👀 NEWS HIGHLIGHT
Wirex partnered with Transfero to provide an on and off-ramp for Brazilian users using PIX, enabling easy access to Wirex's crypto platform.
Brazilian customers can now buy, hold, exchange and sell multiple cryptocurrencies, with free and instant top-up from their bank, and access innovative wealth management features like X-Accounts and Wirex Multiply .
📊 INFOGRAPHIC
Mexico has been a critical growth geography for the Brazil-based neobank Nubank, contributing well over half of its foreign user base.
A recent report by McKinsey highlights the importance of foreign growth for Brazilian startups: on average, 23% of revenue is derived from abroad.
📰 ARTICLE
Meet Liquido, which aims to be the ‘Stripe of LatAm’ — but with even bigger ambitions:
Liquido is revolutionizing the Latin American payments industry by providing a comprehensive and accessible digital platform for businesses. The company's success can be attributed to its seamless integration of different payment methods, advanced fraud detection systems, and exceptional user experience.
💡INSIGHTS
MercadoLibre reported financial results for the quarter ended March 31, 2023.
💰 $9.4 billion Gross Merchandise Volume, up 43.3% year-over-year on an FX neutral basis.
💰 In terms of credit, Mercado Pago marginally grew its $3 billion portfolio during the quarter.
👉Mercado Pago is now looking to position itself as a full-fledged digital bank.
Read the full results letter here.
🧐 ANALYSIS
These countries demonstrate the highest adoption rates of digital payment methods in the region.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Paysend inks $30m media-for-equity deal with TelevisaUnivision.
⭐️ Liquido secures $27 million funding for live launch.
⭐️U-Payments announced a new investment round and a partnership with Mastercard to expand their operations in Latin America and Europe.
⭐️ Druo announced its plans for expansion into Peru, Mexico, and the United States in 2023.
BRAZIL
FinanZero raised BRL 75 million in a funding round led by Atlantico, alongside participation from Chromo Invest, Peninsula, and others. The company aims to break even by 2024 and plans to use the funds to improve its platform, hire more talent, expand into new regions, and enhance its marketing strategy.
DieselBank raises a US$157K follow on while finalizing a US$1.3M seed round with new investors in Brazil. According to Rodolfo, the money will be used to expand credit for truckers and trucking companies.
C6 Bank launched a current account for Brazilians living abroad, offering accessible and convenient banking services. This solution aims to simplify the lives of expatriates, allowing them to manage their finances in Brazil and abroad with ease.
Banco Central do Brasil (BCB) established rules and procedures for operating the Real Digital pilot project. It created an Executive Management Committee with specific attributions for the governance and implementation of the RD pilot.
Emprex raised $2 million in a funding round led by former Goldman Sachs employees. Emprex's rapid growth has been fueled by the expansion of the unbanked population and the increasing demand for alternative credit options in Brazil.
Noodle received a significant investment to enhance its platform that connects students with tutors. The platform has already aided over 150,000 students and helped tutors earn a living.
COLOMBIA
Resuelve tu Deuda announced the launch of its new platform, Go Bravo, in Colombia. The platform will enable users to negotiate and settle their debts with banks and other financial institutions online.
Rapyd announced a partnership with Belvo. By combining Rapyd’s extensive global payments network with Belvo’s expertise in open banking, the partnership will enable businesses across Latin America to deliver seamless open finance experiences to their customers.
MEXICO
Fairplay secured a $100 million credit line to support early-stage entrepreneurs in Mexico. This funding aims to address the challenges faced by small businesses in obtaining financing and bridge the existing funding gap.
Invex Banco and eFactor Network joined forces to promote factoring for medium and large businesses in Mexico. This collaboration aims to streamline and digitize the factoring process, providing companies with greater access to liquidity and working capital.
Latin American financial technology firm R2 secured a $100 million credit line from Community Investment Management, to boost lending in Mexico, its largest market.
Banco Santander, Banorte, and Banco de Crédito del Perú are collaborating to create "Buenas Fuentes," a digital platform that aims to support small and medium-sized enterprises (SMEs) in Latin America.
EL SALVADOR
Apple Pay expanded its services to Guatemala and El Salvador, allowing iPhone and Apple Watch users in these countries to make contactless payments effortlessly. This secure and private payment method is made possible through the collaboration with local banks and financial institutions.
CHILE
Chile's public transport system is set to adopt QR code payments using Mercado Pago's digital wallet. Mercado Pago users will be able to scan a QR code on buses and subways and pay for their journeys directly through their mobile devices
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