👀 NEWS HIGHLIGHT
Binance is pleased to announce that it has become the first fully licensed crypto exchange in El Salvador after being granted both Bitcoin Services Provider license (BSP), by the Central Reserve Bank (Banco Central de Reserva), and the first non-provisional Digital Assets Services Provider license (DASP), by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).
📰 ARTICLE
The industry is beginning to recover from the aftermath of mass layoffs and setbacks in plans. But is there light at the end of the tunnel, or is it just a mirage?
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Ripio introduces UXD stablecoin to counter inflation in Argentina.
⭐️ Thought Machine expands into Latin America and welcomes Cordada as latest client.
⭐️ Cashbanx has secured an investment of R$ 20 million from SRM Ventures.
⭐️ DolarApp turns to Paymentology for card processing services.
BRAZIL
Amazon will launch a credit card offering in Brazil, in a partnership with Brazilian lender Banco Bradesco SA.
Educbank has just raised R$ 70 million through a securitized debenture. This first-of-its-kind operation in Brazil will be carried out in three series, the first two being public and the third private, maturing in 2026.
EqSeed recently set a new record by raising BRL 7.5 million in a funding round. The funding will facilitate the acceleration of product and technology development.
Brazil central bank names its digital currency 'DREX,' The DREX will use distributed ledger technology (DLT) to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits.
Marqeta extends Block partnership as revenues rise and has also added a new partnership branching into Brazil with banking-as-a-service platform Fitbank.
Serasa Experian has successfully concluded its acquisition of a majority stake in Mova.
ARGENTINA
Despegar partnered with Binance Pay and Inswitch to offer crypto payments on its online travel marketplace.
Judge Alberto Baños ordered an inquiry into the CEO and other executives of fintech firm Wenance S.A. for alleged repeated fraud and abusive clauses in their contracts, specifically targeting individuals in economically vulnerable situations.
COLOMBIA
Bancolombia Group and Avista have embarked on a strategic alliance aimed at bolstering their ability to seize emerging opportunities in a critical market segment, the Silver Economy.
Davivienda and Siigo partner up in Colombia. SMEs can now secure credit with data from Siigo, like electronic invoicing and financial statements.
MEXICO
albo acquires delt.ai for $20 million. With this strategic acquisition, albo has strengthened its position in Mexico’s financial services sector, becoming the only neobank to offer debit and credit products for both consumers and SMBs.
Klar has entered the Mexican savings market, ready to compete with Nu and Ualá, promising up to a 14% annual interest rate.
CHILE
Pomelo announced its expansion to Chile. The company provides technology infrastructure to companies offering financial services in Latin America.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.