REPORT
Why is the FinTech sector booming and how can Neobanks unlock profitable growth?
👉 Check this Neobanking in Latin America report by Jose M. Noriega, and Luis A. Sanchez from Simon-Kucher here
THIS WEEK’S FUNDING NEWS OVERVIEW
👀 Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
👀 NEWS HIGHLIGHT
Its been two years since Brazil launched its Open Finance Initiative. Open banking in Brazil has blossomed thanks to the initiative, forging a new governance structure and financial system for financial institutions in the nation.
During this period, the Open Finance Initiative received 17.3 million consents from users to share personal and banking data with financial institutions.
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💡INSIGHTS
Key Brazilian🇧🇷 FinTech investment stats in 2022:
➡️ 157 FinTech companies raised funding in 2022, a 45% drop from 2021
➡️ FinTech funding in Brazil dropped 79% reaching $1.46bn in total
➡️ Lending Technology was the most active FinTech subsector with 27 transactions
💬 INTERVIEW
Parfin launches a private permissioned blockchain network. The $15 million fundraising was also participated in by L4 Venture Builder, B3's newly created corporate venture capital fund.
Parfin is the first crypto investment from L4, which has $600 million to pursue startups in the financial market.
📰 ARTICLE
Amid slow adoption of digital payments, Pay by Bank could boost adoption and at the same time mitigate cyber banking fraud.
Pay by Bank is a payment method based on the concept of open banking through which transactions are conducted in real-time and do not require credit or debit card details, making online payments simpler, faster, and more secure.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ PicPay acquired BX Blue, a consigned credit marketplace in Brazil.
⭐️ Félix and Bitso partnered to help Latino immigrants based in the U.S. send money back home in a matter of seconds.
⭐️ INVEX Banco presents Now, the first 100% digital neobank in Mexico.
⭐️ Unlimint partnered Credits.com to issue Mastercard debit cards for users in Europe and LatAm.
FinTech Meetup in Vegas is just around the corner and I will start and close it with a bang. Join me and let's do this together!
BRAZIL
Nubank dismissed 40 employees and closed its investment advice for individuals.
Nubank ended 2022 with 75 million customers worldwide, 70 million of which are from Brazil. So, in 2021, roxinho ended the year with 53.9 million customers.
PicPay announced that it had reached one million customers for its crypto offering - which first launched in mid-2022. The company also began to offer Solana - bringing its total crypto offering to 10 tokens.
Capitual partnered with Azimut to expand its service offer to Europe. The deal, which contemplates an investment of €15 million would allow Capitual to start operating in Mexico.
Paketá extends a round of US$3M and brings IOB into the shareholder base. The financial reinforcement will be used so that the company can expand its service capacity in marketing, sales, and technology.
ARGENTINA
Belo with Tapi announced an integration to provide and incentivize the payment of services through cryptocurrencies.
MEXICO
Minu grabbed $30 million in new funding as it continues building out its gamified and rewards features, including saving or completing financial education courses, while improving retention for employers.
TuHabi raises $22M in debt financing from BBVA Spark.
MOVERS & SHAKERS
PayRetailers appoints Lorenzo Pellegrino as new Chief Operating & Digital Officer.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.