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THE FRONT PAGE OF GLOBAL FINTECH

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Latin America


TWIF LATAM 16 JULY - 🚀 TWO NEW ACCELERATOR PROGRAMS FOR PERU, CHILE, AND
COLOMBIA 🇵🇪 🇨🇱 🇨🇴

TEAM TWIF LATAM

Jul 16, 2023 6 min
Machu Picchu, Peru. Image by Peru Travel

$70 million in fintech funding

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Hola amig@s fintech,

This month brings celebrations of independence for Argentina, Colombia, Peru,
Venezuela, and the United States. Whether you are a proud national of these
countries, living abroad, or an international resident, we hope you enjoy the
festivities! Speaking of celebrations, don't forget to register for our upcoming
Fintech Happy Hour/Summer Social event in Mexico City. RSVP here and meet the
great Latam fintech community.

Please find below this week’s front page of Latam fintech news. If you’re
reading this on the web, we’d appreciate your support by sharing and
subscribing.  

💛 Until next weekend. Até a próxima! - Lorena

📣

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

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Sponsored Content

Want to sponsor a newsletter? See our sponsorship information here.  Want to
sponsor an event with the TWIF Latam community?  Check out the FAQ here and send
us your info via this form.

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📣 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!

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📊 Stat of the Week

In Brazil, 66% of cryptocurrency investors are men. However, women show a strong
interest in crypto, with 71% of female investors allocating more than 3% of
their investment portfolio to crypto. Source

📖  Read of the Week

According to Mastercard's report “The State of Financial Inclusion in Latin
America”, the region has made advancements in digital accounts and P2P payments,
but 21% of consumers, mainly women, low-income individuals, and rural residents,
still lack access to banking services.

🖋️ Post of the Week

Panagiotis Kriaris, Head of Business Development at Unzer

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💸 Venture Financing

💸 Equity

🇺🇸 Trez, the Latin-founded and US-based payroll management platform, raised a
pre-seed round of $1.5 million, after the company's participation in the
Techstars Miami accelerator program, which included a $120,000 injection from JP
Morgan. This round was completed with contributions from various investors, no
further details were disclosed. 

🇧🇷 Culttivo, the Brazilian credit solutions fintech for coffee producers,
raised $14.5 million to scale its lending capacity for small and medium-sized
farmers. The funding was secured through an FIAgro fund, structured by Octante
Capital, an agribusiness asset manager. The company has disbursed more than
$14.5 million in loans, with an average amount of $83,000 per farmer. 

🇲🇽 Mattilda, the Mexican SaaS firm for billing and payment processing in
private schools, raised $19 million in a round led by GSV Ventures and with
participation from Fintech Collective and Dila Capital. The new funds will
support the company's growth in the education technology sector. 

🇦🇷 InvGate, the Argentinean SaaS platform for IT and asset management, raised
$35 million in a funding round led by Riverwood Capital, with participation from
Endeavor Catalyst. The investment will support the company's global expansion
plans.

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💰 Venture funds 

🇵🇪 Krealo, the Corporate VC arm of Credicorp Group, and Seedstars launched the
accelerator program "The Future of Financial Services," to invest in pre-seed
financial services startups in Peru, Chile, and Colombia. This initiative will
provide startups with up to $150,000 in investment and mentorship from
international leaders and the BCP InnovaCXión Center. 

🌐 Huawei and the Mexican Agency for International Development Cooperation
(Amexcid) launched the Spark Accelerator program in Chile to provide financial
support to startups from Pacific Alliance countries (Chile, Mexico, Colombia,
and Peru) with funding ranging from $2,000 to $100,000. With a total of $1.6
million in cloud services from HUAWEI Cloud, winners will receive investment and
free access to the company's cloud services.

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🚀 Product Launches & Partnerships

💻 Fintech 

🇧🇷 EBANX, the Brazilian payments platform for emerging markets, and Nubank
announced a partnership to offer NuPay, a new alternative payment method for
international purchases. The partnership will make NuPay available for customers
of EBANX's 1,600+ global merchants.

🇧🇷 Fitbank, the Brazilian banking-as-a-service platform, and Marqeta, the
US-based card issuing platform, announced a partnership to expand its presence
in Brazil. Fitbank aims to utilize Marqeta's payment processing technology to
offer more innovative payment solutions to Brazilian customers. 

🇦🇷 Decrypto, the Argentinean exchange and investment wallet, launched a
product called MD3, which allows SMEs to hedge against fluctuations in the value
of the free dollar. MD3 functions similarly to Matba-Rofex's coverage of the
official dollar but with the free dollar exchange rate.

🇨🇴 Kapital, the Mexican financial solution for SMBs, launched Kapital IA, an
AI-driven financial automation software in the Colombian market. Kapital IA also
offers real-time data analytics dashboards to enable decision-making,
streamlining operations.

🇧🇷 PicPay, the Brazilian digital wallet app, announced the launch of the first
insurance product in the market to protect Pix transactions made with other
banks. 

🇧🇷 Omie, the Brazilian cloud-based business management platform, announced the
expansion of its financial services by integrating with banks, including Banco
do Brasil and Santander, initially for billing purposes through QR Code Pix. 

