Fintech every week: From unicorns to bitcoin in LATAM scene
Unprecedented funding in LATAM Fintech skyrockets by 150%. Mexican startup Stori becomes unicorn. New ventures from EBANX to Blocktrade.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startups scene.
Fintech in LATAM and the Caribbean attracted US$500 million in funding in Q2 of 2023
According to a report by TechCrunch and CB Insights‘ State of Fintech Q2 report, fintech companies in Latin America and the Caribbean raised US$500 million, a 150% increase compared to the previous quarter, while the number of deals (69) remained almost the same as the previous quarter.
The Association for Private Capital Investment in Latin America (LAVCA) reported that venture capital investors deployed US$7.8 billion across a record 1,114 deals in Latin America in 2022, down from US$15.9 billion in 2021. The fintech sector was by far the main recipient of venture capital dollars in 2022, representing 29% of last year’s investments.
The report highlights that early-stage deals accounted for 81% of the total for 2023, reaching a five-year high. The standout deal in the region during the quarter was for the DeFi platform Kross Wallet, based in the Cayman Islands, which raised US$100 million in an initial funding round. Blockchain and cryptocurrency companies are considered fintech in CB Insights’ data.
Vía Contxto
Quick News
EBANX and Nubank partner to launch NuPay. NuPay is now available to over 7 million Nubank clients in Brazil and over 1,600 EBANX clients worldwide. The platform offers additional spending limits based on the users’ profile and credit score, enabling consumers to shop at NuPay-enabled stores without affecting their Nubank credit card limit. (LatamList)
Bipa raises $1.4M Seed round. Brazilian paytech Bipa raised a $1.4M Seed round led by New Form Capital and Hivemind Ventures. With these funds, the company will focus on customer acquisition and developing B2C products. With Bipa, users can send and receive Bitcoin instantly through a user-friendly digital account connected to Brazil Central Bank’s payment processor Pix. (LatamList)
ABO Digital pledges $10m to Blocktrade’s innovative gamified asset platform. Blocktrade, a trailblazing platform that blends blockchain technology with gamification principles to deliver an enthralling digital asset trading experience, has announced securing a financial commitment of $10m. (Fintech Global)
Thunes secures $72m in series C round bolstered by Visa, EDBI, and Endeavor Catalyst. Global B2B payment platform, Thunes, has successfully augmented its series C funding round. Established with a mission to tackle the challenges of international money transfers, Thunes is developing a new-generation payment system designed to be secure, instantaneous, and transparent. (Fintech Global)
The two milestones of the Mexican 'fintech' Stori: unicorn status in less than four years and two million customers. A year ago, the Mexican startup Stori achieved a significant milestone by becoming a unicorn, joining the select group of companies that exceed $1 billion in funding. This feat was made possible thanks to a $50 million investment in its Series C, which raised its valuation to over $1.2 billion. (El Español)
Fintech Education
University of Hong Kong: Blockchain and FinTech: Basics, Applications, and Limitations. The course aims at targeting a wide audience: This course will provide learners a good understanding of the technological, applicability, limitations and "illegal" usage of the blockchain technology.
Blended Diploma, the future is FINTECH: Digital Banking. Learn and strengthen knowledge related to fintech solutions and the use of technology in the financial sector in line with the demands of current markets in the various scenarios where the participants operate.
HarvardX: Virtual FinTech Course from Harvard's VPAL. This short online course offers an updated perspective on the progress of the financial technology industry. It provides expert guidance and information about the changing nature of the financial sector and a comprehensive understanding of the technologies and innovations established to shape the future of finance and business.
Food for Thought
In collaboration with Hotelbeds and fintech experts, we analyze the current situation and trends of a booming sector: digital payment methods. (IMMUNE Technology Institute)
Jobs
Senior Managing Counsel @MasterCard (expected to work Hybrid)
Sr. Director - Customer Experience, Banking & Fintech @Sutherland (expected to work remotely)
Director Visa Direct @Visa (expected to work face-to-face)