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And now on to other FinTech industry news I listed for you today:
REPORT
Physical shopping and payments have long reigned supreme in Mexico, but card-based transactions open a digital doorway for the region’s consumers. PYMNTS’ latest study of 13,349 consumers and 3,124 businesses, the “2023 Global Digital Shopping Index: Mexico Edition,” a collaboration with Cybersource, explores how merchants in Mexico can, and are, capitalizing on this shift.
👀 NEWS HIGHLIGHT
A strategic partnership between the two Brazilian companies will allow global merchants to offer a payment method created by the digital bank, broadening access for millions of Latin American consumers to global digital commerce
📊 INFOGRAPHIC
Latin American FinTech deal activity bounces back.
Key Latin American FinTech investment stats in Q2 2023:
‣ Latin American FinTech companies raised a combined $254m in Q2 2023, a 68% drop YoY
💡INSIGHTS
Despite high and rising interest rates, Mexican household borrowing is accelerating in 2023 – a sign that fundamentals, like credit access and inherent demand, are outweighing macroeconomic headwinds.
A new survey carried out by Mercado Bitcoin of just over 1,000 respondents estimates that around 10 million Brazilians, roughly 5 percent of the country’s population, are invested in cryptocurrencies.
🧐 ANALYSIS
Mexico brought in close to $5.7 billion in remittances in May, breaking a monthly record that analysts cautioned was softened by the recent strength of the peso versus the dollar.
Mexico's "super peso" is among the top-performing currencies this year, appreciating more than 13% against the U.S. dollar from May 2022 to last May.
🎤 PODCAST
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Indrive selects Nuvei to be its payments partner in Latin America.
⭐️ TipRanks is preparing for its expansion in Latin America.
⭐️ PIX is about to disrupt another source of revenue for the country’s banks.
⭐️ Among Brazil’s big banks, Nubank pays its senior execs the most.
BRAZIL
Torqi has secured R$ 60 million from a Credit Rights Investment Fund (FIDC), led by Galapagos Capital.
Bipa has announced the successful closure of its seed investment round, raising R$8 million (approximately $1.4 million).
Payface has raised an additional R$ 15 million in an extension of its Series A round. The funds will fuel the company's organic growth, expansion into new retail verticals, product development, and possible acquisitions.
Marqeta announced its expansion into Brazil, with a new partnership with Latin American banking-as-a-service platform Fitbank and network certification with Visa.
Bipa has successfully secured an R$ 8 million investment to expand its operations. The new influx of capital is expected to enhance Bipa's capability to deliver innovative financial solutions.
ARGENTINA
Ripio cut 18 percent of its staff in a round of layoffs. Roughly 60-70 of company’s 300 total employees worldwide were let go.
COLOMBIA
Pátria has agreed to a partnership with Bancolombia to create an investment company in Colombia.
PANAMA
TAFI has entered the Panamanian market with an aim to enhance the business management of sales agents by providing an opportunity to open accounts for product financing and credit card offerings.
MEXICO
BanCoppe has selected Temenos to deploy its core banking platform. Utilising Temenos’ core banking platform, BanCoppel aims to scale its operations and offer an integrated ecosystem of “easy and accessible” banking services.
Puntored acquired Mexican startup GestoPago, marking its entry into the Mexican market. The company decided to enter the Mexican market due to its large yet-to-be-banked population.
CHILE
Shinkansen has successfully closed a seed funding round, raising a total of $3 million. The investment aims to support Shinkansen's expansion into Latin America.
Floid and BancoEstado implement a free reporting tool to facilitate access to financing for SMEs.
MOVERS & SHAKERS
Binance announces the appointment of Min Lin as Head of Latin America. Lin will lead teams across the region to enhance Binance’s products and services, with a focus on optimizing user experience in this key market.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.