🔥 POST OF THE DAY
HOT off the press 🔥
The Ultimate FinTech Influencer Guide 2023 is out! 👇
📰 ARTICLE
⚫ Revolut is eyeing an acquisition in the buy-now-pay-later space, CEO Nik Storonsky told Axios on the sidelines of the Web Summit Rio conference last week.
"We have a team looking at acquisitions, the latest is actually buy now pay later," Storonsky said.
"We're currently discussing with several companies. Again, the question is price," he says, adding: "But we can afford to wait a while. And buy-now-pay-later companies are losing a lot of money in this environment."
⚫ Revolut’s entry into Brazil is a high-profile (and rare) clash of European and Latin American FinTech. But who is afraid?
💡INSIGHTS
⚫Key Latin American FinTech investment stats in Q1 2023:
💰 Latin American FinTech investment declined 96% YoY to $137m in Q1 2023.
📉 Latin American FinTech deal activity reached 45 deals in Q1 2023, a 64% decline from Q1 2022.
🇧🇷 Brazil was the most active FinTech country with a 47% share of total deals.
⚫Mercado Libre's Fintech game and how Embedded Finance is impacting customer behaviour:
70% of payment revenue is generated outside the Mercado Libre marketplace
Growth rate of Fintech units is 94% vs. 20% for the commerce unit
MercadoLibre is planning investments of $3.6b with a strong focus on Fintech activities in Brazil
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️PayRetailers appointed Jonathan Wilson as its new Chief Risk Officer (CRO).
⭐️ Nubank’s Q1 2023 Financial Results are on 🔥: The neobank recorded USD 1.6 billion in revenues, an all-time record nearly doubling the company’s performance a year ago.
⭐️Nu México has finally made its debit card generally available in Mexico and reaches 500,000 debit card users. Ualá doubles down on offering for businesses.
⭐️ After securing a Series A extension in 2022 worth $44.1 million, Lemon expanded its operations to Mexico, Peru, Colombia, Uruguay, and Ecuador.
BRAZIL
Nubank posted another quarter of profit after its customer base jumped by another 4.5m to reach 79.1m globally. Growth was combined with an increase in monthly average revenue per active customer to $8.6.
PicPay, a payment application, is embracing Open Finance by introducing a new feature aimed at simplifying users' financial lives: PicPay Open Finance.
ARGENTINA
Carrefour, the supermarket chain launched a virtual prepaid card through its BSF Bank to provide financial services to those who are still outside the banking circuit.
MEXICO
Uber has been granted final approval to establish and operate an Electronic Payment Funds Institution, branded as UBR Pagos México. This authorization aligns Uber with the Law to Regulate Financial Technology Institutions, commonly known as FinTech Law.
Ualá is expanding its business services in Mexico to provide accessible financial solutions and to support the shift from cash to digital payments.
CHILE
Chile recently inaugurated the Fintech District, a dedicated space designed to foster the country's Fintech industry. This initiative, led by FinteChile in partnership with cowork IF, mirrors global financial centers' approach to supporting Fintech companies.
MOVERS & SHAKERS
Fernanda Ribeiro, co-founder and former CCO of Conta Black, a FinTech established in 2017, has recently been appointed as its CEO.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.