Mexico FinTech News
Fintech Mexico Rejects U.S. Proposal to Tax Remittances
Fintech Mexico, an industry group representing fintech companies in the country, has strongly opposed a proposal from U.S. senators to impose a 5% tax on remittances sent to Latin America, including Mexico. The group argues the tax would be discriminatory, punitive, and counterproductive, potentially pushing senders toward informal channels and undermining financial inclusion efforts. Remittances are a crucial income source for millions of Mexican families, amounting to over US $64bn in 2024. Fintech Mexico emphasized that such measures could harm bilateral relations and the welfare of migrant communities.
El Economista, 14/05/25, Elizabeth Albarrán: Fintech Mexico rejects U.S. proposal to impose tax on remittances
Worldpay Reveals Transformation of Payment Habits in Mexico and Globally
Worldpay’s latest report highlights significant shifts in consumer payment preferences in Mexico and around the world. In Mexico, digital wallets have seen strong growth in e-commerce transactions, capturing 28% of the market, though still lagging credit cards, which account for 34%. Cash usage for e-commerce continues to decline, though it still dominates at physical points of sale.
Forbes México, 15/05/25, Staff: Worldpay reveals transformation of payment habits in Mexico and globally | Worldpay: Global Payments Report 2025
Klar to Enter SME Segment in Mexico
Klar has announced plans to expand into the small and medium-sized enterprise (SME) segment, aiming to offer credit and financial solutions tailored to business clients. The move marks a strategic shift beyond its core consumer lending services, leveraging its technology and underwriting capabilities to support underserved SMEs. Klar intends to roll out business accounts and working capital loans in the coming months, targeting high-growth companies and startups. The initiative aligns with Klar’s broader goal of becoming a full-spectrum digital bank in Mexico.
El Economista, 14/05/25, Edgar Juárez: Klar to enter SME segment in Mexico
Stori Launches Card in Partnership with the State of Mexico
Mexican fintech Stori has launched a new credit card in alliance with the government of the State of Mexico (Edomex), aimed at promoting financial inclusion for underbanked populations. The initiative is part of a broader strategy to provide accessible financial tools to residents who may lack formal credit histories. The card will offer simplified requirements and digital onboarding, targeting individuals and small business owners across the state. This partnership reflects growing collaboration between fintechs and local governments to bridge financial access gaps.
Expansión, 13/05/25, Tania M. Moreno: Stori launches card in partnership with the State of Mexico
Mexican Fintechs Aim to Match Brazil’s Market in Six Years
Mexican fintech leaders are confident that the local ecosystem can match the scale and maturity of Brazil’s fintech market within the next six years. At the Fintech Summit 2025, executives emphasized Mexico’s young, tech-savvy population, improving regulation, and expanding investment interest as key drivers of growth.
El Economista, 15/05/25, Edgar Juárez: Mexican fintechs aim to match Brazil’s market in six years
Additional reading…
LatAm FinTech News
First quarter LatAM FinTech results
Results from Nubank, PagSeguro, and dLocal showed mixed signals — with Mexico emerging as a drag in some cases. Nubank reported mixed numbers overall, as earnings missed consensus and the stock slipped as a result. Mexico continued to show deposit growth outstripping credit growth, eroding NIMs and driving widening losses. Still some analysts highlighted good credit growth in Brazil as a reason to stay optimistic. Meanwhile, Warren Buffett’s Berkshire Hathaway divested its remaining 40 million share stake in Nubank the first quarter of 2025. dLocal beat estimates but lost volume with a major Mexican client. PagSeguro disappointed: weak volumes, another TPV miss, and margin contraction amid tougher competition. Market-share fell again.
1Q25 results: Nubank | PagSeguro | dLocal
Makasi Raises US $21mn in Debt to Finance Affordable Housing in Brazil
Brazilian fintech Makasi has raised US $21mn in debt financing to support its mission of expanding access to affordable housing across the country. The funds will be used to finance low-income housing developments and provide credit solutions for underserved populations. Makasi leverages data-driven underwriting and strategic partnerships with local developers to streamline the housing process.
LatamList, 16/05/25, Sofía Garrido: Makasi raises US $21mn in debt to finance affordable housing in Brazil
Global FinTech News
US $25bn-Valued Chime Files for IPO
U.S. neobank Chime has officially filed for an initial public offering. While its S-1 form still has ‘a lot of blank spaces’, including the number of shares it intends to sell, or the price range, sources believe it could be aiming to raise $1 billion. The filing highlights Chime’s rapid growth: the company finished 2024 with $1.67 billion in revenue and $25 million in losses, compared to nearly $1.3 billion in revenue and $203 million in losses in 2023. IPO proceeds are expected to support product expansion and potential international growth.
TechCrunch, 13/05/25, Mary Ann Azevedo: $25bn-valued Chime files for IPO, reveals $33mn deal with Dallas Mavericks
Addepar Lands US $230mn Series G at US $3.25bn Valuation
Wealth management platform Addepar has raised US $230mn in a Series G funding round, bringing its valuation to US$3.25bn. The round was led by Vitruvian Partners and WestCap, with additional support from existing investors. The majority of the proceeds is earmarked to go towards a tender offer, allowing employees and investors to sell their shares. The company currently oversees more than US$7 tn in client assets.
FinTech Futures, 17/05/25, Staff: Addepar lands US $230mn Series G at US $3.25bn valuation
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Download PDF: MI-MexicoFintechChatter-051925