Hola amig@s fintech,

Tomorrow, we’re kicking things off with two exciting events you won’t want to miss. On Monday, June 9, join us in São Paulo for RiskCon, hosted together with Oscilar and Decidir—an essential gathering for anyone focused on risk, compliance, and innovation. 

Also on Monday, don’t miss The Future of AI & Fintech in Mexico City, brought to you by pygma and TWIF, where we’ll dive into how artificial intelligence is reshaping financial services. 

Hope we see you tomorrow, and start reading this week’s fintech news!

🩵 Until next weekend. Até a próxima!

• Lorena

🌐 TWIF Community

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📊 Stat of the Week 

In LatAm, lending has historically dominated capital allocation, with banks holding 90% of financial assets. However, this is changing as venture capital investments have surged, growing from $1.3 billion in 2016 to a peak of $15.3 billion in 2021. Despite a subsequent decline, venture capital remains a significant force, indicating a diversification of financial mechanisms in the region.(Source)

📖  Read of the Week

According to “Fintech’s Next Chapter: Scaled Winners and Emerging Disruptors” by BCG and QED, the global fintech sector is experiencing robust growth, with revenues increasing at a compound annual growth rate (CAGR) of 14% over the past two years. Despite a 70% drop in funding and a sharp decline in valuation multiples—from 20x to 4x—the sector has pivoted from a “growth at all costs” mindset to a focus on profitability, boosting average margins by 9 percentage points.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇨🇴 Simetrik, the Colombian B2B SaaS platform specializing in AI-driven financial reconciliation, raised an additional $30 million in a Series B round led by Growth Equity at Goldman Sachs Alternatives, bringing the total Series B to $85 million. Other participants include Cometa, FinTech Collective, Moore Capital Management, Monashees, and Upload Ventures. 

🌎 Payflow, the Madrid-based company offering earned wage access solutions, secured a $10.8 million equity round led by Cusp Capital, becoming its largest shareholder. The round will be used to grow in Spain and LatAm.

🇺🇸 Kiwi, the developing AI-powered financial tools for underbanked Latinos in the US, raised a $7.8 million Series A round co-led by LIP Ventures and Advent-Morro Equity Partners, with participation from Morro Ventures, Independent Capital, Neer Venture Partners, and Invariantes Fund. 

🇨🇱 Finnecto, the Chilean SaaS platform automating payments and expense management for businesses, secured a $1.7 million pre-seed round led by Amador and Salkantay Ventures, with participation from Kfund, BuenTrip Ventures, Hustle Fund, ADN Ventures, Punto Cero Ventures, and The Pitch Fund. 

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🚀 Product Launches & Partnerships

💻 Fintech

🇻🇪 Cashea, the Venezuelan financing app, introduced a new “Buy Now, Pay Later” option for motorcycle purchases, offering users greater flexibility to access vehicle financing.

🇨🇴 Liquitech, the Colombian electronic factoring company, announced a strategic alliance with Kredit Plus, a key player in the country’s payroll loan market. The partnership strengthens Liquitech’s role in the origination and management of credit assets nationwide.

🏦 Financial Services & Banking 

🇲🇽 Caja Popular Mexicana (CPM), the Mexican savings and loan cooperative, launched a new mortgage credit option in partnership with Infonavit, the government’s housing agency. The initiative, under the Cofinavit program, enables beneficiaries to combine Infonavit financing with a loan from a financial institution.

🇧🇷 Visa announced the launch of Conecta, a new company created to operate in Brazil’s open finance ecosystem. The firm has already applied for a Payment Institution (IP) license from the Central Bank and will begin a pilot in September in collaboration with Celcoin.

🇵🇪 inDrive, the mobility app, in partnership with fintech R2, launched inDrive Money in Peru—a new business vertical to boost financial inclusion for drivers and couriers. The initiative offers digital loans of up to S/900 with streamlined processes and flexible repayment options through the app.

🇲🇽 Nu México customers can now make cash deposits at OXXO stores nationwide. The new feature deepens the partnership between the two companies, first announced in early 2025.

🇲🇽 The Institutional Stock Exchange from Mexico (BIVA) launched BIVA AI, a strategic initiative to position the country at the forefront of AI-driven financial innovation. The program includes the Applied AI Network, the CAIO training course, the BIVA AI Prize, and partnerships with academia.

📜 Policy

🇧🇷 Zimpler, the Swedish open banking payments company operating in Brazil since 2022, received authorization from the Central Bank on May 23 to operate as a Payment Institution (IP). The license allows it to act as both a Payment Transaction Initiator (ITP) and issuer of electronic money.

🇧🇷 Bernard Appy, Special Secretary for Tax Reform, confirmed on Thursday (May 29) that the split payment system will come into effect in 2027. The implementation will be gradual, beginning with business-to-business (B2B) transactions.

🇧🇷 Automatic Pix, the payment method designed for recurring transactions in Brazil, will debut on June 16, with eight companies selected by the Central Bank (BC), known as the "Pioneiros" (Pioneers): Amazon, Globoplay, Grupo OLX, Cemig, Disney+, Netflix, Spotify, and Visão Prev. The Central Bank published a set of regulations to enhance the security of Automatic Pix, which is expected to help reduce corporate delinquency.

🇨🇴 KOA, the Colombian financing company, was granted an operating license from the Financial Superintendency of the country.

🇧🇷 Nomad, the Brazilian finance startup for Brazilians in the U.S., obtained a license to operate as a brokerage firm in the U.S. The authorization was granted by the Financial Industry Regulatory Authority (FINRA), an independent American regulatory entity that oversees financial market companies in the country.

🇲🇽 According to José Antonio Peña Merino, head of the Agency for Digital Transformation and Telecommunications, integrating the information of each Mexican citizen into the Llave MX platform will create a digital identity capable of improving access to financial services.

📰 Other News 

🇲🇽 Heleodoro Ruiz Santos was named CEO at Banco Afirme.

🌎 BBVA and Santander are embracing stablecoins to enter the cryptocurrency ecosystem. BBVA has announced services for buying and custodying USDC for its Swiss clients, legitimizing the use of stablecoins. Meanwhile, Santander plans to launch euro and dollar-denominated stablecoins through its digital bank, Openbank, in 2025, following BBVA's crypto strategy. 

🇲🇽 The annual operations of the fintech sector in Mexico have surpassed 4,000 millions, with nearly a thousand active companies in the country and significant growth in recent years. This expansion reflects the increasing adoption of digital financial services and the sector's contribution to the national economy.

📚 Deeper Reads

Why investing in growth-stage AI startups is getting riskier and more complicated

Stablecoins Hit the Street and FinTech Funding Targets Lending Platforms

Finance is ready for a blockchain reset

Do you want real inclusion? (ES)

📣 LatAm fintech enthusiasts looking for a new role, check out https://jobs.thisweekinfintech.com

Made in LatAm with 🩵by 

Elena, Digital Innovation Manager at Banco Azteca

Carlos, Senior Associate at Emant Consultants

Lorena, Head of Policy for Spanish-speaking LatAm at Tools for Humanity

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