Mexico FinTech News
Cuenta Nu will cut deposit rate to 14.75% from 15% starting April 16, 2024.
Nu has announced the launch of a new preferential interest rate of 14.75% effective April 16, 2024, from 15% previously, reflecting the Bank of Mexico’s cut in the reference interest rate to 11% from 11.25%. With deposits at over US$1bn exceeding credit portfolio, Nu is losing money on its fast growing deposit base, putting pressure on it to pick up loan growth or cut the deposit rate further. Nu’s stock is on a tear (up over 40% this year, 15% since it reported 4Q) in part because of optimism over Mexico’s opportunities. This is intriguing as Nu has so far built a Mexico business based on 1) price sensitive and fragmented deposit holders 2) low credit worthy card holders, on the face of it a bad mix for shareholders (but great for customers).
Nu, 03/26/2024, Staff: Cuenta Nu ofrecerá una tasa preferencial del 14.75% a partir del 16 de abril de 2024
Rappi celebrates 10th anniversary with new investment plans
Rappi plans to invest $110 million to expand its under-10-minute delivery service, now including pharmacy items and products from McDonald’s, Starbucks, and Little Caesars. The company’s JV with Banorte has 700,000 credit card holders. As Banorte now consolidates the JV, and Rappi exited its debit card business, it would seem that Rappi is pivoting from offering FInTech services directly to charging others for customer acquisition, data and marketing services, a less capital intensive and likely more profitable model.
Milenio, 03/27/2024, Mónica Villegas: Pluxee revoluciona en México con soluciones FinTech para las empresas
El Economista, 03/25/2024, Sebastián Estrada: FinTech ayudarían a modernizar la ciberseguridad bancaria para detectar y prevenir fraudes
FinTech Expert, 03/28/2024, Staff: Clara Celebra el Futuro FinTech con $2 Mil Millones en Pagos
LatAm FinTech News
Accesstage, a B2B FinTech, has been authorized to operate as a payment institution in Brazil
Accesstage, a prominent FinTech company focusing on business-to-business (B2B) payment solutions and financial management services, has secured authorization to function as a payment institution within Brazil. As a licensed payment institution, Accesstage will be providing innovative payment solutions and comprehensive financial management services to Latam FinTech Hub, 03/26/2024, Staff: 2-year-old LatAm FinTech Yuno reaches $150M valuation with backing from DST Global Partners, Tiger, a16z
Latam List, 03/20/24, Araceli Domínguez: Colombian FinTech Addi raises $86M round
Other news
Latam FinTech Hub, 03/26/2024, Staff: FinTech RapiCredit celebra su décimo aniversario en el mercado colombiano, superando los 3.2M de créditos que se han otorgado a más de 600K clientes
Latam FinTech Hub, 03/26/2024, Staff: FinTech brasileña de BNPL Koin recaudó US$7.3M para aumentar la anticipación de las cuentas por cobrar de los minoristas del sector turístico
Global FinTech News
US merchants reach landmark settlement with Visa and Mastercard to lower swipe fees
US merchants have reached a significant settlement with Visa and Mastercard to reduce swipe fees. This landmark agreement aims to address long-standing disputes over interchange fees, which merchants have argued are too high. The settlement is expected to lead to lower costs for businesses when processing card payments, potentially resulting in savings for consumers as well.
FinTech Futures, 03/28/2024, Tyler Pathe: US merchants reach landmark settlement with Visa and Mastercard to lower swipe fees
Mastercard extends tie to Alipay
Mastercard and Alipay have formed a partnership to expand digital payment options for consumers and merchants globally. The collaboration aims to enhance cross-border transactions by integrating Mastercard’s network with Alipay’s digital payment platform. Through this partnership, consumers will have access to secure and convenient payment solutions across various channels and locations. The collaboration underscores the growing importance of digital payments and the increasing demand for seamless cross-border transactions in today’s global economy.
Payments Dive, 03/29/2024, Lynne Marek: Mastercard extends tie to Alipay
Other news
FinTech Futures, 03/08/2024, Tyler Pathe: Bulgaria’s Paynetics acquires UK neobank Novus
TechCrunch, 03/06/24, Mary Ann Azevedo: Synctera is the latest banking-as-a-service startup to lay off staff