Miranda’s Weekly Mex FinTech Monitor
October 23, 2023
Mexico FinTech News
Nu México initiates process to become a formal bank
After operating as a Sofipo for nearly a year, following the acquisition of Akala, Nu México has initiated a regulatory process with the National Banking and Securities Commission (CNBV) to become a formal banking institution in Mexico. Nu México’s decision to seek transformation into a full-fledged bank indicates a strategic shift towards providing a wider range of financial products and services to its customers. This development highlights the company’s determination to solidify its presence in the Mexican financial sector and align itself with regulatory requirements.
Bloomberg, 10/19/2023, Michelle del Campo:Nu México inicia trámite ante la CNBV para convertirse en banco
Airwallex expands its presence in LatAm through acquisition of MexPago
In a significant strategic development, global FinTech firm Airwallex has made its entry into the Latin American market through the acquisition of IFPE MexPago, a prominent payment solutions provider operating in Mexico. Airwallex, which provides payments, embedded finance, and treasury and spend management solutions, was founded in 2015 in Australia and has quickly grown internationally. This move emphasizes Airwallex’s commitment to expanding its Latin American presence, where it has grown revenues 460% YoY. The acquisition will combine Airwallex’s cutting-edge technology with MexPago’s deep understanding of the local financial landscape, which has the potential to revolutionize cross-border payment solutions. The deal is still subject to regulatory approvals.
FinTech Futures, 10/19/2023, Paul Hindle: Airwallex enters Latin America with MexPago acquisition
CNBC, 10/19/23, Ryan Browne: As U.S.-China tensions rumble on, fintech unicorn Airwallex pushes into Latin America with Mexico deal
Miranda Partners and AMG Block Ventures launches Miranda Ventures
This week, Miranda Partners and AMG Block Ventures announced a new VC fund that will provide consultancy services in the areas of media and PR, ESG, strategy, investor relations, and marketing, to early-stage FinTechs in exchange for equity.
Contxto, 10/19/2023, Ayax Bellido: Miranda Partners and AMG Block Ventures launch venture capital fund for Mexican startups
Other news
El Economista, 10/18/2023, Sebastián Estrada: Stori lanza nuevos productos de ahorro tras compra de Sofipo
Contxto, 10/16/2023, Ayax Bellido: La fintech mexicana Baubap planea alcanzar 6 milones de usuarios y lanzar productos de ahorro en 2025
ContraRéplica, 19/10/2023, RedFinancieraMX: Aumenta a33% el fraude en el sector fintech de México
LatAm FinTech News
Cencosud launches CencoPay in Argentina to add FinTech services to its operations
Cencosud, a major retail player, has introduced CencoPay in Argentina, a move aimed at incorporating FinTech services into its operations. This development reflects the increasing demand for digital payment alternatives in the region. With CencoPay, customers can access a wide array of FinTech services, aligning with the growing trend of digital payments and financial solutions. Cencosud’s strategic decision to embrace FinTech offerings signifies its commitment to adapting to the evolving landscape of consumer preferences and technology. This move is expected to enhance the convenience and accessibility of financial services for customers while fostering innovation within the retail sector.
Tekios, 10/16/2023, Staff: Cencosud lanza en Argentina CencoPay para agregar servicios fintech a sus operaciones
Other news
Tekios, 10/18/2023, Staff: Startup chilena Wareclouds capta US$2 millones para crecer en Chile y Brasil, y llegar a México
Global FinTech News
British lending technology company Uncapped secures a £200 million debt facility
UK-based lending technology firm Uncapped has secured a substantial £200 million debt facility, marking a pivotal step in its strategic plan for international expansion. With this significant financial backing, Uncapped is set to strengthen its position in the FinTech sector on a global scale. This debt facility not only enhances Uncapped’s ability to empower emerging businesses with revenue-based financing, but also highlights the growing demand for innovative financing solutions in the FinTech ecosystem. The company’s international expansion reflects its commitment to supporting entrepreneurship and growth on a broader scale, further solidifying its presence in the industry.
Tech Funding News, 10/19/2023, Abhinaya Prabhu: London’s Uncapped closes £200M debt financing to provide up to £10M for online businesses
Tribal increases its debt facility to $150 million in collaboration with Partners for Growth
Tribal, a corporate card and expense management platform, announced it is expanding its debt facility to $150 million, in cooperation with Partners for Growth. This strategic move is aimed at fortifying the company’s financial foundation and enhancing its growth prospects in the ever-evolving FinTech landscape. The funding will specifically help strengthen the company’s presence in Saudi Arabia and fuel its growth plans in Mexico and Latin America.
FIBS Intelligence, 10/17/2023, Delisha Fernandes: Tribal upsizes debt facility to $150m with Partners for Growth
Other news
Fintech Futures, 10/20/2023, Shruti Khainar: Citi taps Navan to launch travel and expense system for commercial clients
Fintech Futures, 10/20/2023, Tyler Pathe: ECB’s digital euro project to enter preparation phase from next month
Finextra, 10/16/2023, Staff: Binance stops accepting new UK customers