Financial Tetris: Investments shaping Latin America's fintech landscape
Like pieces of a puzzle, the Latin American fintech sector is finding its place as one of the most promising scenarios worldwide.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.
Belo Implements Corporate Payments with ACH Dollar Transfers
Belo, the digital wallet aiming to transform the international payments sector, introduces its web platform specially designed for businesses. With this new launch, companies from 108 countries can open a free account on Belo, enabling them to make transactions in pesos and cryptocurrencies and to send dollars to foreign accounts.
According to Manuel Beaudroit, CEO and Co-founder of Belo, this initiative aims to alleviate the difficulties that Micro, Small, and Medium Enterprises (MSMEs) in Latin America face when conducting international transactions. “We offer tools to simplify and speed up sending money abroad,” Beaudroit highlighted in a press release.
In Latin America, 70% of businesses lack a digital payment option. Thus, the new ACH transfer functionality joins existing options that allow businesses to store value and charge for goods and services. Belo has also recently added the Pix payment option, a popular method in Brazil, and has allowed the conversion of corporate funds into stablecoins like USDC, USDT, or DAI.
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
OnePay introduces payments through WhatsApp
Colombian fintech OnePay has introduced a new payment method that integrates directly with WhatsApp, eliminating intermediaries and simplifying payments.
The company specializes in offering B2B payment solutions.
Its new product provides a secure and reliable alternative, enabling customers to pay without sharing card information and facilitating an easy registration process.
OnePay offers a platform for businesses to manage their collections, along with an API enabling them to seamlessly integrate WhatsApp payments into their website. (LatamList)
Nomad raises USD $61 million, Latin America's largest round of 2023
Nomad, the Brazilian fintech, achieved the largest financing round in Latin America this year: USD$61 million.
Tiger Global Management led the Series B round, including Stripes, Monashees, Spark Capital, Propel, Globo Ventures, and Abstract.
This raise brings Nomad's market value to about USD $365 million.
Nomad was the first to introduce a free global digital account for the Brazilian retail market in the United States. (Tekiosmag)
Ualá launches Uilo, its new chapter in the fintech industry
The fintech Ualá, which had acquired the digital bank Wilobank, which belonged to the Eurnekian Group, relaunched the entity in Argentina under the Uilo brand.
This is a new product that the Argentine fintech added to its product ecosystem. It starts with an app and a card.
Uilo will offer a free savings account with cashback of 5% on all purchases, up to a maximum of MXN$50,000 per month (currently around USD$142).
The company already has over 5 million users in the country and operates in Mexico and Colombia. (Tekiosmag)
Prestamype secures USD $5M in Pre-Series A funding round
Peruvian fintech Prestamype raised USD$5M in a Pre-Series A round led by ALIVE Ventures and Oikocredit.
Other participants include Salkantay Ventures, Inca Ventures, AVP Ventures, and angel investors.
Their goal is to solidify Prestamype’s leadership in the micro and small enterprises segment and drive innovation in the financial landscape for this group.
Currently serving over 4,000 clients, Prestamype has disbursed USD $43 million to entrepreneurs in the first half of this year alone. (LatamList)
Brazilian fintech Cumbuca secures USD $3M in funding
Cumbuca, a Brazilian fintech, raised $3M in a round led by Lightspeed Venture Partners. It is the first investment the US VC has made in Brazil.
The company plans to use the funds to implement payment transactions (ITP) in the app and create a debit card for the country.
Cumbuca, launched early last year, uses a “multiplayer banking” model where users have individual accounts but can see shared money usage.
Users can create multiple groups and invite friends via the app. By the end of 2022, they had 25,000 users. (LatamFintech)
WealthTech Magnetis, a high-yield digital asset manager, has been acquired by BTG Pactual in Brazil
BTG Pactual has returned to the acquisition market and agreed to buy Magnetis. This 100% digital asset manager uses robo-advisors to define allocation strategies and is considered a pioneer in this segment in the country. The value of the transaction has not been disclosed.
the acquisition is part of the bank's strategy of expanding its digital platforms, increasing its customer base, and advancing the offer of individual products and services.
The company, which also operates as a broker and serves high-income clients, has as its leading investors Monashees, Vostok Emerging Finance, Redpoint ventures, and Julius Baer, one of the world's largest wealth management groups, which are now selling their stakes. (LatamFintech)
DeFi TraderPal's Fintech partners with Vector Capital and Voultech to reach more countries in Latam
TraderPal LLC, the renowned investment application aimed at the Latin community, has signed a strategic agreement with Vector Capital Corredores de Bolsa in Chile, and its technology arm for the region, Voultech.
This alliance will expand TraderPal's reach to more countries in Latin America and the world, bringing investments to an even wider audience.
Collaboration with Vector Capital and Voultech will enable more people across the region to access high-quality investment tools. (LatamFintech)
Barranquilla opens its doors to the Latam fintech Market
The fifth edition of Latam Fintech Market, an event focused on technology and finance, will occur at the Puerta de Oro Convention Center on September 28 and 29.
The event will be attended by more than 1,200 national and international participants.
This scenario aims to raise awareness of what fintech is and for Barranquilla users to understand the benefits of accessing a digital wallet and how this can help their quality of life and economy. (El Heraldo , Barranquilla)
Citigroup moves forward in the region and buys a stake in Peruvian foreign exchange fintech company
Citigroup has acquired a stake in Peruvian foreign exchange company Rextie, its first financial technology investment in Latin America.
Terms of the deal were not disclosed, but Citi and Rextie executives said the bank is injecting cash into the company to fund its growth.
Rextie would be the first financial technology company in Latin America to receive an investment from the bank. (DFSud)
Fintech Education
Fintech: Foundations & Applications of Financial Technology. Wharton's Fintech Specialization is designed to introduce you to the fundamental building blocks of financial technologies and real-world applications through case studies of Wharton-led companies in the field. You'll learn the essential components of technology-driven financial strategies, from complex regulations to cryptocurrency to portfolio optimization.
Innovation in Finance: Fintech and Blockchain. Recognizes the new financial ecosystems. Understands concepts such as artificial intelligence, open banking, APIs, and neobanks, which are shaping new ecosystems. Understands the potential of new technologies. Manages the profound change processes that are taking place in financial functions: data science, blockchain, etc.
Fintech: AI & Machine Learning in the Financial Industry. YThis is the third in a series of courses on financial technology, also called Fintech. This course provides an overview of machine learning applications in finance.
Food for Thought
Interview Jorge Solís SUMMIC 2023: Future of Microfinance in Latin America
Jorge Solís, President of the Federation of Peruvian Municipal Savings Banks, gave us an overview of the microfinance universe in Latin America and the Caribbean.
The interview took place within the framework of the SUMMIC 2023 Microfinance Summit. We also explored the current outlook and the crucial challenges facing the sector.
Jobs
Sales Head - Brazil @Provenir (Remote)
Fintech Product Owner @SeedTS (Location)
Director, Business Development Fintechs @Mastercard (Hybrid)
