Mexico FinTech News
FinTech Mexico and ABM clash over the RedM initiative
FinTech Mexico has urged a reconsideration of the RedM initiative, citing that it preserves significant barriers for FinTech companies and hinders innovation. The organization emphasizes the need for a regulatory framework that supports technological advancements and ensures fair competition with traditional banks, ultimately benefiting consumers with better services and lower costs. RedM seeks to be the sole intermediary among participants in the debit and credit card payment ecosystem, setting rules on aspects such as interchange fees, discount rates, and the Domestic Interchange Agreement. Currently, the responsibilities of the existing network (Red MX) are spread across various layers, including ABM committees and direct agreements, complicating coordination and decision-making. FinTech Mexico is concerned that RedM will entrench the market power of current incumbents and lockout low-cost, innovative FinTech disruptors to the detriment of customers.
El Economista, 07/16/2024, Sebastián Estrada: FinTech México pide replantear iniciativa de RedM, al mantener barreras
OCN receives $86mn in debt and capital
Mexican fintech OCN raised $86 million in a Series A round led by Caravela Capital, Collide Capital, and Great North Ventures, with i80 Group leading the debt portion. The funds will support technological infrastructure expansion and executive hiring. OCN, offering car rentals to gig workers in Mexico and the U.S., plans to enter Brazil by 2025. Despite a slower venture capital environment in Latin America, OCN has maintained profitability since its 2022 launch and aims for strategic, efficient growth without continuous capital raising
Fintech mexicana OCN recauda US$86 millones en ronda liderada por Caravela (bloomberglinea.com)
BBVA Mexico & OXXO Roll Out Contactless Payments at 22,000 POS
BBVA Mexico and OXXO are launching contactless payments at 22,000 point-of-sale terminals across Mexico, with over 45,000 NFC devices installed. Customers can use mobile devices, wearables, or contactless-enabled debit and credit cards for transactions up to MX$1,000 (US$55) without a PIN. This move, part of BBVA’s broader digital strategy, aims to enhance financial inclusion and transaction efficiency. By mid-2024, all BBVA POS terminals will support contactless payments, and by the end of 2025, all BBVA cards will have this capability.
Mexico Business News, 07/18/2024, Staff: BBVA Mexico, OXXO Roll Out Contactless Payments at 22,000 POS
Other news
El Economista, 07/14/2024, Edgar Juárez: Bancos tradicionales han acelerado transformación digital ante FinTech
FinTech México, 07/17/2024, Staff: Inswitch se convierte en el proveedor oficial de n1co, FinTech que transforma los pagos digitales en América Latina con tarjetas VISA
LatAm FinTech News
Pagbrsil offers Pix for payments in Europe
PagBrasil has recently announced a strategic partnership aimed at facilitating PIX payments in Europe in a pilot program aimed at Brazilian tourists in Europe. This expansion was made possible through a strategic collaboration between PagBrasil and with Wipay and Paybyrd, that manage financial operations in Europe.
Seu Crédito Digital, 07/17/2924, Djamilla Ribeiro: FinTech fecha parceria para pagamentos com Pix na Europa
Chile regulates Open Finance
Chile has recently released regulatory guidelines to govern Open Finance. This framework aims to enhance competition, innovation, and consumer choice by allowing secure data sharing among financial institutions, FinTechs, and other authorized entities. The initiative is expected to foster a more inclusive and dynamic financial ecosystem in Chile, aligning with global trends towards open banking and digital financial services.
Latam FinTech Hub, 07/15/2024, Staff: Chile publica normativa que regula el Open Finance
Other news
Gaming Intelligence, 07/18/2024, Staff Prontopaga Lanza Una Nueva Solución De Pagos Instantáneos En Perú
Crypto ID, 07/17/2024, Staff: Vivo advances its role as a FinTech and announces new credit services
Global FinTech News
US FinTech Aven’s valuation tops $1bn with latest $142m Series D capital raise
Avens, a FinTech company headquartered in the United States, has recently surpassed a valuation milestone, reaching over $1 billion following a successful Series D funding round. The company secured $142 million in this latest round. The capital infusion from the Series D funding is expected to further bolster Avens’ expansion efforts, potentially enhancing its product offerings and market presence.
FinTech Futures, 06/18/2024, Tyler Pathe: US FinTech Aven’s valuation tops $1bn with latest $142m Series D capital raise
Sequoia Capital reportedly offers Stripe investors share deal as FinTech valuation tops $70bn
Sequoia Capital has reportedly extended a unique share deal proposal to investors of Stripe, as the FinTech company’s valuation recently soared past $70 billion. The offer signals Sequoia Capital’s confidence in Stripe’s continued growth trajectory and its commitment to fostering strong investor relations amidst the FinTech giant’s ongoing success in the global financial technology landscape.
FinTech Futures, 16/26/2024, Tyler Pathe: Sequoia Capital reportedly offers Stripe investors share deal as FinTech valuation tops $70bn
Other news
FinTech Futures, 07/16/2024, Tyler Pathe: FCA announces “biggest changes” to the UK’s listing regime “in over three decades”
FinTech Global, 07/19/2024, Staff: Two companies reach unicorn status in this week’s FinTech funding rounds
State of Fintech Q2’24 Report – CB Insights Research