LATAM FinTech | 2023 #26
Weekly news up to Wednesday, 5th of July 2023
👀 NEWS HIGHLIGHT
With these new funds, the firm expects to add up to 45 new companies to its portfolio.
“These funds compromise over $650M to invest in early-stage companies, and $275M to invest in later-stage ones. We expected LatAm to remain a significant part of QED’s focus,” said QED’s Partner, Mike Packer.
📊 INFOGRAPHIC
Knowledge is power, and Nubank and Itaú are strengthening their digital might.
Data alone doesn’t guarantee stronger results – but, in Nubank’s case, it’s an extraordinarily strong input indicator that helps understand how they’re achieving industry-beating delinquency rates on their Brazilian credit portfolio. Take a look to this Simon Rodrigues infographic.
📰 ARTICLE
Isaac Sidney, President of the Brazilian Federation of Banks (Febraban), stands his ground amidst emerging digital banks and fintechs.
He reassures that banks, regardless of size, won't be leaving the scene, asserting their transformational and generational presence. Disregarding derisive labels from newcomers, Sidney insists on banks' legacy and the established trust in the sector.
Cryptocurrency exchange platform Ripio organized a forum in Buenos Aires in which representatives from companies and the public sector called for a regulatory framework to govern the industry.
💡INSIGHTS
According to a study by Startup Blink, these are the best countries for startups to grow. Mexico is in third place, and Argentina has dropped one spot compared to Colombia.
🎤 PODCAST
Mary Ann is taking over this interview with David Vélez, the co-founder and CEO of Nubank, through Equity, a podcast about the business of startups.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️Visa is acquiring Pismo for $1 billion in cash in what is likely one of the largest fintech M&A deals taking place this year so far.
⭐️ PayRetailers integrates PIX into its all-in-one payment platform.
⭐️ BC reinstates the Mercado Bitcoin consortium in the digital real pilot program.
⭐️ Paxos' collaboration with MercadoLibre revolutionizes the Mexican crypto economy, driving adoption.
BRAZIL
Itaú became the first TradFi bank to join ABCripto, a trade association and lobby group representing the crypto industry. Itaú has strengthened its ties to crypto over the last year.
Nubank announced that customers who take out a personal loan in the company’s app now have a financial protection alternative to combat unexpected events and keep their installments up to date.
Z1 has been authorized by the Central Bank of Brasil to operate as a payment institution (IP) which allows for managing prepaid payment accounts.
ARGENTINA
Mercado Pago incorporates a cash withdrawal service from ATMs using QR codes. Users can now utilize the RedGiro QR service, which allows them to withdraw money from Redbanc ATMs.
Belo joined forces with Payoneer. The integration aims to create a unique experience that minimizes the time and costs of receiving multi-currency payments.
MEXICO
Santander Mexico will emulate Nubank's placement model. Santander is in the process of streamlining its digital credit card acquisition flow, drawing inspiration from the formula of Nubank, the largest credit card issuer in the last six months.
Banco de México’s DiMo platform opens new opportunities for Mexican startups and fintech companies, revolutionizing digital payments.
CHILE
Kushki, has received approval from the Chilean Financial Market Commission (CMF) to enter the acquiring business in Chile. This victory adds to Kushki's continued expansion in the region.
BCI bank is exploring technological applications that have not yet been tested in the financial industry as a way to stay ahead in the increasingly competitive digital landscape of Latin America.
PERU
Banco Pichinga in Peru is reorganizing its managerial, technological, and talent structure to strengthen its open banking strategy and promote new business lines.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.