revenues to grow sixfold from $245B to $1.5T by 2030. Currently holding 2% of the $12.5T global financial services revenue, the sector is estimated to grow to 7%.
⚫ Nubank became a one-stop shop in Brazil, solidifying its position as a leading digital bank in the region.
However, as Nubank continues to grow, the deep dive also highlights the challenges it faces, such as high inflation, high-interest rates, and credit card defaults.
⚫ In Latin America, FinTech is Driving Banking Innovation and Improving Financial Inclusion
LatAm’s FinTech industry has experienced strong growth over the past years, owing to favorable demographic factors, including the region’s large population of unbanked and underbanked, as well as digitalization efforts from governments.
Read and download the full report through the link below👇
👀 NEWS HIGHLIGHT
Visa unveiled a DeFi project to integrate with Brazil's upcoming digital currency, the Digital Real. The initiative aims to facilitate transactions, boost financial inclusion, and enable seamless connections between the traditional financial system and the digital currency.
💡 INSIGHTS
Data from Brazil’s Central Bank tells an unnerving story of consumer financial distress: Brazilian household debt in Brazil hit 49% of annualized household income in February, while defaults rose to the highest levels since late 2016 (4.1%).
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Clara extended its Series B funding round with $60 million from GGV Capital.
⭐️ Itaú is testing a new feature allowing customers to make offline payments using the Pix payment system.
⭐️ Nubank reached the milestone of 80 million customers.
⭐️ Revolut made its first foray into Latin America with a live launch in Brazil.
BRAZIL
High-interest rates hurt Creditas’ margins in 2022, but the company improved profitability in the first quarter of 2023. Creditas plans to achieve breakeven by the end of the year, before resuming plans to go public through an IPO.
Santander Brasil tests the tokenization platform for real estate and vehicle ownership titles.
MEXICO
The main credit indicators for Nubank’s operation in Mexico seem to indicate a “challenging start”, according to the analysts at Bradesco BBI, in a report distributed to clients this week. Nubank’s loan growth in Mexico is slower than the industry’s.
CHILE
MoneyGram consumers can now use the company's leading website and mobile app to send funds from Chile to family and friends around the world. MoneyGram is initially launching this service with zero transaction fees for consumers.
Migrante acquired Crediorbe, a Colombian company with a portfolio worth $35 million.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.