LATAM Fintech Fever: BlackRock & BCP's Digital Dance and More
From the innovative alliance between BlackRock and BCP Global, to advancements in payment solutions and standout investment rounds. Stay updated in the digital financial world!
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.
BlackRock and BCP Global bring investments closer to LATAM
The BlackRock and BCP Global alliance aims to provide investment solutions to financial advisors or wealth managers in Latin America, including banks and other intermediary institutions.
BlackRock, one of the leading investment management firms globally, announced a new collaboration with BCP Global, a company providing digital solutions for Latin American financial institutions operating in the United States.
This partnership will enable banks and financial advisors to offer model portfolios designed by BlackRock to a broader audience of investors, thanks to the new digital tools provided by the fintech.
Vía Contxto
Quick News
Divilo closed a EUR €6 million funding round
Divilo, a pioneering fintech in payment solutions, has closed a Series A funding round of EUR €6 million, propelling the company’s total funding to EUR €12 million and valuing it at over EUR €50 million.
The funding round is evenly split: EUR €3 million are convertible, and the remaining comes from angel investors.
The firm is centered on sustainable growth and customer retention through the continual enhancement and evolution of its flagship product, Tap to Phone, and the technological infrastructure supporting it.
Divilo has processed a staggering transaction value of over EUR €50,000 million in just three years, with over 500,000 individual operations. (Contxto)
Gringo startup raises USD$29 million in investment round
Gringo, the Brazilian startup for drivers, received an investment of over USD$29 million. The round was led by Valor Capital, with participation from Kaszek, VEF, Piton, ONE VC, ICU Ventures, and Actyus.
With this investment round, Gringo will strengthen its credit and insurance products. It will also add new features and plans to increase its user base to over 20 million in the coming years.
Gringo’s mission is to centralize all essential services and documentation drivers require, providing a one-stop solution.
This includes payment of fines, vehicle tax (IPVA), licenses, checking driving permits or purchasing insurance and loans using the vehicle as collateral, and the business establishment. (Contxto)
PicPay integrates Apple, Samsung, and Google wallets in Brazil
PicPay, a digital payments platform, announced the integration of Apple Pay, Google Pay, and Samsung Wallet digital wallets.
This integration allows users to make purchases using their mobile devices or smartwatches through PicPay Card, without needing a physical card.
Implementing this tool is part of PicPay’s strategy to expand its service portfolio and will be rolled out gradually, being available to all users until the end of October.
This expansion to digital wallets comes two months after PicPay’s acquisition of the retail area of Banco Original, a move that has accelerated various projects, including this one. (Contxto)
BID and Finnovista invite startups to contribute to a study on the fintech ecosystem in LatAm
BID and Finnovista have called on fintech startups to contribute to a survey outlining the industry’s current state, with findings to be incorporated into the fourth edition of the main report on the sector, scheduled to launch in the second quarter of 2024.
These collaborative efforts between the IDB and Finnovista will allow for a more transparent and detailed view of the fintech ecosystem’s trends, challenges, and evolutions.
Participation in the report also offers invaluable opportunities for the region’s startups, such as access to essential resources, the chance to forge meaningful relationships, and the opportunity to expand their influence in financial development and innovation. (Contxto)
Lulo launches app to simplify digital currency investments in Colombia
During the 5th edition of the Latam Fintech Market 2023, Colombia’s fintech scene witnessed a groundbreaking announcement: the introduction of Lulo.
This comprehensive technological platform combines financial products and services, allowing Colombians to invest in digital currency more practically and effectively.
This innovative application stems from a collaboration between two distinct entities, Lulo Bank and Lulo X, further expanding and diversifying the country’s digital financial landscape. (Contxto)
ApproPay started operations in Colombia with Google
ApproPay has arrived in Colombia in collaboration with Google to change how Colombians handle their finances, providing a simpler digital experience.
ApproPay introduces a digital payment solution that operates independently of traditional banking institutions and includes the “Buy now, pay later” option.
This promises more flexibility, greater buying power, and the absence of hidden fees. ApproPay has streamlined the credit application process, reducing it to just 37 seconds. (Contxto)
Cobre secures a USD $13 million investment round
The emerging Colombian fintech Cobre has recently announced a successful fundraising of USD $13 million.
This move is strategically designed to expand its reach and services to small and medium-sized businesses (SMEs) in the Latin American region in a financing round led by the renowned investment fund Kaszek.
this financial agreement was finalized in August, bringing Cobre’s total financing to an impressive total of over USD $30 million since its inception.
With these new funds, Cobre has ambitious plans. They intend to improve and evolve their current product and adapt it to be accessible and beneficial for smaller regional businesses. (Contxto)
According to the report "Mapping the Bolivian Digital Technology Ecosystem," an annual publication that provides information on the local IT industry, Bolivian fintech rebounded and became a critical factor in the Bolivian technology ecosystem.
The news was announced by Allison Silva, director of Fundación Emprender Futuro, who commented on the main conclusions during the Venture Capital & Impact Investment Summit Latam (VCILAT) event.
Silva detailed that startups in the financial sector have rebounded and have become the main pillar of the Bolivian technological ecosystem, with a 30% presence in the ecosystem. They are closely followed by educational technology (edtech) and marketplace or e-commerce startups, each with 14%. (Tekiosmag)
CondoConta achieves USD$5.8 million investment round
The Brazilian fintech company CondoConta, which specializes in providing exclusive financial services to condominium communities, has secured an additional injection of funds totaling approximately USD $5.8 million from EXT Capital.
This new capital will strengthen the company’s loan division, enabling more significant financial support to condominiums in various locations across Brazil.
CondoConta has handled around USD $ 96 million in transactions and serves approximately 3,000 condominium communities as clients nationwide. (Contxto)
Fintech Education
BUniversity 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
Understanding the new digital payments revolution in Latin America
A PCMI study estimates that e-commerce sales volume in Latin America in 2023 will reach $509 billion, a 27% increase over 2022! The massive adoption of digital payments and e-commerce are becoming powerful drivers of the region's economy. This presents new opportunities for banks and fintechs, which are worth delving into to know how to make the most of them.
Jobs
Business Development - Senior Vice President @Infomineo (Location)
Principal Investment Officer @International Financial Corporation (Location)
Fintech Manager @Natura (Hybrid)
Chief Compliance Officer, Payments @Larson Maddox (Hybrid)
Director, Business Development Fintech @Mastercard (Hybrid)