LATAM's Fintech golden horse
Kavak's US$40M Chile Investment. Unlimit & inDrive Partnership. Microwd's Female Entrepreneur Accelerator. Rappi's Restaurant Loans. And Colombia's Fintech Growth.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.
KAVAK announces a USD$40 million investment in Chile
Kavak, the leading Mexican unicorn in purchasing and selling used cars, celebrates its first anniversary in Chile. After a year of operations in the country, the company has exceeded initial expectations and has announced an investment plan of USD$40 million to expand its presence in the Chilean market.
Kavak has implemented advanced technology, big data, and artificial intelligence. With these tools, the company aims to simplify the complexity of the market and improve the customer experience, facilitating safe and accessible transactions. Moreover, in its first year in Chile, Kavak has successfully established strategic alliances with prominent local financial partners, allowing more people to obtain credit for purchasing a used vehicle, an almost non-existent service in the industry.
Meanwhile, in Mexico, the company published its first “Kavak Report on the Used Car Market,” where it anticipates that 40% of its customers acquire their first car through the platform.
Vía Contxto
Quick News
Unlimit and inDrive join forces to boost the expansion of global payments in Latin America. Unlimit, the global fintech firm, and inDrive, one of the fastest-growing mobility platforms in the world, announced today a strategic alliance to strengthen the expansion of inDrive through Unlimit’s payment infrastructure, starting with Mexico and Latin America. This partnership will allow InDrive to use local payment solutions in new markets, including processing in local currencies and alternative payment methods. (Contxto)
Microwd raised €764,301 to develop an accelerator promoting female entrepreneurs in Latin America. Spanish fintech Microwd has raised €764,301 in its financing round, exceeding its initial target of €700,000. With the support of 135 partners, the company will create its incubator 'MICROWDX'’ which will select and prepare women entrepreneurs in Latin America to thrive with viable businesses. (El Referente)
SoftBank-backed Rappi to offer restaurant loans in Mexico and Colombia. The company plans to provide loans to restaurants in Mexico and Colombia that have been selling through the app for at least three months, said Alejandro Solis, Rappi's senior vice president for Latin America. "The idea here is not to generate margin for us; it's to be able to help them expand to more stores, to invest in better quality equipment, to make menu changes," he said from the company's Mexico City offices. (Bloomberg Línea)
Fundo San Rocco, in Peru, adopts blockchain to improve the traceability and quality of its vanilla. Peruvian agribusiness is undergoing a digital transformation based on disruptive technologies such as blockchain and artificial intelligence. In this context, Fundo San Rocco, located in San Ramón, Chanchamayo, has incorporated blockchain technology to improve its value chain in producing vanilla planifolia, one of its most recognized and valuable products. (Tekios)
Colombia's Fintech ecosystem grew 19.7% in the last five years. According to the latest update for Colombia, the ecosystem - the third largest in the region - has increased between 2021 and 2022 by 62 Fintech companies, reaching a total of 341, which represented a growth of 22.2% during that period. Likewise, the 28 new startups identified for the first third of 2023 represent a quarterly growth rate of 8.2% for the first quarter of 2023. This means the creation of 90 new Fintech startups in Colombia in the period analyzed by Finnovista. (Momentos)
Fintech Education
University of Hong Kong: Blockchain and FinTech: Basics, Applications, and Limitations. The course aims at targeting a broad audience: This course will provide learners with a good understanding of blockchain technology's technological applicability, limitations, and "illegal" usage.
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
CRIPTO LATAM LAWS, WHAT'S COMING? | ALL THE FOMO AND FUD CRIPTO | León Lanis & Jorge Gatica
A conversation about regulatory issues and how regulations are developing in Latin America, taking into account the current rules and how they can affect both you as an investor and companies linked to the financial industry. (CriptoTime)
Jobs
Management Control Analyst @BancoFalabellaColombia (Location)
Director Visa @VisaPeru (Location)
Co-founder New Venture (Mexico) @AntaiVentures (Hybrid)