Mexico FinTech News
WhatsApp plans to bring its payment platform to Mexico
WhatsApp has announced that it will launch its payment platform in Mexico, as already available in Brazil and India. By pre-registering a credit or debit card or wallet, customers will be able to make payments within WhatsApp, making it easier for users to send and receive money without needing to switch between different applications or services. Around 90% of businesses in Brazil are registered to use WhatsApp Pay, although daily usage is below expectations as PIX has taken off. Initially, WhatsApp Pay in Mexico would facilitate existing payment options within the app but should WhatsApp Pay integrate with DiMo (as it has now integrated with PIX in Brazil), this could be a threat to Mexican banks’ payment revenues over the long term.
Milenio, 06/10/24, Jordan Saucedo: WhatsApp planea traer plataforma de pagos a México
Sabadell launches account with 5% yield but traction unlikely.
Sabadell has launched a new savings account with a 5% annual yield, aiming to be the secondary bank for existing bank customers in Mexico. The account, available 24/7 with no minimum balance, does not include debit or credit cards. Customers will use SPEI transfers to access the account. Given that Inbursa offers near Cetes (11%) on-demand deposits and a debit card, Nu, among others, offers a 14% yield, Cetes Direct offers zero commission SPEI-In/Out at Cetes rate, it is difficult to understand why anyone sensible would open an account on the terms with Sabadell, which, in any case, will likely soon be acquired in Spain by BBVA.
Expansión, 06/12/24, Luz Elena Marcos Méndez: Sabadell lanza cuenta con rendimiento del 5%
Other news
Latam List, 06/12/24, Helen Villena: Mexican FinTech Félix Pago secures $15.5M Series A
Latam FinTech Hub, 06/13/24, Staff: FinTech Finsus compra Distrito Pyme y lanza su nuevo Crédito Digital Pyme en México
LatAm FinTech News
Argentinian Wealthtech Wakeful announces expansion plan in Latin America
Argentinian wealthtech company Wakeful has announced its plans for expansion in Latin America. With this move, Wakeful aims to broaden its presence and offer its innovative investment management and financial technology services to a wider audience in the region. The company seeks to capitalize on growth opportunities in Latin American markets, emphasizing its commitment to financial inclusion and technological development in the sector.
Latam FinTech Hub, 06/11/2024, Staff: Wealthtech argentina Wakeful anuncia plan de expansión en Latinoamérica
Félix Pago expands remittances via WhatsApp to more countries in Latin America
Félix Pago, a U.S.-based FinTech, is expanding its remittance services via WhatsApp to more Latin American countries. After raising $15.5 million, the company now serves Mexico, Guatemala, and Honduras and plans to expand to El Salvador, Nicaragua, Costa Rica, the Dominican Republic, Colombia, and Peru. Targeting 23 million Latin American migrants in the U.S., Félix Pago leverages partnerships with Nubank and Mercado Pago in Mexico to facilitate easy and recurrent remittance deposits, aiming to grow despite the low-margin nature of the business.
Iupana, 06/14/2024, Staff: Félix Pago expande remesas por WhatsApp a más países de LatAm
Other news
Latam List, 06/13/2024, Sara Delgado: Shinkansen closes investment from Krealo
Latam FinTech Hub, 06/13/2024, Staff: Plataforma de Open Banking Pluggy recibe la licencia de iniciador de pagos en Brasil
Global FinTech News
Pennsylvania’s Vertex purchases AI tax capabilities from Ryan
Vertex has announced the acquisition of AI tax capabilities from Ryan, with undisclosed financial terms, to enhance its “AI innovation strategy.” This initiative aims to help global enterprises manage tax complexity more efficiently and at a larger scale. The new AI features are expected to improve tax compliance accuracy by integrating proprietary large language models (LLMs) and GPT capabilities, supported by “human in the loop” tax expertise.
FinTech Futures, 06/13/2024, Cameron Emanuel-Burns: Pennsylvania’s Vertex purchases AI tax capabilities from Ryan
AlphaSense acquires rival Tegus for $930m, valuation tops $4bn
AlphaSense plans to acquire Tegus in Q3 2024, incorporating Tegus’ research platform and extensive database into its AI-driven platform to enhance data on private companies. This acquisition is seen as a major advancement in AlphaSense’s mission to provide comprehensive public and private company data. The deal coincides with AlphaSense raising $650 million, boosting its valuation to $4 billion. Investors in the latest funding round include BDT & MSD Partners, Viking Global Investors, and existing backers like Goldman Sachs Alternatives and CapitalG.
FinTech Futures, 06/12/2024, Cameron Emanuel-Burns: AlphaSense acquires rival Tegus for $930m, valuation tops $4bn
Other Global FinTech news
In other FinTech news this week Apple launched Tap To Pay, dLocal publishes an emerging markets payment handbook, Wise stock fell sharply as it guided down 2025 results, Starling reported a third year of net profits, BNP Paribas and BPCE launched a JV in payments to be France’s largest payment company, and Revolut announced a new bigger HQ in London.
New features come to Apple services this autumn – Apple (UK)