Mexico FinTech News
Mexican Neobank Plata Becomes Unicorn with US$1.5 bn Valuation
Having recently secured its bank license, Mexican fintech Plata announced it had became a unicorn last week, after raising US$160 mn in a Series A round, reaching a US$1.5 bn valuation. (Details of the raising and whether as purportedly with Clip’s latest round, there was a coupon and convertible element to reach this elevated valuation, were not revealed.) The investment was led by Kora, with participation from Moore Strategic Ventures LLC and other U.S. and European investors. Plata, which started operations in 2023, has now surpassed one million customers. Plata was founded by Baring Ventures, the fund behind Tinkoff Bank in Russia and Kaspi.kz in Kazakhstan, two of the most successful FinTechs of all time, and lead by former Tinkov executives. Its credit cards tend to focus on higher income segments than Nu’s, and thus higher balances, more similar to Banorte’s consolidated RappiCard, which is also now doing well after a challenging start. Could it be that Nu, whose credit segment in Mexico appears to be struggling, made a mistake on focusing its credit card on lower-end consumers?
El Economista, 03/11/25, Sebastián Estrada: “Mexican Neobank Plata Becomes Unicorn with US$1.5 bn Valuation” Other sources: Bloomberg. Expansion, Reforma
Sofipos Reach 15 mn Savers in Mexico as High Interest Rates Attract Clients
Sofipos in Mexico reached a record 15.4 mn savers by the end of 2024, fueled by Nu, Klar and other’s high-interest rates that made them an attractive alternative to traditional banks. According to CNBV data, this marks an increase of 6.4 million savers compared to 2023 and nearly 10 mn more than in 2022. Nu México emerged as the leading Sofipo, surpassing 5.6 mn savers and over 10 mn total customers, reinforcing its ambition to transition into a full Mexican bank. Sofipos, or Sociedad Financiera Popular (Popular Financial Institution) are primarily focused on lower-income segments of the population. While they are allowed to take deposits from the general public, they cannot offer certain other products, such as payroll accounts (and payroll loans), which currently can only be offered by banks.
El Universal, 03/11/25, Antonio Hernández: “Sofipos Reach 15 Million Savers in Mexico as High Interest Rates Attract Clients”
JP Morgan and Kushki Partner to Transform Digital Transfers in Latin America
JP Morgan Payments and Kushki, a Latin American payment technology company, have formed a strategic alliance to enhance digital payment solutions across the region, starting with Mexico and Colombia. This collaboration aims to streamline payment operations and improve the overall experience for both e-commerce and card-present transactions, offering an end-to-end solution in multiple Latin American markets. By joining JP Morgan’s global fintech network, which includes over 100 partners, Kushki seeks to meet the growing demand for efficient payment solutions among large corporations in Latin America.
El Cronista, 03/12/25, Staff: “JP Morgan and Kushki Partner to Transform Digital Transfers in Latin America”
Cryptocurrency Adoption in Mexico Grows 13%; Bitso Reaches 4.4M Users in 2024
The number of cryptocurrency users in Mexico grew 13% in 2024, with Bitso reporting 4.4 mn users, making it the best-performing market in Latin America. In comparison, Argentina saw an 11% increase, while Colombia and Brazil grew by 6% each. The surge was driven by the Bitcoin boom, influenced by the U.S. elections and regulatory expectations. According to Alejandro Juraidini, Director of Institutional Relations at Bitso, users are also diversifying their holdings beyond Bitcoin and Ethereum, with stablecoins, memecoins, and alternative tokens gaining traction. 41% of Mexican Bitso users now hold at least three different assets, making Mexico the most diversified crypto market in the region.
El Universal, 03/12/25, Antonio Hernández: “Cryptocurrency Adoption in Mexico Grows 13%; Bitso Reaches 4.4 mn Users in 2024”
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LatAm FinTech News
Brazilian government mulls fintech reporting rules amid money laundering concerns
Amid concerns that lesser-known payment institutions are being used for money laundering, the Brazilian government might reconsider reporting rules for fintech companies, aligning them with banks. It shelved similar plans last year following a strong public backlash.
Reuters, 03/11/25, Marcela Ayres: “Brazil eyes revisiting fintech reporting rules amid money laundering concerns”
Nubank sees executives departures
Jag Duggal, chief product officer at Nu Holdings, will step down in early April to attend to personal matters, staying on as an adviser. Mr Duggal has been with the company since January 2020. It’s the second planned departure this month for key Nu executives, with investor relations officer Jorg Friedemann also preparing to leave for another opportunity.
