Celes' Skyrocketing Growth and the Digital Finance Boom

Bamboo Payment announces partnership with InDrive. Finnovista Fintech Radar looking for Argentina projects. Celes' data analytics success story Klar's massive credit line in Mexico. Bitso expands.

Aug 21, 2023

Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.

Celes: Leading player in the retail analytics scene

The digital era has been transforming the retail sphere for two decades. In this evolving scenario, Celes stands out as an emerging pillar in data analytics for companies from the needs of a market that in Latin America represents a challenge.

Founded in 2019 by Luis Almanza, Luis Ballestas, and David Florian, Celes is a Colombian startup that has rapidly evolved since its inception to become a key player in Software-as-a-Service (SaaS) in its country and throughout Latin America. And as part of an organic expansion phenomenon, even beyond the region.

Celes primarily targets medium-sized retailers and has expansion plans for its sales team in various segments, from pharmacies and hardware stores to supermarkets and clothing stores.

When they started in 2019, Celes billed only USD$2,100 monthly. Four years later, the company bills around USD$40,000, resulting in a monthly compounded growth of 85% between the markets of Colombia and Ireland.

Vía Contxto

Summer is falling, and Fintech Summit Latam is coming

On August 31st and September 1st, key players from the digital financial industry will gather in Mexico City to accelerate business and partnerships and provide benchmarks on the challenges and promises for the Fintech sector from and towards Latin America. Contxto will be there, so we can discuss your new projects, fundings and other happy-startups ventures.

Forty speakers from Colombia, Argentina, Ecuador, Chile, Brazil, and the United States will participate.

The meeting will introduce new players, initiatives, and trends that are changing the future of the regional financial sector.

The main focus will be technologies, regulations, and convergence with other industries impacting financial inclusion, such as Fintelcos (mobile operators), Openfinance, and FaaS.

It's an excellent opportunity for networking, connecting with top-tier speakers, and staying at the forefront of financial technology in Latin America.

Click the image below to get your discounted tickets! 👇

Quick News

Klar strengthens its presence in Mexico with a USD$100 million credit line

Klar aims to capitalize on Mexico's underbanked population by expanding its services, fueled by a substantial credit line from Victory Park Capital.

Klar secures a USD$100 million credit line from U.S. based Victory Park Capital to expand in Mexico.
The country has one of the lowest banking rates in the region, making it a ripe market for fintech growth.
CEO Stefan Moller reveals plans to potentially offer loans up to MXN$40,000. (Contxto)

Latin America: 300 million Fintech users expected

The study reveals promising prospects for fintech in Latin America, as digital adoption is expected to skyrocket in the coming years.

Statista study forecasts transformative growth in Latin America's fintech sector, with user base potentially exceeding 300 million by 2025.
This signifies a major shift towards digital and technological financial solutions in the region.
Ebanking news portal emphasizes the significance of this migration for the fintech landscape. (Cointelegraph)

Bamboo Payment announces partnership with InDrive

Bamboo Payment's new partnership aims to streamline payment procedures for InDrive's customers in multiple LATAM countries, while also mitigating common international transaction concerns.

Bamboo Payment partners with ride-hailing service InDrive to provide instant payment solutions in Argentina, Peru, and Chile.
The Uruguayan fintech aims to simplify international online transactions, addressing issues like complex cross-border settlements and high fees.
The company also offers integrated payment processes and fraud prevention measures. (LatamList)

The number of cryptocurrencies falls for the first time in 2023

The chart from Statista based on data from CoinMarketCap and Investing.com that you can find on the link, shows that the number of cryptocurrencies available fell for the first time since the hype around digital currencies began.

In June 2023, analysts recorded about 10,049 different coins and 12 months earlier, the peak reached about 10,830.
This could be a sign that investors have little interest in digital assets at the moment and that perhaps the sector is losing momentum. (Tekiosmag)

Finnovista Fintech Radar is looking for fintechs with operations in Argentina and Peru

Finnovista, a key platform for fintech innovation, is opening doors for startups operating in Argentina and Peru to gain increased visibility and credibility. By inviting them to be part of the upcoming Finnovista Fintech Radar, the platform provides a valuable opportunity for these startups to showcase their capabilities and make an impact in the region.

Finnovista invites fintech startups in Argentina and Peru to participate in the next edition of the Finnovista Fintech Radar.
The open call aims to enhance the visibility of fintech startups and give them a significant boost in the regional landscape.
The deadline for companies to register and submit their profiles is September 12, offering a chance to be featured in influential reports.(Tekiosmag)

Brazilian technology company Matera acquires Cinnecta to offer financial solutions with AI

The Brazilian company Matera, specialized in finance software, completed the acquisition of Cinnecta, a company that develops solutions focused on customer loyalty and profitability through data intelligence.

By formalizing the deal, Cinnecta complements Matera's portfolio by developing AI-based solutions that strengthen its customer experience. (Tekiosmag)

Tenpo will now compete in Chile with traditional banks

Payments and banking services platform Dock entered the Chilean market through digital bank Tenpo, which became the ninth market for the Brazilian unicorn in the region.

It currently operates more than 70 million active accounts and processes more than USD$240 billion annually.
In addition to Brazil, the company is present in Mexico, Argentina, Colombia, Ecuador, Peru, Panama and the Cayman Islands. (Gestión)

Bitso Launches New Payment Service For These Latin American Countries

Bitso, a renowned Mexican cryptocurrency exchange, announced the launch of its new international payment service, which will use blockchain technology and digital assets to provide users in LATAM with another way to send and receive money.

The product will first be available in Mexico, Argentina, Brazil, Colombia and the United States.
The service is expected to make cross-border payments much more efficient, cost-effective and expeditious. (CoinGape)

How is the fintech industry in Latin America shaping up and evolving?

In light of the boom of this industry, the firm Deloitte presented the study The Fintech Industry in Latin America, which presents an analysis of the recent development of the sector in the region.

The report analyzes the five countries that have shown the best performance: Brazil, Mexico, Colombia, Argentina and Chile.
Also shows how other geographies such as Central America and the Dominican Republic are doing.
According to the report, the sector expanded due to several factors such as the COVID-19 pandemic, greater government interest in the subject and others, such as the interest of the users themselves. (Estrategiaynegocios)

Fintech Education

HarvardX: Curso virtual de FinTech de la VPAL de Harvard. This online short course offers an up-to-date view on the advancement of the financial technology industry. It provides expert guidance and information on the changing nature of the financial sector and a comprehensive understanding of the technologies and innovations set to shape the future of finance and business.
FinTech for Finance and Business Leaders. You will learn yhe practical skills needed to understand and implement effective cyber security, machine learning using Python and robotic process and intelligent automation in the finance function.
FinTech. You will learn what FinTech is and how it is transforming the world of finance around the world. Understand the major technologies involved in FinTech and the major players in the market, including startups, TechFins, traditional financial institutions and regulators. Learn about blockchain, its design, uses, potential and limitations.

Food for Thought

Creating an innovation culture in banking
In this i-Talks, we have the presence of Mariel Vazquez, Head of Innovation & Growth of HSBC Mexico, Mariel will share her inspiring professional story and give us practical advice on how to create and cultivate a culture of innovation in banking. (InnovaLab Academy)