Mexico FinTech News
Going out with a bang: Cofece said to accuse banks of price fixing
Reuters reported that soon-to-be-extinct antitrust watchdog Cofece is accusing a group of 21 banks and other institutions of fixing fees related to deferred credit card payments. According to the document seen by Reuters, the institutions met regularly to set surcharges for merchants, which were then formalized in regulations and collectively enforced, while also excluding some merchants from the market. The investigation started in 2022. The list of accused institutions includes some of the largest banks, like Banorte, HSBC, Santander, Scotia, Inbursa and Azteca, but also retailers like Liverpool and Soriana, as well as fintech Klar, among others. It’s not clear what the potential penalty might be, but what is clear is that the case will be handled by the new National Anti-Monopoly Commission (CNA), which will replace Cofece. Thus, the timing of the eventual decision is uncertain.
Reuters, 25/07/25, Natalia Siniawski: Mexico’s antitrust watchdog accuses banks of joint price fixing.
Clip and Belvo Redefine Financial Inclusion in Mexico through Open Finance Alliance
Clip partnered with Open Finance provider Belvo to enhance credit access and automate payments for small and medium-sized businesses. The alliance powers Clip’s automated credit product, PrestaClip, using employment and income data to overcome credit rejection caused by lack of history—an issue affecting 30% of applicants. Belvo’s direct debit tools also enable recurring payment solutions in sectors like fitness, insurance, and education. Belvo processes over US$500 mn in account-to-account payments annually and has handled more than 30 million CURP validations in 2025, with a 98% success rate.
Latam Fintech Hub, 21/07/25, Belvo Communications: Clip and Belvo redefine financial inclusion in Mexico through Open Finance alliance.
Fintech Careers Surge with AI and Innovation
Fintech careers are booming, especially in fintech engineering, driven by rapid innovation and AI adoption. These roles, essential to digital financial platforms, are projected to be among the fastest-growing globally, according to the World Economic Forum. Salaries range from US$109,000 to over US$170,000. Experts from Duke and NYU highlight strong, sustained demand fueled by tech advancements.
Reforma, 23/07/25, Staff: Fintech careers surge with AI and innovation.
CNBV Approves Special Accounting Rules for Fintechs in Restructuring
Mexico’s CNBV has authorized special accounting treatment for fintechs undergoing restructuring or financial distress. The rule (Article 15 Bis) lets fintechs request permission to use alternative accounting if facing mergers, splits, or legal/financial adjustments. Requests must include a board-approved plan, financial indicators, and risk assessment. Exclusions apply to fintechs with prior violations or already using this flexibility. CNBV also amended Article 15 to extend temporary relief to fintechs affected by natural disasters. All approved changes must be disclosed in financial statements and public reports.
El Economista, 24/07/25, Clara Zepeda: CNBV authorizes accounting rules for fintechs undergoing restructuring.
Additional reading…
LatAm FinTech News
Mercado Pago signs MoU to join PayPal World
PayPal has launched “PayPal World,” a platform linking global payment systems and digital wallets—including NPCI (UPI, India), Tenpay Global (China), Venmo, and PayPal itself. A Memorandum of Understanding (MOU) has been agreed with Mercado Pago, with a full agreement and technical integration details still being finalized with the LatAm ecommerce giant. These partners represent nearly 2b users. Interoperability starts this fall, connecting all founding wallets to PayPal and Venmo, with more wallets joining soon. The alliance promises seamless cross-border payments and in-store or online purchases for consumers and merchants, without added integration work for businesses. The partnership means Mercado Pago users in Latin America—including Mexico—will be able to send and receive money, shop online or in-store worldwide, and pay in pesos via their app, with no extra integration needed.
TechCrunch, 22/07/25, Ivan Mehta: PayPal taps wallets from China and India to make cross-border payments easier for 2 billion people.
RapiCredit Receives US$5 Million to Expand Financial Inclusion in Colombia
Colombian fintech RapiCredit has secured US$5 million in funding through a debt agreement with Alma Sustainable Finance, joined by Almavest and the U.S. International Development Finance Corporation. The capital will support financial inclusion by expanding access to credit for underserved Colombians, particularly those without formal employment or credit history. CEO Daniel Materón emphasized the firm’s decade-long commitment to accessible and empathetic lending. The new resources will also back products with a gender equity focus and ESG impact. This adds to the US$7 million previously invested in RapiCredit by Almavest.