🌐Liquido, the US-based platform specializing in financial infrastructure
development, launched a solution that enables Latam merchants to integrate their
stores with WhatsApp. Users can now browse, select, and make payments through an
enhanced customer experience.

🌐Nubank and Fireblocks, the US-based cybersecurity and infrastructure platform
for digital assets and cryptocurrencies, announced a partnership to provide
secure infrastructure for moving, storing, and issuing digital assets. This
partnerships is part of Nubank´s strategy for its own cryptocurrency custody
solution.

🏦 Financial Services & Banking

🌐Mastercard announced the expansion of its Engage program to support the
scaling of digital assets and meet the demand in the financial technology
ecosystem. With over 150 partners in 2022, the Engage program aims to drive
innovation and enable market adoption of cryptographic cards and tokenization.

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📜 Policy

🇧🇷 QI Tech, the Brazilian direct credit society firm, was authorized to
operate as a distributor of bonds and securities (DTVM) by Brazil’s financial
regulator.  This allows the company to administer and custody its own originated
credit rights investment funds (FIDCs). 

🇲🇽A Mexican citizen filed an appeal (amparo) to compel the financial
regulatory agency (CNBV) and Mexico’s Central Bank to issue the secondary
regulations for open finance as mandated by the Fintech Law, which are pending
since 2019. 

🇲🇽 Openbank, Santander's new digital bank in Mexico, obtained its license from
the Mexican financial regulatory agency (CNBV), and will begin with operational
testing for a planned launch in 2024. Openbank already operates in Spain, the
Netherlands, Germany, Portugal, and Argentina. 

🇲🇽 Hey, the digital arm of Banregio, received authorization from the CNBV to
operate as a new bank in the country. The entity offers credit cards, debit
accounts, investment products, auto loans, and various other services. 

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📰 Other News

🇧🇷 Nubank announced a new phase to discontinue its level III BDR program. BDRs
are certificates of deposit for foreign shares traded on the Brazilian stock
market, since Nubank is listed on the New York Stock Exchange, BDRs are the way
to trade Roxinho shares in Brazil.

🇦🇷 Wenance, the Argentina-based platform focused on consumer loans, announced
that the company will honor all its invested capital commitments with a payment
proposal in 12 installments starting in August with interest. The announcement
was made after the failure to pay $500 million in interests from the three
private trusts.

🇸🇻 El Salvador’s fintech sector grew 45.4% in the last year, going from 22
active fintech companies in 2021 to 32 in 2023.

🌐 Global66 and FC Bayern Munich, announced a partnership that will increase the
credibility and reputation of fintechs and that will give impulse to the FC
Bayern Munich to strengthen its presence and influence in the Americas.



📚 Deeper Reads

60+ Women in Tech Statistics You Need to Know in 2023 – Closing the Gaps

For uncharted fintech waters, look no further than the Caribbean

Venture capital funds carry out fewer sales operations in Latin America (ES)

More and more central banks are studying issuing their digital currencies (ES)

Crowdfunding sees potential in factoring (ES)

'Tokenization as a service' will be part of the new wave of fintechs (PO)

Citigroup’s Separation of Banamex and Asia Divestments Cost the Bank $92 Million

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Made in Latam with 💛 by Elena, Daniela, and Lorena

👍👎 Did you like this edition of TWIF Latam?  Take a 1-minute anonymous survey
here.

Come meet us in person at www.thisweekinfintech.com/events. You can also join
our global community on Twitter, LinkedIn, and Instagram.





READ NEXT


TWIF LATAM OCTOBER 08 - BTG PACTUAL BUYS ORAMA IN BRAZIL 🇧🇷

$67 million in fintech funding (equity and debt) Hola amig@s fintech, There are
significant electoral events around the corner. Our region finds itself among
races in Argentina, both national and provincial, and regional elections in
Colombia. Additionally, Ecuador is gearing up for a second round of national
elections. To
Team TWIF Latam Oct 8, 2023


TWIF LATAM OCTOBER 03 - 🚀 OCTOBER STARTS WITH MAJOR FUNDING NEWS FOR LATAM
FINTECH 💰

$238.7 million in fintech funding (equity and debt) Hola amig@s fintech, Welcome
back! As we step into October, we're gearing up for the TWIF Fintech Trek in
Mexico City.  We thank all the fintech enthusiasts that made it to the TWIF
Latam Finnosummit Kickoff Mixer, sponsored by BGBG.
Team TWIF Latam Oct 3, 2023


TWIF LATAM SEPTEMBER 17 - ITAÚ AND BBVA RELEASE INNOVATIVE PRODUCTS IN BRAZIL
🇧🇷 AND ARGENTINA 🇦🇷

$11.5 million in fintech funding (equity and debt) Hola amig@s fintech,
September is a festive season for our region, as Brazil, Chile, Costa Rica, El
Salvador, Guatemala, Honduras, México, and Nicaragua celebrate their
independence this month. These eight countries, with their distinct Latam
characteristics and cultures, play a
Team TWIF Latam Sep 17, 2023

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