WiPay Group Charts a Course for Inclusive Finance in Colombia
WiPay expands to Colombia, transforming finance. Explore fintech highlights from Mexico, Beetransfer, CondoConta, EBANX, Hapi, Credix, and Colombia's fintech revolution.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American Fintech startup scene.
WiPay Group expands to Colombia launching inclusive financial solutions
WiPay Group, a leading Caribbean payment fintech, has recently announced its expansion into the Colombian market, marking its strategic entry into South America. This new phase for the company promises to revolutionize the financial services sector in Colombia, with a particular focus on underserved communities, especially the Afro-Colombian community. With this move, WiPay Group aims to change the economic landscape for millions of Afro-Colombians, often excluded from the traditional banking system.
In Colombia, the Afro-Colombian community, which numbers more than 4.5 million people according to the latest census, has historically faced barriers in accessing financial services due to geographical location and lack of education and development opportunities. WiPay Colombia seeks to significantly impact these communities by offering them accessible and practical financial tools.
Introducing the COLOUR mobile app by WiPay Colombia is a step forward. COLOUR, a digital wallet, and virtual Visa card, has been designed to offer secure and comfortable financial solutions. This app focuses on essential services such as digital bank accounts, Virtual Visa debit cards, bill payments, mobile top-ups, and microloans. Additionally, WiPay has integrated Visa Direct into its offering, allowing users to receive money from around the world at no cost facilitating digital remittances through the Visa network.
Vía Contxto
Quick News
Sodexo launches its fintech Pluxee to expand in Mexico
Sodexo, the multinational company in the food services sector, selected Mexico as the starting point for its foray into the fintech sector, using the country as a testing ground to assess the effectiveness of its solution: Pluxee.
This fintech goes beyond simple payments, aiming to consolidate its model as a comprehensive provider of corporate solutions, covering financial, incentive, and administrative aspects.
Adopting a business-to-business-to-consumer (B2B2C) strategy, the company, known for its meal vouchers, has redefined its ‘Benefits and Incentives’ business segment. (Contxto)
Beetransfer and Bitso join forces to support freelancers in LATAM
Beetransfer formalized a strategic partnership with the Bitso cryptocurrency platform to accelerate its expansion in Latin America.
Financial technology startup achieved sales of more than $1.3 million in its first year.
This strategic collaboration will allow Beetransfer users to access a new alternative for receiving instant payments, providing greater flexibility in managing their international income. (Contxto)
CondoConta Secures USD $14.6 Million in Series A Round
CondoConta, the Brazilian fintech specializing in banking services for condominiums, has announced the raising of approximately USD $14.6 million in its Series A funding round.
The investment was led by new entrants SYN Proptech, Endeavor Scale-Up and Terracotta Ventures, along with existing investors Redpoint eVentures and Igah Ventures.
This capital injection will enable CondoConta to triple the opening of new accounts, thanks to integrating native interfaces with major condominium management systems (ERPs) and administrators in Brazil.
CondoConta stands out for its innovative business model, offering a full range of financial services, including checking accounts, credit cards, loans, financing, and delinquency management. Additionally, it provides solutions to facilitate the payment of condominium fees. (Contxto)
EBANX launches new products to protect transactions
EBANX announced new products and features on its payment platform with the goal of simplifying and enhancing the experience for the 29 countries in Latin America and the Caribbean, Africa, and Asia where it operates.
EBANX strategically positions itself to serve its merchants and these growing regions, connecting both ends through the best payment solutions.
The new products bring advanced technology that prioritizes security and high-performance payment transactions on the platform.
EBANX’s fraud and risk management solution, serving merchants worldwide conducting cross-border transactions in emerging economies, now features a set of cutting-edge functions. (Contxto)
Hapi raises USD $1.6 million to democratize the stock market in LatAm
The emerging company Hapi, headquartered in San Francisco with Peruvian roots, has secured significant funding of USD $1.6 million to strengthen its presence in the Latin American stock market.
This fundraising involved participation from various investment entities, including Utec Ventures, Unpopular Ventures, Softeq Ventures, and Mural Capital.
The primary commitment of Hapi is to facilitate and make stock market investment more accessible for the people of Latin America.
Hapi is an application focused on purchasing and selling stocks in the U.S. stock market, specifically designed for clients in Latin America. (Contxto)
Credix expands into Latin America
Credix, a Brazilian platform specializing in credit tokenization, has raised a significant USD $60 million.
This funding comes from experienced investors in the United States, who manage a combined capital of more than USD $3 billion in financial assets. The names of these investors have not been publicly disclosed at this time.
According to information provided by the fintech company, these funds will be directed primarily towards expanding Credix's operations in Brazil and Latin America. (Myconomy)
Colombia Leads the Fintech revolution in Latin America
Colombia is consolidating its position as a leader in the fintech sector in Latin America, according to a recent study by Banco de la República in collaboration with Universidad de Los Andes, Juancho Te Presta, and Colombia Fintech.
This milestone marks a significant advance in the economic and credit evolution of the Colombian population. This is thanks to the constant growth of financial technologies that are revolutionizing access to credit.
The 63.9% increase in loans up to $500,000 last year, where almost 70% were granted by fintechs, reflects the catalytic role of these entities in building a more inclusive financial ecosystem. (Enter.co)
Nubank reports record revenues of USD $ 2.1 billion and profit of USD $ 303 million
Nubank reported its third quarter 2023 financial results.
Record revenues for the period were US$2.1 billion, resulting in net income of USD $303 million and an adjusted net income of USD $356 million.
Average Monthly Revenue per Active Client (ARPAC) exceeded double digits for the first time, at USD $ 10, annualized ROE reached 21%, and annualized adjusted ROE reached 25%, demonstrating operating leverage.
According to Nubank's founder and CEO, David Velez, they reached 90 million customers in October. (América Economía)
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
Matías Gorosito, Partner of CMS GROUP, the company founded by Pablo Salamone, which has already organized more than 800 events in America and Europe and was recognized as "Top of Mind", talked to Fintech on the Rocks about his role in CMS, what they do to bring innovation throughout Latin America and Spain, and how he experienced Fin & Pay 2023.
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