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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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TWIF Latam September 03 - BTG Pactual acquires Magnetis Investimentos πŸ‡§πŸ‡·, Google Wallet now available in Colombia πŸ‡¨πŸ‡΄

TWIF Latam September 03 - BTG Pactual acquires Magnetis Investimentos πŸ‡§πŸ‡·, Google Wallet now available in Colombia πŸ‡¨πŸ‡΄
Bolivia's Salar de Uyuni becomes a mirror after the rain. Photo by Getty Images on Telecinco

$3 million reported in fintech funding (equity)

Hola amig@s fintech,

September has arrived, and with it comes the countdown for Finnosummit Mexico 2023. Remember there is an exclusive 15% discount for TWIF subscribers, just use the code FSTHISWEEK when registering. We'd also love to have you join us at the TWIF Latam Finnosummit Kickoff Mixer on September 25, RSVP here to secure your spot.

And looking ahead to October, don't miss our upcoming Fintech Trek in Mexico City. You can apply here to participate. 

Now, let’s start reading the latest in Latam fintech news. If you're enjoying this content on our website, please consider sharing and subscribing to show your support.

πŸ’™ Until next weekend. AtΓ© a prΓ³xima!

  • Lorena
Feedback? Reach out to us anytime! This week we're Elena on stat, read of the week, exits, other news, deeper reads, and Spotlight, and Lorena on funding, product launches & partnerships, policy, and editing.

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πŸ“£ Latam startup alum who have been impacted by layoffs and recruiters looking for top talent, check out the Startups Alumni and Layoffs Brasil databases.  

If you’re looking to hire from a group of 10,000+ smart, motivated fintech professionals, come pick up a Collective Pass and post a job here.  If you’re looking for your next adventure at one of the best fintech companies, check out the open roles here!

πŸ“Š Stat of the Week

Latam startups seek more loans to sustain operations, with 31.5% of Q1-2023 venture capital funding acquired through debt. During the same period, $6.3 billion was invested in venture capital across 452 transactions, marking a 63.3% decline from Q1-2022. (Source)

πŸ“–  Read of the Week

Open Banking Exchange provides an overview and brief explanation of the ongoing open banking agenda in Mexico, which remains a pending issue five years after the approval of the Mexican Fintech Law.

πŸŽ™οΈPodcast of the Week

πŸ’Έ Venture Financing

πŸ’Έ Equity

πŸ‡§πŸ‡· Cumbuca, the Brazilian finance-sharing solution, raised $3 million in seed funding, led by Lightspeed Venture Partners and Supera Capital. The investment will aid in further developing solutions for dividing expenses transparently, supporting Pix, Boleto, and card payments.

πŸ’° Venture funds 

🌐 Andbank, the VC firm, through its fintech fund Actyus Fintech1, will enter into 19 companies located in Mexico, Brazil, the USA, and Spain. The fund will reach $64 million.

☯️ Exits

🀝 M&A - Fintech

πŸ‡²πŸ‡½ Asaak, the Uganda-based smartphone and motorcycle credit company, announced the acquisition of FlexClub, a Mexican startup that offers car financing for Uber drivers, as part of its expansion plan into Latam.

πŸ‡¨πŸ‡΄ CarroYa, the Colombia-based online platform that offers information on the purchase and sale of used cars, announced the acquisition of FacilPass, a device that allows toll payments in Colombia. With the acquisition, CarroYa expects more than 10 million toll passes.

🏦 M&A - Bank and FinServ

πŸ‡§πŸ‡· BTG Pactual, the leading Brazilian bank, announced the acquisition of Magnetis Investimentos, as part of the expansion strategy of the bank's digital platforms.

πŸš€ Product Launches & Partnerships

πŸ’» Fintech 

πŸ‡§πŸ‡· Mercado Pago announced the launch of a credit card focused on SMEs in Brazil.

πŸ‡§πŸ‡· PicPay, the Brazilian digital wallet app, is adding 75 new investment funds to its platform. Among the options are fixed income, multimarket, shares, foreign exchange, private credit, quantitative, and cryptocurrencies.  

πŸ‡¨πŸ‡± Finansystech, the Brazil-based open finance startup, announced the start of operations in Chile, following an agreement with a local bank.

πŸ‡¨πŸ‡± TraderPal, the US-Latinos-focused trading app, announced a partnership with Vector Capital, the stockbrokers, and Voultech, the technology company, to democratize investments in global financial markets in Latam.

πŸ‡¨πŸ‡± Circle, the USDC issuing company, announced a partnership with MercadoPago in Chile, allowing access to USDC, in order to promote the development of blockchain-based services in the region.

πŸ‡¦πŸ‡· BeeTransfer, the Argentinian app that offers dollar collection and payment solutions for freelancers and talent, announced the launch of a platform to collect US dollars without having an account in the USA.

