Mexico FinTech News
Changes at the Top of LatAm Fintech, in Opposite Directions: MELI’s Marcos Galperin to Become Executive Chairman, while Nu’s David Vélez Assumes COO’s Responsibilities
On May 21, 53 year old Marcos Galperin announced he would step down as CEO of MercadoLibre, the company he founded and has led for 26 years, becoming Executive Chairman, effective January 1. For Mr. Galperin, the move could be accurately described as textbook best practice in corporate governance: a long-time CEO handing day-to-day operations to a trusted lieutenant (43 year old President of Commerce, Ariel Szarfsztejn); but also as every entrepreneur’s fairy tale, stepping back after transforming an idea from business school into the most valuable company in Latin America, with the stock at record highs.
As luck would have it, Nubank, the other Latam fintech giant, also made changes to its senior management team last week, but in the opposite direction: President and COO Youssef Lahrech will step down on June 30, 2025, with CEO David Vélez taking over his responsibilities. While Mr. Lahrech will remain as an advisor to the board, the filing announcing his departure didn’t mince words: his exit was described as an “adjustment […] to continue to streamline efficiency and speed of operations”.
Over the years, we’ve heard from many traditional bank executives across LatAm regarding the challenges of running a multi-country operation: local regulations and consumer habits are just too disparate to be run effectively from one single place. Nu is a disruptor that has proven traditional bank executives wrong many times, but perhaps these latest management changes suggest a change from a multi-country to a more country-focused business model.
If so, expect some reinforcements at the country level, especially with the operating bank license and new products expected in Mexico in the not too distant future. (Nu Mexico received last week official authorization from Mexico’s banking regulator CNBV to operate as a bank.) Outsiders have found it peculiar for example that Nu has a fast growing high-end deposit client-base in Mexico, but so far no premium credit card offering for the same audience (similar to Ultravioleta in Brazil). Additional resources in Mexico may help address that.
MercadoLibre, 21/05/25: CEO Transition: A Letter from Marcos Galperin to Mercado Libre Employees | Nubank, 20/05/25: Notice to the Market
Condusef Loan Figures: Steady Growth for Nubank in April; NPLs rise at Klar and Stori
Preliminary loan portfolio figures from financial consumer watchdog Condusef showed Nubank’s portfolio continued to expand in April, up 3.4% MoM after rising 5.0% in March. The NPL ratio remained stable at 7.4%, though without write-off data, it’s not possible to say much. On the other hand, Klar and Stori both saw modest growth in performing loans, but faster expansion in the non-performing portfolio: up 13.1% MoM at Klar, and 8.0% at Stori. Again, without write-off data, it’s difficult to read too much into this, but it may be a consequence of the rapid 2024 growth in the credit portfolio catching up with them.
Source: Miranda Partners, Condusef. Figures in MXN mn.
Nu slashes deposit yields in an effort to stem losses, reflect lower reference rate
In line with Banxico’s easing cycle, but also likely reflecting the widening gap between its deposits (MXN 109.7 billion), and its loan portfolio (MXN 20.5 billion) as of 1Q25, starting June 20, 2025, Nubank Mexico has notified clients it may reduce the guaranteed annual interest rate on its main debit account from 9% to 7%. While the Turbo rate remains at 15% annually, it only applies to the first 25,000 pesos. Other savings tiers remain unchanged until July 9: up to 12% on fixed-term options. After that, Nubank may revise all rates. With Stori and Klar maintaining higher rates, mostly for time deposits, it will be interesting to see if the reductions stem Nu’s impressive deposit growth. Also, when Nu finally becomes an operating bank as opposed to a SOFIPO, clients with less than MXN 206,000 of savings will get a nasty surprise: deposits will have income tax withheld, generally 0.5% of the total deposit amount, reducing net yield from 7% to 6.5% in this case.
Expansión, 20/05/25, Rafael Staff: Nu Makes Changes to Conditions
Investments in Latin American startups up 26% in 2024, to rise again in 2025, study says
Capital raised for startups in Latin America grew 26% in 2024 from 2023, more than in Europe, which was up 7%, and Southeast Asia, which shrank 34%, according to a study from Mexican entrepreneurship network Endeavor and private equity firm Glisco Partners. Financial technology firms remained the sector with the highest volume of investment in Mexico, with property technology startups and software companies growing at the fastest rates, according to the report.
Reuters, 20/05/25, Rafael Escalera: Investments in Latin American startups up 26% in 2024, to rise again in 2025, study says
Interview; RappiCard Sale to Banorte Marked as Win-Win Deal
The sale of RappiCard, Rappi’s fintech business in Mexico, to Banorte was described as a win-win by Rappi CEO Simón Borrero. Although Rappi no longer holds equity in the venture, it remains commercially involved and continues to receive commissions, keeping the company incentivized to support RappiCard’s growth within its platform. Banorte acquired the remaining 44.28% stake for US a lowball $50mn on April 15, 2025, taking full ownership. The agreement includes a 15-year commercialization deal granting Banorte exclusive rights to offer financial products through the Rappi app.
Bloomberg Línea, 20/05/25, Staff: RappiCard sale to Banorte marked as win-win deal
Bitso Launches Hackathon to Boost MXNB Payment Adoption
Bitso has launched a hackathon aimed at promoting the use of its stablecoin MXNB for payments in Mexico. The initiative invites developers to create solutions that integrate MXNB into everyday transactions, such as point-of-sale systems and digital commerce. The hackathon is part of Bitso’s strategy to expand real-world applications for its peso-pegged stablecoin, which is backed 1:1 with Mexican pesos held in reserve.