Bloomberg, 03/17/25, Daniel Cancel and Leda Alvim: “Nu Chief Product Officer Jag Duggal to Step Down in Early April”
Neobank Inter expands to Argentina
Brazilian neobank Inter & Co. will expand into Argentina, its first foray in Spanish-speaking LatAm. The company will partner with investment platform Grupo Bind to offer its global account, giving Argentines the ability to invest abroad, hold international credit cards and receive salaries paid outside the country for digital nomads. Inter has more than 36 million clients, about 4 million of those in the Global Account. After starting in Brazil it expanded to the US with a focus on the market in Florida where many Brazilians either reside or visit on holidays.
Bloomberg, 03/11/25, Daniel Cancel: “Brazilian Digital Bank Inter Expands Global Account to Argentina”
dLocal and Coda Partner to Boost Gaming Payments in Emerging Markets
Fintech dLocal has teamed up with Coda, a global leader in out-of-app monetization and commerce solutions, to expand local payment options for gaming publishers in high-growth regions. This collaboration enhances Coda’s access to alternative payment methods (APMs), opening new revenue channels as demand for gaming surges. The Latin American gaming market is projected to reach $16.1 billion by 2030, while Africa generated $1.8 billion in FY24, according to Grand View Research. With dLocal’s presence in 11 emerging markets, this partnership strengthens Coda’s ability to support gaming transactions across multiple regions, including Brazil.
Press release, 03/12/25: “dLocal and Coda announce global strategic partnership to expand gaming payment streams in emerging markets”
Nubank Launches Free Instant Transfers in Colombia
Nubank Colombia has partnered with Redeban to offer free, real-time transfers to and from major Colombian financial institutions. Users can register a Nu Key using their phone number, email, or national ID for simplified payments, eliminating the need for lengthy account numbers. The service is rolling out gradually in March 2025 via the Nu app, ahead of Colombia’s Bre-B, a real-time payment system launching in September 2025. Nubank, which entered Colombia in 2020, now has 2.5 mn users in the country.
LatamList, 03/12/25, Hellen Villena: “Nubank Launches Free Instant Transfers in Colombia”
Pomelo and Lemon Launch Lemon Card in Peru with Local Currency Payments and Bitcoin Cashback
Lemon, a leading crypto wallet from Argentina, has launched its VISA Lemon Card in Peru, powered by Pomelo, to allow users to spend in local currency and earn up to 1% cashback in Bitcoin per purchase. Following its success in Argentina—where over 1 million cards have been issued and US$2.4 mn in Bitcoin cashback was distributed in 2024—Lemon aims to reach 1.5 mn users in Peru by the end of 2025. Since launching in August 2024, Lemon has become Peru’s top crypto wallet, surpassing 400,000 verified users and capturing 33% of active monthly users.
LatamList, 03/12/25, Staff: “Pomelo and Lemon Launch Lemon Card in Peru with Local Currency Payments and Bitcoin Cashback”
Agtech Grão Direto raises R$90 million
Grão Direto, a digital grain trading platform, raised R$90 mn in an investment round led by Kaszek. The funds will be used to expand the company’s technological solutions as well as its financial products and services.
Valor, 03/10/25, Paulo Santo: “Grão Direto raises R$90m to boost digital grain trading”
Global FinTech News
Despite market volatility, BNPL giant Klarna files for US IPO
Klarna publicly filed a registration form with the U.S. SEC for an initial public offering on the New York Stock Exchange. The company disclosed that as of Dec. 31, it had 93 million active consumers and 675,000 merchants, GMV of $105 billion, revenue of $2.8 billion and net profit of $21 million. Addressing potential investors in his letter, CEO Sebastian Siemiatkowski wrote: “For those who join us, you’re not just investing in a company — you’re investing in a new era of finance.” The company is said to plan to raise at least $1 billion at a $15 billion valuation.
PYMNTS, 03/14/25, Staff: “Klarna IPO Filing Promises Investors ‘New Era of Finance’”
Binance Secures US$2 bn Investment from Abu Dhabi’s MGX
Binance, the world’s largest cryptocurrency exchange, received a US$2 bn investment from Abu Dhabi-based investment firm MGX, marking the largest single investment into a crypto company to date. The funding, which was paid in stablecoins, comes as MGX expands its investments in AI and blockchain infrastructure, including the Stargate Project, which aims to develop AI data centers and digital finance ecosystems globally.
Crunchbase News, 03/13/25, Chris Metinko: “Binance Secures US$2 bn Investment from Abu Dhabi’s MGX”
Mesh Secures US$82 mn in Series B to Build Global Crypto Payments Network
Mesh, a San Francisco-based crypto payments network, raised US$82 mn in a Series B round, bringing its total funding to over US$120 mn. The round was led by Paradigm. Mesh aims to create a global crypto payments network, enabling users to transact in cryptocurrencies while allowing merchants to settle in stablecoins like PYUSD and USDC. The funding will support the expansion of Mesh’s APIs, SmartFunding technology, and network infrastructure.
FF News, 03/13/25, Staff: “Mesh Secures US$82 mn in Series B Funding to Build First Global Crypto Payments Network”
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