Miranda’s Weekly Mex FinTech Monitor
January 8, 2024
Mexico FinTech News
Rappi to discontinue RappiCuenta offering in Mexico next month 
RappiCuenta, the savings account product of Rappi, will permanently cease operations in Mexico on February 11, 2024. Customers were notified via email to withdraw their funds before the closing date. RappiCard, the credit card service, will continue to operate in Mexico, and there are no current plans to discontinue RappiCuenta in other countries. Rappi, founded in 2015, has evolved into a super-app, offering various services, and claims a presence in nine countries with over 30 million monthly active users.
Fintech Futures, 01/05/2024, Shruti Khairnar: Rappi to discontinue RappiCuenta offering in Mexico next month
Digital Banks to Start Operations in 2024
In 2024, Banorte’s Bineo, Santander’s Openbank will enter the digital banking space in Mexico (and Banregio’s Hey Banco is expected to get its license). The banks aim to offer personalized, analytics-driven services, emphasizing hyper-personalization and innovative digital experiences. Openbank plans to operate entirely in the cloud, providing 100% digital products without physical branches.
Mexico Business News, 01/03/2024, Mariana Allende: Three Digital Banks to Start Operations in 2024
Other news
Mexico Business News, 01/04/2024, Mariana Allende: Nubank´s Co-Founders Named Best CEOs and Women Executives
Milenio, 01/04/2024, Staff: Disminución de tasas desafía a las Fintech: de la Campa
Milenio, 01/02/2024, Nilsa Hernández: Crédito prendario digital con ‘app’ Yo, opción ante la cuesta
LatAm FinTech News
Fintech Shinkansen Authorized to Operate Payment Chamber
Shinkansen, a new FinTech player founded in 2022, has received approval from the Commission for the Financial Market (CMF) to operate as a low-value payment chamber, disrupting the industry currently dominated by Centro de Compensación Automatizado (CCA). These low-value payment chambers play a vital role in facilitating money transfers among financial entities, similar to the success of Pix in Brazil. The CCA recorded over 124 million approved transfer lines in December of the previous year, reaching 1.199 billion transactions by the end of 2022, totaling around US$770 billion.
Contxto, 01/04/2024, Staff: Fintech Shinkansen Authorized to Operate Payment Chamber
Other news
Contxto, 01/03/2024, Staff: Livance Secures $13.2M for Healthtech Expansion in Brazil
Tekios, 01/05/2023, Staff: La paytech CiNKO permitirá realizar transacciones entre criptomonedas y efectivo
Global FinTech News
Blackstone set to acquire majority stake in Japan’s Sony Payment Services
Blackstone is making its first investment in Japan’s FinTech sector by acquiring a majority stake in Sony Payment Services (SPSV). As part of the deal, Sony Bank will retain a minority stake in SPSV. Established by Sony Group in 1995, SPSV provides payment infrastructure for both consumers and businesses for online payments. The partnership aims to deepen Blackstone’s presence in Japan, and SPSV believes that Blackstone, with its global perspective, expertise, and network in the payment business, is the right partner to adapt to the increasing shift towards cashless payments. The investment will support SPSV’s growth in the evolving electronic payment industry in Japan.
Fintech Futures, 01/03/2024, Shruti Khairnar: Blackstone set to acquire majority stake in Japan’s Sony Payment Services
UK fintech Bumper raises $48m in Series B funding round
UK-based FinTech Bumper has raised $50 million in a funding round led by Autotech Ventures, with participation from Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. Bumper allows car ownfiers to split repair bills into interest-free payments, facilitating a quicker return to the road. The company integrates various payment options, including open banking payments, card payments, and in-dealership card terminals. Bumper plans to use the funding to expand across Europe, focusing on the UK, Spain, Germany, the Netherlands, and Ireland. The FinTech currently serves major car companies and has experienced significant growth in gross merchandise value and customer numbers.
Fintech Futures, 01/04/2024, Shruti Khairnar: UK fintech Bumper raises $48m in Series B funding round
Other news
Fintech Futures, 01/03/2024, Shruti Khainar: HSBC unveils new international payments app Zing in the UK
Fintech Futures, 01/04/2024, Tyler Pathe: Circle secures conditional DASP registration in France, appoints new country head
Fintech Futures, 01/03/2024, Tyler Pathe: Kazakhstani fintech Solva eyes future as SME-focused bank following $20m investment