Mexico FinTech News
Nu losses widen sharply in April but expect improvements hereon
CNBV disclosed April results for Sofipos, with Nubank’s losses of MXN 702 mn nearly tripling over the previous month and the same month last year. Loan data matched earlier disclosures by Condusef. Nu’s losses were impacted by increases in Provisions for loan losses and Operating expenses, both likely driven by the reacceleration in originations. Klar lost MXN 110 mn, and Stori MXN 39 mn. As for deposits, Nu continued to post impressive growth, +7% MoM, while Klar was almost flat, and Stori saw a 7% contraction. With Nu cutting rates on deposits at the end of April, it would be reasonable to expect results to start improving hereon (if they can control credit quality). And if yield cuts lead to a slowdown in deposit growth, this would be a good thing, as deposits are about 5x loans at this point, with the huge deposit/loan mismatch a major driver of the massive losses to date, along with the write-offs on poor credit origination.
Source: Miranda Partners, CNBV. Figures in MXN mn.
Amazon Launches Its Own Debit Card in Mexico
Amazon México has introduced its own virtual and physical debit card, Amazon Access, in partnership with Invex and Mastercard. The launch marks Amazon’s entry into the growing financial services space in Mexico, where other major players like Mercado Libre (via Mercado Pago), Rappi (with RappiCard), Nu, and recently DiDi have already staked their ground. According to its website, at this point it’s an invitation-only launch. As it is a zero-interest yielding debit card, the product its unlikely to be appealing to anyone but Amazon fans. Unlike Mercado Libre’s Mercado Pago, Amazon does not offer customers credit directly, nor an interest-bearing savings product, and this likely has contributed to a loss in market share in Mexico ecommerce against MELI.
Reforma, 18/06/25, Staff: Amazon launches its own debit card in Mexico.
Will the CAME Case Affect Trust in the Popular Savings and Credit Sector?: Says Moody’s
Moody’s said that the suspension of operations at Sofipo CAME will have limited systemic impact, but the sector’s credibility hinges on the proper functioning of the deposit insurance system. CAME held MXN $3.16 bn in assets and over MXN $1.6 bn in deposits from 1.3 million savers. While most deposits fall within the protected limit of 25,000 UDIS (~MXN $212k), Prosofipo—the fund guaranteeing Sofipo deposits—only holds MXN $594 mn in liquid assets, insufficient to cover all potential claims. Moody’s warns that while this is not a systemic issue, it damages trust in non-bank financial institutions, especially given the challenging financing conditions Sofomes have faced in recent years. Nevertheless, the Sofipo sector remains well-capitalized, with a capitalization index (NICAP) of 197.4% as of April 2025. The case of CAME is viewed as a governance issue rather than a flaw in the Sofipo model, yet it still risks tarnishing sector-wide reputation.
El Financiero, 19/06/25, Ana Martínez: Will the CAME Case Affect Trust in the Popular Savings and Credit Sector?: Says Moody’s.
Users Prioritize Bank Security Over Fintech Flexibility in Mexico
A study by Dailymotion reveals that 59% of Mexican users still prefer traditional banking services over fintech solutions (39%), largely due to trust and security concerns. The report, based on responses from users across France, Italy, Spain, the UK, US, Brazil, and Mexico, shows that 41% of respondents prioritize security, followed by 27% focused on benefits, and 19% on flexibility. In Mexico specifically, 31% of users favor deposit and savings services, while 25% prefer wealth management tools. Those choosing banks value reliability and debt management, whereas fintech users are drawn to innovation, accessibility, and digital interfaces. Dailymotion’s Latin America Director, Lara Krumholz, notes that while banks remain dominant, fintechs are rapidly gaining ground depending on user profiles.
El Economista, 19/06/25, Sebastián Estrada: Users prefer bank security over fintech flexibility.
Additional reading…
- Openbank reaches 110K clients in Mexico and captures MXN $1.33bn in less than 4 months.
- Rappi urges delivery partners to continue dialogue with authorities.
- Lounn raises US$ 1 mn in pre-seed round to transform SME lending in Mexico.