πŸ‡¨πŸ‡± Betterfly, the Chilean insurtech, and Wited the Chilean edtech, announced an alliance so that users can access academic resources and reinforce education.

🏦 Financial Services & Banking

πŸ‡¨πŸ‡΄ Google introduced Google Wallet in Colombia, enhancing electronic payment options and integrating it with Google Pay for a seamless experience.

πŸ“œ Policy

πŸ‡§πŸ‡· The Central Bank of Brazil released a manual outlining the fundamental principles of the customer experience in open finance, which will be periodically updated to track the system's evolution. 

πŸ‡»πŸ‡ͺ N58 Banco Digital, the microfinance bank in Venezuela, obtained the authorization of the financial regulatory agency to become the first digital financial institution in the country. 

πŸ‡²πŸ‡½ During the first Fintech Week in Mexico, organized by the Central Bank and the Ministry of Finance, announced the creation of the Financial Innovation Group, so that the industry and the authorities can discuss regulations and operating permits.

πŸ“° Other News 

Roberta Valezio, CHRO at Neon. Photo

πŸ‡§πŸ‡· Neon, the Brazilian digital bank, named Roberta Valezio as CHRO. Her objective is to promote a continuous increase in organizational efficiency, and the attraction of talent both in Brazil and the whole region.

🌐 Bitso, the Mexican crypto exchange, named Robert Harrop as CTO. His goal is to continue building the infrastructure behind crypto products that enable financial inclusion and freedom in Latam.

πŸ‡¨πŸ‡΄ Clara, the Mexico-based corporate credit card, announced that it has received the support of the National Guarantee Fund in Colombia to expand the possibility of granting credit to companies from different segments.

πŸ‡§πŸ‡· Safra, the Brazilian financial services company, announced that it will begin hedging MercadoLibre with a 12-month price target of $1,800 per share.

πŸ‡²πŸ‡½ AT&T Mexico and Endeavor, announced the eNovadoras 2023 program focused on promoting 10 women entrepreneurs, among the fintech selected are Plutto, Taxo and Inverkids.

πŸ“š Deeper Reads

Financial inclusion is about helping people thrive 

Will Latin America’s Largest Economies Keep Cutting Rates? This Is What Analysts Are Saying

LatAm SMBs struggle to access capital. Is that a market opportunity?

Mexico Lays the Groundwork to Modernize its Fintech Regulation

Fintech innovation for everyone? (ES)

BIS warns of the risk of substituting currencies for crypto assets in LATAM (ES)

The key points of Ecuador’s Fintech Law (ES)

πŸ”¦Spotlight on Juliana Carmona, Executive President of the Colombian Association of Electronic Factoring

Q. Three words to describe yourself: 

A. Passionate, creative and funny.

Q. What do you consider to be the main challenge for fintech entrepreneurs?

A. Among the main challenges of Fintech entrepreneurs are:

  • Regulation. The fintech ecosystem has a highly regulatory environment because it deals with financial products. Each of the verticals of said ecosystem has its own regulations, therefore there are a variety of guidelines to take into account before launching a product. Likewise, the regulation is naturally different in each country, which makes it difficult for fintech companies to expand and internationalize.
  • Education and Confidence. The lack of financial education, both in companies and in individuals, means that other types of financial instruments that can help in the management of business and personal finances are unknown. It is essential that there is more education and training to encourage more ownership of digital financial solutions.
  • Financing. Fintechs offer innovative products and services, but normally they are left out of financing possibilities such as attracting resources from the public, for those who do not have a supervision license in the respective country, and access to second-tier banking. They are financed with their own resources and also with risk capital resources.

Q. What advice do you give to female entrepreneurs looking to scale their startup?

A. It is worth clarifying that I am not an entrepreneur as such, but in the different roles that I have played, I have had a close relationship with the innovation and entrepreneurship ecosystem. Accordingly I would recommend to female entrepreneurs to:

  • Link to acceleration programs that help profile products and services, strengthen connections, and maximize access to risk financing possibilities. As an example, it is worth mentioning the Mastercard and USAID StarPath Empodera program with an emphasis on women entrepreneurs.
  • Participate in different knowledge and networking scenarios, which, on the one hand, keep us updated on important trends, and, on the other, help establish relationships that enrich business models.
  • Resort to non-traditional sources of financing to generate liquidity, such as cord funding, factoring, and business digital credit.

Q. What is the importance of building communities within the financial sector? 

A. Communities in general are made up of groups of individuals or institutions that have a common goal. For the specific case of the financial sector, they facilitate knowledge about different financial instruments aimed at individuals and companies, significantly impacting inclusion. For example, in Colombia we recently launched the community of Women in Fintech, MeF (for its initials in Spanish), a group of women with common perspectives and convictions that come together with the main purpose of making visible the role of women in the ecosystem of digital financial services. In addition, we share experiences about the importance of digital financial solutions and create connection spaces that maximize long-term relationships.

Made in Latam with πŸ’™ by Elena and Lorena

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