LATAM FinTech | 2024 #19
Weekly news up to Wednesday, 8th of May 2024.
REPORT
According to the World Bank’s latest Global Findex Database, approximately 75% of the world’s adults have an account.
That number has grown significantly over the past several years, which is a sign of real progress in the pursuit to bring more people into the formal financial system and create an inclusive, digital economy that works for everyone.
But that rise in access has not corresponded with a rise in the full use of the associated tools and services that put people on a path towards a more secure sense of financial health. We set out to understand why.
👀 NEWS HIGHLIGHT
Tecnología e Innovación en pagos EKT, a new FinTech from Grupo Elektra, received authorization to operate as a payment funds institution under the FinTech Law.
The new Grupo Salinas firm obtained the approval of the National Banking and Securities Commission (CNBV), the Treasury and Banco de México.
In a document from the CNBV and the Treasury, to which this media outlet had access, it was informed that the commission required the business group to provide "diverse documentation and complementary information" in order to have sufficient elements of judgment to decide on the request for authorization, and that it complied with the request by sending documentation and updated information regarding its file.
📰 ARTICLE
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️ Fintechs Openpay and Kueski seal alliance to expand electronic payments in Mexico.
⭐️ FinTech Littio launches U.S. bank account for Colombians.
⭐️ LatAm’s Mercado Libre plows ahead with 50M FinTech clients.
⭐️ Marqeta expands Uber Eats partnership to new markets.
BRAZIL
Ualá has expanded the range of investment products available in its ecosystem by integrating the option to trade bonds in the Argentine capital market. This new alternative further strengthens the investment options available on the app, which already includes access to mutual funds.
Brazilian digital bank C6 records first ever quarterly profit. The bank says that its credit strategy is focusses on loans backed by collateral. Another positive metric is a fall in default rates.
Nayax acquires Brazilian paytech VMtecnologia to propel LatAm expansion. VMtecnologia offers payment technology for autonomous points of sale such as vending machines, claw crane machines, laundry terminals and micro markets through its VMpay private label system.
Jeeves Secures USD$75 Million Financing to Expand Latin America Footprint, Including Launch of Jeeves Pay Credit in Brazil. In addition to supporting the company's rapid scaling, this financing will enhance Jeeves' financial product suite in its primary Latin American markets - Brazil, Colombia, and Mexico.
COLOMBIA
Colombian FinTech Bold Announces Launch of the Bold Account Linked to Point-of-Sale Terminals. The idea is that customers not only have the dataphone, but also the account, which comes with a debit card.
Bancolombia enters cryptocurrencies with a new platform to compete with Binance and Bitso. The financial conglomerate noted that Wenia will seek to offer an intuitive dynamic and educational approach so that customers, regardless of whether they are experts or are just starting out.
FinTech Plenti will now facilitate domestic and international payments, enabling fast reloads and transfers between the US and Colombia. In addition to allowing dollar savings and protection against devaluation, Plenti now facilitates domestic and international payments.
MEXICO
Conekta to Sell OXXO PAY Assets to Digital@FEMSA in 2024. The transaction is part of Conekta’s broader strategy to streamline its operations and focus on its core business areas.
Mercado Libre’s Investments in Mexico Propel Earnings. The company has five main divisions operating in 18 Latin American markets: MarketPlace for users to sell products, Mercado Pago for online payments.
PERU
Máximo and AlFinTech Partner to Enhance Digital Banking in Peru. This collaboration is set to deliver an unparalleled digital banking experience to Máximo’s customers by leveraging AlFinTech’s financial solution expertise and Máximo’s technological prowess.