LATAM Fintech Flash: Liqui-do's in Unified Payments, Undersea Banking Waves & New Ventures Riding High!
From underwater transactions to unified payments solutions, LATAM's fintech sector is redefining boundaries and navigating a bold financial future.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.
Liquido: The unified solution for payments in Latin America
In 2020, Shanxiang Qi and Mengke Li, renowned figures in companies like Uber and Didi, identified and sought to address one of the most common problems that permeate financial transactions in Latin America: fragmentation in existing payment methods. Inspired by the success of Asian platforms such as WePay and WeChat, both entrepreneurs created Liquido with a clear mission: to unify and simplify payment methods, offering integrated solutions on popular platforms like WhatsApp.
This is explained by Juan Vahos, Head of LATAM at Liquido, exclusively for Contxto:
“When trying to find a single payment service provider, they realized that there were no robust solutions that offered these services in a unified way in the region. They were forced to develop multiple integrations, negotiate with various providers, and reach local agreements that hindered the scalability of their solution.”
“Liquido is not a common payment platform,” emphasizes Vahos. “It is designed with the highest technology to serve digitally operating businesses of all scales.” Whether it’s a small tech startup or a large corporation, if they operate on a digital platform and require electronic payment management, Liquido offers a solution. It has a robust integration with leading e-commerce platforms like Shopify, VTEX, and Magento and offers highly competitive payment proposals.
Vía Contxto
Quick News
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.
The company offers these condominiums a diversified range of financial services, including bank accounts, financing, and expense management. (Contxto)
Unergy announces the opening of its first office in Europe
The Latin American-origin cleantech and fintech Unergy, which specializes in financing high-performance renewable energy asset generation, announced that it would open its first branch in Europe to strengthen its presence in the markets of Spain, France, Great Britain, the Netherlands, and Switzerland.
The startup aims to approach private and individual investors, offering a low-risk investment with a guaranteed 7% annual Internal Rate of Return (IRR).
Through a platform combining Blockchain and artificial intelligence, Unergy fragments the assets to allow anyone to become an investor with a minimum of USD$500 and access to transparent and real-time performance monitoring.
The startup has a current portfolio to finance more than 50 mini-farm projects, mainly in Colombia and Brazil, and it is expected to be 300 by 2024. (Contxto)
The Mexican startup Bravo expands to Colombia
The emerging Mexican fintech Bravo, recognized for its innovative solution in debt settlement, arrives in Colombia, promising its users a new financial opportunity and access to credit.
Bravo introduced itself in Colombian territory to advise more than 600,000 individuals, aiming to reincorporate at least COP $193 billion of overdue debts into the financial system before the end of 2024.
The plan includes an investment exceeding COP $179 billion.
Bravo offers financial solutions and a second chance to those who have faced adverse economic circumstances. Despite their challenges, these individuals remain committed to settling their debts and achieving financial stability. (Contxto)
Galgo raises USD$40 million investment round
The Chilean fintech company Galgo, led by Benjamín Izikson, Diego Fleischmann, and Salvador Porta, secured an investment round of USD $ 40 million.
This round was led by the Mexican Nazca fund, with the participation of Grupo Auteco, WIND Ventures, Güil Mobility Ventures, Dalus Capital, Kayyak Ventures, Fynsa, Buena Vista Capital, and Amarena VC.
With this investment, Galgo plans to expand in Chile, Peru, Colombia, and Mexico, replicating its successful business model. (Contxto)
What are the benefits of DidiCard, Didi’s new card?
Didi has proven to be a formidable player in this race by venturing beyond ride-sharing and food delivery. To further bolster its presence in the Mexican market, Didi has unveiled its maiden financial product: the DidiCard.
With the introduction of the DidiCard, It expands its service portfolio and reinforces its vision of a more inclusive and accessible future.
Didi promises that potential cardholders can secure their card within 5 minutes via the Didi Passenger and Didi Food apps.
The card sets out with a credit line of MX $3,000 (Contxto)
Chile reached 300 financial technology companies according to the Finnovista Fintech Radar 2023
Santiago de Chile positioned itself as the mecca of financial innovation in Latin America, thanks to the unveiling of the Finnovista Fintech Radar Chile 2023, an event co-hosted with Visa.
The report presented shed revealing data, highlighting that fintechs in Chile have experienced exponential growth, with an annual rise of 29.5% since 2021, reaching 300 companies.
Over half of these startups focus on payments, remittances, financial management, and lending.
This recent collaboration between corporations, startups, and critical players showcases the transformative potential when forces unite to reshape the financial landscape. (Contxto)
Nu makes transaction under the sea and imposes Guinness Record
The Brazilian bank Nu Bank achieved an unprecedented feat in Mexico by conducting the first submarine transaction at a depth of 20 meters.
This event earned them a validated record by Guinness World Records, as announced by their executives in a press conference.
A diver descended 20 meters underwater carrying a cell phone connected via an ethernet cable to ensure internet connectivity.
This submarine transaction occurred near the Chicxulub crater, where a meteorite struck more than 66 million years ago, marking the end of the prehistoric era. (Contxto)
SIC set rules for fintech to deliver loans in Colombia
The Superintendence of Industry and Commerce issued measures to instruct natural or legal persons that carry out operations through financing systems through fintech technological means and whose control and surveillance have not been assigned to any particular administrative authority.
The measure by the department was taken as consumer protection authority after hearing multiple complaints filed by fintech consumers.
After verifying the alleged charging of interest above the legal limit allowed, collection of values not owed and concepts not previously informed, dissemination of consumer credit information with their acquaintances, disbursement of an amount lower than the value of the approved credit, as well as the inclusion of abusive clauses in accordance with the provisions of Articles 42 and 43 of Law 1480 of 2011, among other behaviors, this entity, through External Circular no. 002 of October 10, 2023 and to reestablish the rights of consumers, required all natural or legal persons that grant credit operations through technological means. (Bloomberg Línea)
Regional development of the fintech industry is tangible in Dominican Republic
The regional development of the fintech industry and its verticals is tangible both in impacted users and in figures, said Samuel Ramírez Garip, president of the Dominican Association of Fintech Companies.
The fintech sector registered significant year-on-year growth between 2017 and 2021, reaching 129% in the Dominican Republic, 79% in Guatemala, and 72% in Costa Rica.
Ramírez Garip assured that Fintech platforms represent a potential solution to the financial inclusion gaps suffered by companies and individuals in Latin America and the Caribbean. (El Dinero)
Fintech Education
Blockchain: Fundamentals and applications for business optimization. You will understand the general functioning of blockchain technology and its differences: private, public, and hybrid.
Blockchain: Commercial Applications. Explore blockchain technology's fundamental rules and features and its potential commercial applications for your business.
Investment Management: Investing With Data and Technology. Gain the knowledge and skills to make smarter, safer, and more effective investment decisions.
Food for Thought
Regulatory changes in the fintech world in Latin America and Europe
This interview with Fernanda Juppet where she talks about regulations in the fintech world and their consequences is essential to think about the future of the sector.
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)