LATAM FinTech | 2023 #23
LATAM FinTech | 2023 #23
Weekly news up to Wednesday, 14th of June 2023
👀 NEWS HIGHLIGHT
Brazil’s Central Bank announces an ambitious roadmap for Pix with three major product releases:
⓵ Pix Automático, a recurring payments integration;
⓶ Pix for Marketplaces, a streamlined solution for seller payments;
⓷ and Pix Internacional, a cross-border transfer system.
👨💻 BLOG
Nubank pulls first mass layoffs, branded as “restructuring.”
“Now, with a robust portfolio, and after a deep analysis of models and processes, the need to consolidate the product teams in a centralized organization was identified. With the new model, some functions and positions became redundant,” Nubank explained.
💡INSIGHTS
10 Fintech Trends from Brazil.
At Point72 Ventures, we’ve been active investors in fintech startups across both developed and emerging markets including Asia, the Middle East, and Latin America since 2016. Coming out of this year’s Web Summit in Rio de Janeiro, here are 10 key trends we observed in Brazil.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ U-Payments announced an exciting new partnership with UltraBNK to enhance their services for stakeholders.
⭐️ Banco Afirme launched the Digital Bank Billú with an investment of over 300 million pesos ($17 million). The bank aims to acquire 250,000 customers this year for its digital bank.
⭐️ Belvo has laid off 27 employees, amounting to 17% of its total workforce. The firm views this move as a necessary step towards ensuring business growth sustainability.
BRAZIL
Visa is nearing a deal to acquire Brazilian payments provider Pismo. The payments giant could announce a deal as soon as this month for the Sao Paulo-based company. A final agreement hasn’t been reached and talks could still fall through, said a source familiar with the matter.
Nubank’s “Little boxes” reached the mark of 1 million active users in Mexico, just one month after launching its savings accounts product in the country. The bank will also launch a Mexican debit card for customers to withdraw cash from ATMs.
MEXICO
Mexico’s fintech scene is heating up, with Ualá rolling out a high-yield savings account just two weeks after getting approval for a banking license in the country. The company is expanding its product line with a high yield savings account that offers an annual yield of 9%.
Klar wants to accelerate its pace of customer acquisition after reaching the goal of 2 million users, at a time when digital lenders in its market are multiplying. In recent months, the company has made regulatory moves to expand its product portfolio to reinvent the financial services industry.
URUGUAY
nocnoc raises $14 million in series A funding led by PayPal Ventures to accelerate cross-border eCommerce in Latin America. The firm plans to utilize the capital to expand its reach into new markets and open additional sales channels.
CHILE
Impacta VC took the lead in Airbag‘s latest funding round with a $100K investment. Surpassing its initial target of $500K, the round raised a total of $700K. With the funds, Impacta VC aims to assist the Mexican insurtech in its mission to help companies reduce traffic accidents.
MOVERS & SHAKERS
DLocal announced that co-founder Sergio Fogel was appointed as Co-President and Chief Strategy Officer. Mr Fogel has been an active member of the Board, providing strategic vision and hands-on support on key business initiatives since the Company’s inception.