- Bitso launches SPEI transfers for enterprises.
- CNBV approves Finco Pay’s IFPE license.
LatAm FinTech News
Mercado Pago Launches ‘Point Tap’ in Argentina to Turn Phones into Contactless Payment Terminal
Mercado Pago unveiled Point Tap, a solution that enables merchants and freelancers in Argentina to accept contactless payments directly via Android smartphones with NFC, eliminating the need for physical point-of-sale terminals. Transactions are deposited instantly into users’ business accounts, with the option to generate yield. Alejandro Melhem, SVP at Mercado Pago, emphasized that Point Tap builds on the success of QR payments and reinforces the company’s commitment to offering integrated tools for entrepreneurs and SMEs.
Latam Fintech Hub, 21/06/25, Mobile Time: Mercado Pago launches ‘Point Tap’ in Argentina to turn phones into contactless payment terminals.
Global FinTech News
StableCoin legislation passes Senate hurdle, JPM & Coinbase launch
The U.S. Senate passed the GENIUS Act in a 68-30 vote, establishing the first federal regulatory framework for USD stablecoin issuers. The bill mandates full reserve backing, monthly audits, and clear issuer categories, aiming to enhance transparency and consumer protection. Now headed to the House, this landmark legislation marks a major step toward stablecoin oversight amid growing market expansion. Stablecoins, if widely adopted and properly regulated, have the potential to disrupt local and cross-border payments business models. One weakness of the proposed legislation is that stablecoins will not be able to offer interest to end users. Meanwhile, JPMorgan launched a pilot for its dollar-denominated deposit token, JPMD, on Coinbase’s Base blockchain. These tokens, issued from JPMorgan’s digital wallet, will function as digital deposits that clients can transact with, earn interest on, and have insured. JPMorgan sees JPMD as superior to stablecoins because they can pay interest and offer deposit insurance. Meanwhile Coinbase Payments offered a new stablecoin payment platform designed for e-commerce, enabling merchants to accept USDC instantly with faster settlement, lower fees, and global reach. (Shopify and JD.com also joined the stablecoin bandwagon this week.)
The New York Times, 17/06/25, Robert Jimison: Senate Passes Cryptocurrency Bill, Handing Industry a Victory | Bloomberg, 17/06/25, Anna Irrera and Olga Kharif: JPMorgan to Pilot Deposit Token JPMD on Coinbase-Linked Blockchain | Coinbase, 18/06/25, Justin Gainsley: Powering the future of ecommerce: Introducing Coinbase Payments.
Ramp Reportedly Raising $200M at $16B Valuation
Expense management startup Ramp is reportedly in talks to raise $200 million in new funding, which would boost its valuation to approximately $16 billion. Founders Fund is expected to lead the round, with participation from existing investors including Sands Capital and Khosla Ventures. Ramp, founded in 2019 and based in New York, has expanded beyond corporate cards into travel, bill pay, and treasury products. As of January 2025, the company surpassed $700 million in annualized revenue. The firm has raised $1.2 billion in equity and secured $700 million in debt to date.
TechCrunch, 16/06/25, Mary Ann Azevedo: Ramp reportedly raising $200M at $16B valuation
Juniper Square Reaches $1.1B Valuation with $130M Series D for AI Development
San Francisco-based fintech Juniper Square raised $130 million in a Series D round led by Ribbit Capital, bringing its valuation to $1.1 billion. Founded in 2014, the firm provides fund administration, investor reporting, and fundraising software for private markets. The new capital will fuel the development of JunieAI, an enterprise-grade agentic AI platform tailored for private market general partners.
FinTech Futures, 18/06/25, Cameron Emanuel-Burns: Juniper Square hits $1.1bn valuation with $130m Series D
Additional reading…
- European leaders worry they’re too reliant on U.S. tech.
- Highnote and BVNK Join Forces to Make Instant Program Fund Transfers Using Stablecoins.
- UBS invests in UK fintech Icon Solutions to shape the future of payments technology.
- Salmon raises $88M to expand in the Philippines.
Download PDF: MI-MexicoFintechChatter-062325