👀 NEWS HIGHLIGHT
PicPay had a net profit of R$37 million in 2023, reversing a loss of R$693 million in 2022 and marking its first positive annual result. With 35 million active customers, the company says that the result should continue to grow this year, with the credit vertical being one of the main bets, after the integration with the retail part of Banco Original.
PicPay's revenue last year reached a record R$3.5 billion, an increase of 22%, and is attributed by the group mainly to the diversification of the product portfolio and the successful execution of the cross-sell. The PicPay ecosystem handled R$271 billion, 40% more than in the previous year.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Koin raised US$7.3M to increase advance receivables from travel retailers.
⭐️ Brazilian Neobanco PicPay will sell ads to be displayed on its financial application called PicPay Ads.
⭐️ Nubank Mexico announces new annual fee for its savings product, Nu Account.
⭐️ Marco Financial raises $12 million Series A.
BRAZIL
Citi and the Brazilian Development Bank join Hyperledger Foundation. The foundation unveiled a new Hyperledger Besu Financial Services Working Group, chaired by DTCC, that will support operationalizing the open source Ethereum client for enterprise end user applications.
ARGENTINA
PayRetailers Arg S.R.L. Recognized as a PSP Aggregator by BCRA. This recognition enables PayRetailers to continue providing exceptional service to clients and partners alike, creating an environment for businesses across various sectors to thrive.
Paytech Rebill announces launch of 1-Click Checkout to revolutionize payments in Latin America. Rebill's strategy focuses on offering a complete, out-of-the-box product, differentiating itself from vendors that deliver only an API.
COLOMBIA
Addi, a Colombian FinTech company specializing in Buy Now, Pay Later payments, has successfully raised $86 million. This new capital injection is aimed at financing another round of expansion.