REPORT
In 2023, FinTech & InsurTech are finding a new groove. Equity funding has dipped due to macroeconomic uncertainty, possibly the lowest since 2017.
But the tide is turning:
‣ Quarterly declines are less severe since Q3 '22
‣ Public markets are rebounding
‣ Funding pullback affects later stages more
Download the full report here
👀 NEWS HIGHLIGHT
Fintech competition is heating up in Chile on the heels of new financial regulations and efforts from banks and fintechs to move digital banking forward. Itaú, Latin America’s largest bank, is about to launch into the neobank space, while a legislative proposal under discussion in Congress is poised to accelerate the adoption of open finance practices within the country.
💡INSIGHTS
This year’s winners are working on A2A payments, spend management automation, embedded finance, and more.
Three-quarters of this year’s winners are B2B FinTechs, including business spend management platforms, cross-border and real-time payment providers, and core banking and infrastructure platforms.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Nomad raises US$61 million in funding round.
⭐️ TikTok is testing a new in-app wallet.
⭐️ Wibond introduces “Dame Cuatro”, a novel service facilitating purchases in adhered stores, allowing over 500,000 users to pay in four interest-free installments using a debit card.
⭐️ Prex integrated with Tapi’s payment infrastructure to provide its users with an enhanced experience for recurring payments in Peru and Argentina.
BRAZIL
WEEL has raised US$6 million in an investment round with Monashees, Mindset Ventures and Banco Votorantim.
Nubank announced its entry into the exchange-traded fund (ETF) market, aiming to expand its product offerings and diversify its customer base.
Nubank announces NuFuturo, an ecosystem developed in partnership with Federal Universities in Brazil to accelerate careers in technology and foster innovation.
Gringo received an investment of over $29M. With this funding, Gringo will strengthen their credit and insurance products. They will also add new features and plan to grow their user base to over 20 million in the coming years.
ARGENTINA
Ualá CEO, Pierpaolo Barbieri, sees positive impact on lending amid Argentina’s dollarization debate.
COLOMBIA
Belvo has collaborated with Banco W to advance financial inclusion in Colombia using Open Finance.
Druo has unveiled a real-time payment functionality, dramatically streamlining financial transactions between 18 national banks by rendering them instantaneous.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.