Fintech Fiesta: Dancing to the Rhythm of Innovation in Latin America!
Explore how Fintual and companies like Kapital, Belvo, Credicorp, and Lemon are revolutionizing finance in Latin America with innovative solutions, alliances, and investments!
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.
“Pregúntale a Fintual”: The Virtual Financial Revolution Arrives in Mexico
To democratize access to financial products and improve financial education in Mexico, Fintual—a leading company in the Latin American fintech sector—introduces “Pregúntale a Fintual,” the innovative virtual financial advisor.
This artificial intelligence tool provides immediate, 24/7 answers to questions about money, economy, investments, and financial products, including those that challenge experts.
Lack of knowledge and information are key factors contributing to poor economic habits and hindering the achievement of long-term goals like a dignified retirement or property acquisition. According to Mercer data, 67% of Mexican millennials have debts equivalent to 44% of their annual income.
To combat the lack of financial education and the resulting stress, “Pregúntale a Fintual” presents itself as a free virtual assistant available at all times, clarifying doubts about the economy, funds, and Fintual’s products, as well as other financial products in the Mexican market. Users can access this service anywhere in the country via a WhatsApp message and a local number starting with +52.
Vía Contxto
Quick News
Kapital invests USD $50 million in the purchase of Autofin bank
Kapital has completed the acquisition process to boost its operations by incorporating Banco Autofin México S.A. (BAM), a bank aimed at the retail market and small and medium-sized enterprises (SMEs).
With this acquisition, Kapital intends to offer state-of-the-art technological experiences with tangible benefits for its users, including a wide range of products such as credit cards, automated investments, and solutions based on artificial intelligence.
Kapital plans to strengthen its digital channels (website and mobile application) to enhance customer service quality. This includes transforming some branches into “Kapital House” concept, offering free coworking spaces with specialized executives for wealth advisory. (Contxto)
Infocheck achieves USD $350 thousand round through Broota
Infocheck has managed to simplify and expedite risk assessment for companies and SMEs (Small and Medium-sized Enterprises) through an online platform.
The fintech provides detailed market reports automatically and in real-time to its B2C clients through its website, and for its B2B clients, it does so through wholesale plans.
The company raised a round of USD $350,000 through the Broota crowdfunding platform.
This capital injection adds to the funds previously obtained by Infocheck through the Start-Up Chile growth program, totaling over CLP $375 million. (Contxto)
Colektia completes purchase of non-performing loans for USD $72 million
Colektia has concluded a round of financing combining equity and debt.
Colektia acquire a portfolio with a total balance of USD $72 million, the first of several that the company plans to acquire in the coming months.
Investment funds from Mexico, Europe, and the United States participated in this financing stage.
This achievement will enable Colektia to progress towards its main goal: helping individuals resolve their debts and, simultaneously, collaborating with financial entities to improve efficiency in managing their delinquent portfolios. (Contxto)
Belvo and Mibanco formed alliance to expand access to credit
Belvo has partnered with Mibanco, a leading microfinance institution in Latin America. The partnership aims to leverage open finance to assess the borrowing capacity of Mibanco customers in Colombia.
Through the Belvo platform, Mibanco customers can securely share their daily financial data with digital wallets and other banks, in compliance with the new legislation of this South American country.
Belvo was founded in 2019 to build the necessary technological infrastructure for financial institutions to create new user experiences. (Contxto)
Credicorp to turn fintech Tenpo into neobank
In an interview with El Mercurio, Gianfranco Ferrari, CEO of Credicorp, shared that their vision is to transform Tenpo, a Chilean fintech owned by the Peruvian financial company Credicorp, into a fully digital bank by 2025, aiming to be a 100% digital retail bank by that time.
Credicorp operates in several countries, including Peru, Chile, Bolivia, Colombia, the United States, and Panama.
Colombia shows significant results in multiple areas, with digital payments leading the region in 2023, with revenues exceeding USD $14.65 billion. (Contxto)
BBVA Spark boosts Payflow’s growth with EUR $20 million for expansion in LatAm
BBVA Spark is a project by Grupo BBVA to assist high-growth businesses with the agility and flexibility they need to succeed. It started in Spain and Mexico.
BVA Spark and the Spanish startup Payflow reached a financing agreement of EUR $20 million, aiming to expand and reach more countries in Latin America.
This platform allows employees to access their corresponding salary for the days worked in the month immediately. The financing will be carried out through the debt platform Fence. (Contxto)
Lemon incorporates fiat ramp for cryptocurrency purchases in 5 Latin American countries
Lemon announced the integration of Onramper, a fiat-crypto ramp aggregator,
This integration will allow users in Mexico, Colombia, Peru, Uruguay, and Ecuador to purchase cryptocurrencies using their local currency.
This step is essential to make cryptocurrency adoption more accessible for those without advanced technical knowledge. Lemon seeks to simplify cryptocurrency adoption by allowing users to acquire assets through commonly used payment methods, such as debit cards, credit cards, and bank transfers. (Cryptocity.press)
Latin American payments industry to reach US$ 179 billion in revenues by 2027
Kushki and Statista teamed up to develop a research study of the Latin American business landscape in five key industries: Fintech, Food Delivery, Tourism, Shared Mobility, and Retail.
According to the study, the food delivery industry is accelerating, with 24% year-on-year growth by 2023.
The study highlights that Mexico has one of the largest shared mobility industries in the region, with a growth of 16%; it is the most visited country in Latin America and has become a key market for the fintech industry. (América Economía)
InsurTech Baoba partners with Continental Assist for parametric solutions in LaTAm
Boaba and Continental Assist have announced a partnership that aims to promote and expand parametric insurance solutions in the Latin American market.
The collaboration aims to leverage the untapped potential within certain sectors of the Latin American market, introducing state-of-the-art parametric solutions to regions eager for innovative insurance products.
The intention is to roll out innovative and impactful parametric assistance solutions during the coming years. The focus will be on amplifying parametric solutions' reach and effortless integration into consumers’ travel experiences. (Fintech Global)
Fintech Education
University of Hong Kong: Blockchain and FinTech: Basics, Applications, and Limitations. Understand the design rationale of blockchain technology and its emerging platforms and applications and uncover the limitations and opportunities enabled by blockchain applications, particularly as they relate to finance.
The University of Texas at Austin: Fintech: AI & Machine Learning in the Financial Industry. This 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.
FinTech for Finance and Business Leaders. The practical skills needed to understand and implement adequate cyber security, machine learning using Python and robotic processes, and intelligent automation in the finance function.
Food for Thought
Fintech, Investments and Entrepreneurship
They say that emigrating in Latin America is like changing cabins on the Titanic. However, today, the world offers technological solutions to make the place where we were born less relevant to people's economic destiny. In this episode, Francisco Sosa Del Valle (CEO of Bunker) tells us about the revolution in finance that the world is experiencing and the advantages of living in a decentralized world.
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