Mexico FinTech News
Banking-As-A-Service or Digital Commission Law Finally Published
Banking-As-A-Service or Digital Commission Law Finally PublishedMexico’s version of a Banking-As-A-Service law or Digital Commission law was finally published in the Diario Oficial. Unlike traditional agents, digital agents can be any company with a digital medium, allowing customers to access and manage their bank accounts directly within the agent’s app. So, an Uber customer or driver could open an account with a sponsored financial institution directly within the Uber mobility app, without UBER needing to be a regulated financial entity. The law permits opening Level 2 accounts (monthly deposits up to 3,000 UDIs or about 24,500 pesos) and associated transfers, granting credits up to 3,000 UDIs, payment of goods and services, and balance inquiries and transactions for products and operations contracted through the digital agent. It remains to be seen how this will work in practice, with the large four Mexican banks and regulators experts in quashing innovation aimed at boosting financial inclusion, but in theory, this could allow consumer and tech companies (Google, Meta, Apple, Coca-Cola, Amazon etc) to offer low-level banking services at a fraction of the cost of being a regulated financial entity. DOF – Diario Oficial de la Federación
Tapi raised $22 million to expand its operations in Mexico,
Argentine fintech startup Tapi raised $22 million in a Series A round led by Kaszek to expand its operations in Mexico. Tapi, which processes payments for large Latin American platforms like Mercado Pago and Lemon, expects to process $400 million in payments this year, quadrupling its activity from 2023. The funding follows an initial $9 million seed round led by Andreessen Horowitz in 2022, which also participated this time. The company anticipates Mexico to be its fastest-growing market over the next two years. Tapi, with about 70 employees mostly in Argentina, expects total payment volume to grow fivefold to 10 million transactions a month by year-end.
Bloomberg, 07/12/2024, Patrick Gillespie: Kaszek, Andreessen Back Argentina FinTech Tapi in $22 Million Round
Yuno and Openpay seal an alliance for digital payments in Mexico
Yuno, a global payment orchestration platform, has formed a strategic alliance with Openpay, BBVA’s digital payments company, to streamline online transactions for businesses in Mexico. This partnership aims to enhance the local payments ecosystem, boosting e-commerce by simplifying digital payments, optimizing transactions, and reducing costs for companies ranging from SMEs to multinationals. Yuno, which counts McDonald’s and Rappi among its clients, recently raised $25 million in a Series A funding round.
Axis Negocios, 07/09/2024, Staff: Yuno and Openpay seal an alliance for digital payments in Mexico
Kueski Recognized on CNBC World’s Top FinTech Companies 2024 List
Kueski, a leading buy now, pay later (BNPL) and online consumer lender in Latin America, has been recognized on CNBC’s World’s Top FinTech Companies 2024 list. It is the only Mexican-based company on the list, highlighting its innovation in financial services. This recognition follows Kueski’s recent partnerships, including with Amazon Mexico, and the launch of in-store Kueski Pay. Kueski has issued nearly 18 million loans across Mexico and is a top payment option for a quarter of the country’s leading e-commerce merchants.
Accesswire, 07/11/2024, Staff: Kueski Recognized on CNBC World’s Top FinTech Companies 2024 List
Latam FinTech Hub, 07/11/2024, Staff: FinTech mexicana Clara lanza herramienta IA para mejorar las finanzas de empresas
Notimérica, 07/11/2024, Staff: Empresa de salud revoluciona la radiología con IA y anuncia ronda histórica de inversión
En México STP explora el segmento minorista | IUPANA
LatAm FinTech News
Colombian paytech Lulo X launches its virtual card powered by Pomelo
Lulo X, a Colombian paytech company, has launched a virtual card powered by Pomelo. The card is linked to Lulo X’s platform for investing in USDC and allows users to make online purchases by converting their investments into pesos. Pomelo supported Lulo X by providing card issuance, transaction processing, and tokenization technology, enabling swift integration and high-quality service for their customers.
Latam FinTech Hub, 07/11/2024, Staff: Paytech Colombiana Lulo X lanza su tarjeta virtual powered by Pomelo
FinTech Minka joins Gmoney and Globokas to expand instant payments in Peru
FinTech company Minka has partnered with Gmoney and Globokas to expand instant payment services in Peru. This collaboration aims to enhance the Peruvian payments ecosystem, facilitating real-time transactions through major payment systems like Interbank Transfers (CCE), PLIN, YAPE, and BIM. The alliance supports financial inclusion and interoperability, aligning with the Central Reserve Bank of Peru’s objectives for digital payments.
Latam FinTech Hub, 07/08/2024, Staff: FinTech Minka se une a Gmoney y Globokas para expandir los pagos inmediatos en Perú
Solfácil announces new debt of R$750 million
Solfácil, a solar energy FinTech, has secured R$750 million through CRI (Real Estate Receivables Certificates) to finance approximately 22,000 solar kits. This follows a R$600 million raise in March. Solfácil finances over 20,000 integrators on its platform and offers solar project essentials.
Exame, 07/09/2024, Staff: Meses após levantar R$ 600 milhões, Solfácil anuncia nova captação no valor de R$ 750 milhões
Other news
Global FinTech News
Bain Capital to acquire US FinTech Envestnet in $4.5bn deal
Bain Capital plans to acquire US FinTech company Envestnet in a deal valued at $4.5 billion. Envestnet, which provides software for financial advisors and institutions, aims to enhance its capabilities and expand its market presence through this acquisition. The transaction is expected to close in the first half of 2024, pending regulatory approval and customary closing conditions.
FinTech Futures, 07/12/2024, Paul Hindle: Bain Capital to acquire US FinTech Envestnet in $4.5bn deal
Global FinTech investment fell by 19% in H1 2024, according to new Innovate Finance report
Global FinTech investment declined by 19% in the first half of 2024 compared to the second half of 2023, totaling $15.9 billion. The number of funding rounds also dropped from 1,661 to 1,566. The report by Innovate Finance indicates a shift towards earlier stage deals, with an average deal size of $10.2 million. The UK secured $2 billion across 183 deals, trailing the US’s $7.3 billion. Female-led FinTechs in the UK received only 7% of the total funding, a decrease from 2023.
FinTech Futures, 07/10/2024, Cameron Emanuel-Burns: Global FinTech investment fell by 19% in H1 2024, according to new Innovate Finance report
Other news
FinTech Futures, 07/10/2024, Cameron Emanuel-Burns: Canoe Intelligence bags $36m Series C led by Goldman Sachs
FinTech Futures, 07/08/2024, Cameron Emanuel-Burns: ABA head says Australia’s CDR regime “isn’t delivering for customers or enhancing competition”
Apple reaches deal with EU to open up mobile payments system to rivals (cnbc.com)