July 8, 2024
Mexico FinTech News
Mercado Pago raises savings yield to a maximum of 15% (up to MXP23,000)
Mercado Pago, in collaboration with Grupo Bursátil Mexicano (GBM), has raised its annual yield rate to as much as 15% for up to MXP23,000, from the previous 10.4% by offering an incentive on top of the near CETES yield offered by GBM. As IFPEs are not allowed to offer yields on accounts, Mercado Pago has presumably bypassed this by cleverly paying GBM the premium which in turn pays the customer the extra yield. The fintech plans to apply for a banking license soon and highlights the significant increase in investment amounts over the past year. The new yield rate will be in effect until December 31. This latest move will put additional upward pressure on the yields and downward pressure on the profitability of other FInTechs and SOFIPOs in Mexico.
Términos y Condiciones “Beneficio Mercado Pago”
Guerra de tasas: Mercado Pago aumenta su tasa al 15% (eleconomista.com.mx)
La Capital | Mercado Pago Aumenta Al 15 La Tasa
Stori will invest $381 million over the next two years to expand its financial services offering in Mexico
Stori, a SOFIPO FinTech offering credit cards and savings accounts mainly to the underbanked, will invest 7 billion pesos over two years to expand financial services in underserved areas of Mexico. This includes improving digital infrastructure, boosting financial education, and enhancing accessibility to financial products.
Latam FinTech Hub, 07/02/2024, Staff: Unicornio Stori invertirá US$381M durante los próximos dos años para expandir su oferta de servicios financieros en México
FinTech Yuhu has begun the process with the CNBV to obtain authorization to become a Sofipo
Yuhu, a Mexican FinTech, has started the process with CNBV to obtain authorization to become a Sofipo. This transition aims to expand its financial services offerings in Mexico, potentially enabling Yuhu to offer a broader range of financial products and services under regulatory oversight.
Latam FinTech Hub, 07/02/2024, Staff: FinTech mexicana Yuhu ha iniciado el proceso en la CNBV para la obtención de la autorización para convertirse en Sofipo
Other news
Latam FinTech Hub, 07/02/2024, Staff: FinTech mexicana Colors recauda US$1.2M y se asocia con VISA y Círculo de Crédito para ofrecer servicios financieros a la comunidad LGTBIQ+
Expansión, 07/02/2024, Luz Elena Marcos Mendez: Más fila en las tortillas: habilitan pagos con tarjeta y pagos de servicios
LatAm FinTech News
FinTech for SMEs Cora has received authorization from the Central Bank to operate as a financial institution in Brazil
The Brazilian FinTech Cora, which focuses on providing financial services to small and medium-sized enterprises (SMEs), has received authorization from the Central Bank of Brazil to operate as a financial institution. This approval allows Cora to expand its range of services and provide more comprehensive financial solutions to its customers.
Latam FinTech Hub, 07/03/2024, Staff: FinTech para Pymes Cora recibió la autorización del Banco Central para operar como financiera en Brasil
The Central Bank of Brazil (BC) and the National Monetary Council (CMN) have approved new Open Finance rules that will enable contactless PIX payments
The Central Bank and the National Monetary Council have decided to implement new rules for Open Finance with three main objectives: simplify payments initiated through Pix, expand the number of participating institutions, and establish a definitive governance structure. The changes include reducing steps in online payments, enabling the use of Pix in digital wallets for contactless payments, and involving new types of financial institutions, such as those in investment and foreign exchange. Banco Central Do Brasil, 07/04/2024, Staff: BC e CMN aprovam novas regras do Open Finance que viabilizarão o PIX por aproximação
Other news
Latam FinTech Hub, 07/03/2024, Staff: FinTech RapiCredit recibe US$4.2K del Fondo Nacional de Garantías para ampliar el alcance de sus servicios en Colombia
Global FinTech News
BlackRock to acquire private markets data provider Preqin for $3.2bn
BlackRock will acquire Preqin, a private markets data provider, for $3.2 billion in cash. This acquisition aims to integrate Preqin’s extensive data with BlackRock’s Aladdin platform, enhancing its private markets capabilities. The deal is expected to close by the end of 2024, pending regulatory approvals.
FinTech Futures, 07/01/2024, Tyler Pathe: BlackRock to acquire private markets data provider Preqin for $3.2bn
Revolut announces record $545m profit for 2023
Revolut has reported a record profit of $545 million for the year 2023, marking its first annual profit. This significant achievement is attributed to strong revenue growth across various segments, including crypto trading and foreign exchange services. The financial technology company’s revenue surged by 110%, reaching $1.8 billion, driven by increased customer activity and product adoption. This milestone highlights Revolut’s successful expansion and operational efficiency, positioning it as a leading player in the FinTech industry.
FinTech Futures, 07/02/2024, Cameron Emanuel-Burns: Revolut announces record $545m profit for 2023
EPI launches digital wallet solution Wero in Germany
The European Payments Initiative (EPI) has launched “Wero,” a digital wallet solution in Germany. Wero supports both online and in-store transactions and aims to unify various financial services, such as payment methods and loyalty programs, under one platform. This launch is part of EPI’s strategy to enhance the digital payment landscape in Europe and compete with global players.
FinTech Futures, 07/03/2024, Tyler Pathe: EPI launches digital wallet solution Wero in Germany
Other news
FinTech Futures, 07/03/2024, Tyler Pathe: BIS readies for live implementation of Project Nexus in Asia
FinTech Futures, 07/04/2024, Tyler Pathe: Dutch insurer Nationale-Nederlanden to launch digital payment accounts in 2025