El Economista, 20/05/25, Edgar Juárez: Bitso launches hackathon to boost MXNB payment adoption
Mexican Fintech Blooms Raises US $2.6mn
Blooms, a Mexican fintech that offers AI-powered financing, FX, and payment solutions for Latin American exporters of fruits and vegetables to the U.S. and Canada, has raised US $2.6mn to accelerate its growth. The round was led by Brazilian fund SP Ventures and included participation from Angel Ventures, The Yield Lab Latam, Eqwow Ventures, Glocal Managers, Mercy Corps Ventures, and other investors.
El Economista, 20/05/25, Staff: Mexican fintech Blooms raises US $2.6mn
Remittances and stable coins
The GENIUS Act, passed in a key U.S. Senate vote on May 20, 2025, is poised to become the first federal law regulating stablecoins. It mandates that only licensed U.S. banks and fintechs issue stablecoins fully backed by liquid reserves, with strict AML/KYC rules and transparency requirements. As the U.S. sets the global standard, BGBG law firm argues Mexico must take note. With over $60 billion in annual remittances and rising fintech adoption, U.S. regulation will impact local players. Without a clear framework, Mexico risks losing innovation and market share. Banxico and CNBV must act now—or risk falling behind a digitizing financial ecosystem.
BGBG, 22/05/25, Javier Pérez Moreno: The GENIUS Act: A U.S. Blueprint for Stablecoin Regulation—Lessons for Mexico
Additional reading…
- Konfío receives Better Tech 2025 award from LAVCA
- Ohana recognized at Dubai FinTech Summit for migrant inclusion solution
- 40% of Mexican SMEs have yet to digitalize, says Kueski
- SAT enables tax payments via Mercado Pago on mobile devices
LatAm FinTech News
Blips Raises US $8.8mn in a Round Led by Headline
Brazilian fintech Blips raised US $8.8mn in a round led by Headline, with participation from XP. The company uses proprietary technology to offer equipment financing and rentals to micro and small businesses in sectors such as beauty, construction, and food. With an approval rate above 60% and a default rate of just 0.4%, Blips plans to use the funds to obtain a Sociedade de Crédito Direto license and expand its product offering.
LatamList, 21/05/25, Staff: Blips raises US $8.8mn in a round led by Headline
SumUp Raises US $60mn Through Fifth FIDC to Expand Services in Brazil
UK-based fintech SumUp has raised US $60mn through a Credit Rights Investment Fund (FIDC), its fifth such fundraising in four years. The round was structured by Itaú BBA (lead coordinator), Genial Gestão (fund manager), and Banco Genial (administrator). SumUp provides micro and small businesses with payment processing, digital banking, and point-of-sale tools, and operates in over 36 countries, including Brazil since 2013. The funds will be used to expand its early payment services, enabling entrepreneurs to receive advance payments on installment sales and improve cash flow.
LatamList, 23/05/25, Staff: SumUp raises US $60mn
Additional reading…
Global FinTech News
Openbank Inaugurates Its First U.S. Office in Miami
Openbank, the digital bank of Grupo Santander, has inaugurated its first office in the United States, located in Miami. The move is part of its international expansion strategy and aims to serve as a base for future operations in the country. The new office will focus on developing investment and savings products tailored to U.S. clients, leveraging Openbank’s technology and experience in digital financial services.
Santander, 23/05/25, Staff: Openbank inaugurates its first U.S. office in Miami
Acrisure Secures US $2.1bn in Funding Round Led by Bain Capital
Acrisure has raised US $2.1bn through the issuance of new convertible senior preferred stock in a round led by Bain Capital. The capital will be used to refinance existing non-convertible preferred stock, pursue strategic M&A, and accelerate its transformation into a tech-enabled financial services platform. Investors include Bain Capital Special Situations, Fidelity, Apollo Funds, Gallatin Point, BDT & MSD Partners, and others. Acrisure’s valuation now stands at US $32bn—up nearly 40% from its last raise.
Fintech Finance News, 23/05/25, Staff: Acrisure secures US $2.1bn in funding round led by Bain Capital
Airwallex Raises US $300mn at US $6.2bn Valuation
Airwallex, a global business payments platform, has raised US $300mn in total financing. The round includes US $150mn in Series F funding and another US $150mn allocated for secondary share purchases. The San Francisco–based fintech, originally founded in Melbourne in 2015, now holds a valuation of US $6.2bn.
Crunchbase News, 22/05/25, Staff: Airwallex raises US $300mn at US $6.2bn valuation
Slash Raises US $41mn at US $370mn Valuation
Slash, a San Francisco-based banking platform for online businesses, has raised US $41mn in a Series B round. The company offers checking accounts and payment cards tailored to digital entrepreneurs. The funding was led by Goodwater Capital, with participation from Menlo Ventures and NEA, bringing the company’s valuation to US $370mn. Slash was founded five years ago.
Crunchbase News, 22/05/25, Staff: Slash raises US $41mn at US $370mn valuation
Additional Reading…
- U.S. government helped create 24 venture unicorns, study finds
- Keep raises US $76mn to transform small business banking in Canada
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