Nubank Launches Trial Phase of New NuCoin Loyalty Program
Nubank has launched the testing phase of its redesigned NuCoin loyalty program, aiming to reach a broader customer base by rewarding users beyond traditional credit card spending. The new system allows clients to earn NuCoins through everyday activities, such as using debit cards, paying bills on time, and sharing data via Open Finance. These coins unlock exclusive benefits, including access to events, product discounts, and perks from partners like Shopee, Magalu, and Amazon. The program is rolling out gradually, with early access given to previous NuCoin participants. Activities like weekly prize chests, themed quizzes, and flash offers with up to 90% discounts are key features. Participation is voluntary for eligible customers in Brazil, and NuCoins from the prior version are still usable. However, Ultravioleta clients are excluded, as they already receive exclusive benefits.
Nubank, 21/07/25, Newsroom: Nubank launches trial phase of new NuCoin loyalty program.
Stablecoins Gain Ground in Latin America’s Digital Payments
Stablecoins are playing a growing role in Latin America’s financial ecosystem, representing 39% of digital asset acquisitions in 2024, according to a report by Utila and Bitso Business. The trend is driven by inflation, currency volatility, low banking penetration, and high remittance needs across the region. The report maps over 100 companies active in areas such as B2B payments, on-chain banking, wallets, and P2P transfers. Bitso, Ripio, and Minteo highlight stablecoins’ shift from value storage to real-time use cases like international transfers and corporate treasury.
TradingView, 21/07/25, Staff: Stablecoins shine in digital payments across Latin America.
Additional reading…
- Thredd and Inswitch Join Forces to Streamline Fintech Market Entry in LatAm.
- How Wise captured 25% of Brazil’s cross-border market (and what it reveals about fintech’s future in LATAM).
- Inside Mastercard’s push to move LATAM’s small retailers beyond cash.
Global FinTech News
Global Banks Escalate Battle Against Fintechs with JPMorgan Leading the Charge
JPMorgan Chase will begin charging fintech firms, including Plaid, for accessing user financial data, a service that was previously free. The fees could reach up to US$ 300 mn per year and reflect a broader industry trend of large banks seeking to regain control over data flows following deregulatory changes. The move could significantly impact fintechs’ cost structures and disrupt the user experience by limiting access to real-time data. Analysts suggest the strategy aims to curb fintech growth, and other banks like PNC may adopt similar approaches.
Forbes, 21/07/25, Jeff Kauflin: Why JPMorgan Is Hitting Fintechs With Stunning New Fees For Data Access
BitGo Files Confidentially for IPO
Crypto custody startup BitGo has confidentially filed for an initial public offering, though no exchange or price range has been disclosed. Founded in 2013 and based in Palo Alto, BitGo has raised US$170 mn to date. The company raised US$100 mn in 2023 at a US$1.75 bn valuation following a failed US$1.2 bn acquisition by Galaxy Digital. This move comes amid renewed IPO momentum in 2025, with peers like Circle and Chime also eyeing the public markets.
Forbes, 22/07/25, Staff: Crypto Custody Startup BitGo Files Confidentially To Go Public.
European VC Returns Outpace US, but Market Momentum Shifts Stateside
European venture capital (VC) funds have consistently outperformed their US counterparts since the start of the downturn, with IRRs peaking at 44.3% in early 2022 versus 29.1% in the US. While both regions entered negative IRR territory in 2022, the US dropped more sharply to -17.1% (Q4 2022) compared to Europe’s -10% (Q1 2023). Europe rebounded faster but may lose its lead. European VC benefited from lower volatility due to its early-stage focus and reliance on M&A exits rather than IPOs. However, US dealmaking and exits are accelerating in 2025, while Europe remains cautious despite record dry powder of €73 billion (about US$ 86 billion). This renewed US momentum could close or reverse the IRR gap.
PitchBook, 24/07/25, Leah Hodgson: European VC returns outpace US, but market momentum lies across the pond
Additional reading…
- Crypto lenders dial up risk with ‘microfinance on steroids’
- AI-powered tax platform April raises US$38mn to expand embedded services.
- Corpay to Acquire Alpha Group, a B2B Cross Border FX Company.
- SS&C Technologies to Acquire Calastone.
- Wise statement on dual listing.
- Bank of England Considers Shelving Plans for a Digital Pound
- BNY and Goldman Sachs Launch Tokenized Money Market Funds Solution.
- Fiserv Shares’ Slump Worsens as Merchant Growth Misses.
Download PDF: MI-MexicoFintechChatter-072825