Mexico Fintech Chatter – October 7th, 2024
Mexico Fintech News
Oxxo Spin Receives Authorization for Direct Connection to Banxico’s SPEI
Oxxo Spin, the fintech arm of Oxxo, has received authorization to operate with a direct connection to Banxico’s SPEI system. This will allow Oxxo Spin users to send and receive payments faster.
El Universal, 10/03/24, Antonio Hernandez: DIMO, CoDi y SPEI llegan a fintech usuarios de Oxxo Spin.
Cobre, a Colombian Fintech, Expands to Mexico
Cobre, a Colombian fintech specializing in connecting accounts and banks to centralize business treasury management, has announced its expansion into Mexico. The company offers tools to streamline and automate financial operations to support businesses by enhancing cash flow management and improving efficiency.
Latam Fintech, 10/03/24, Staff: Cobre fintech announces its expansion into Mexico.
CDMX Metro goes open
The Mexico City Metro has recently modernized its payment system to allow for open payments using debit and credit cards. This new system replaces the previously exclusive Integrated Mobility (MI) card and includes partnerships with banks and fintechs like Santander’s Getnet, Visa, Mastercard, and American Express. The move toward open payment systems, such as those seen in other Latin American cities like Lima, aims to reduce operational costs for transport operators and improve convenience for users by eliminating the need for closed networks.
iupana, 10/04/24, Antony Pinedo: Transporte con pagos abiertos: Metro de CDMX moderniza cobro de pasaje.
Other news
El Economista, 10/02/24, Sebastián Estrada: Fraude de identidad en fintech creció 151%.
InfoCajeme, 10/03/24, Staff: DiDi, Uber, and Rappi to Provide Social Security for Delivery Workers.
El Economista, 10/04/24, Edgar Juárez: Santander México va por más mercado de captación con nuevo producto para ahorradores.
LatAm Fintech News
Revolut Enters Colombia to Compete with Local Neobanks
Revolut, the UK-based neobank, has officially launched in Colombia, marking its entry into the Latin American market. The company aims to compete with other digital banks by offering services such as international transfers, multi-currency accounts, and cryptocurrency trading. Revolut’s expansion into Colombia is part of its broader strategy to grow its presence in the region, focusing on providing financial solutions that are both accessible and affordable to a tech-savvy population.
Yahoo Finanzas, 10/03/24, Valora Analitik: Revolut competes in Colombia.
ExcelCredit Raises $50M from Nomura
Colombian fintech ExcelCredit has secured $50 million in funding from Nomura to expand its financial services across Latin America. The company aims to use the investment to provide greater access to credit for underserved populations, focusing on offering affordable financial solutions to those outside the traditional banking system. This move strengthens ExcelCredit’s mission to enhance financial inclusion in the region.
LatamList, 10/02/24, Sara Delgado: ExcelCredit raises $50M from Nomura.
Other news
Corresponsables, 10/03/24, Staff: Fundación de creador de Nubank lanza becas para jóvenes en Colombia.
El Espectador, 10/03/24, Staff: Nubank announces change in profitability of savings accounts.
Milenio, 10/03/24, Fernanda Murillo: Cybersecurity ensures the functioning of economies in the Americas.
LatamList, 10/03/24, Matheus Tomé: Gibb raises $5.5M from SRM Ventures.
LatamList, 09/30/24, Matheus Tomé: Versi raises $9M in debt to expand offerings to real estate developers.
Reuters, 10/04/24, Gabriel Araujo: Experian buys Brazilian cyber security firm ClearSale in $350 million deal.
Global Fintech News
Koho Secures $190M in Equity and Debt to Fuel Growth
Canadian fintech Koho has raised $190 million in a mix of equity and debt financing to accelerate its growth and further its pursuit of a banking license. The funding will support the company’s product development, team expansion, and its goal of becoming a full-service neobank in Canada, competing directly with traditional banks.
FF News, 10/02/24, Staff: Koho secures $190M in equity and debt.
TrueLayer Secures $50M in Funding Round
TrueLayer, a global open banking platform, has raised $50 million in a new funding round as it moves toward profitability. The fresh capital will be used to enhance its product offerings, improve operational efficiency, and expand into new markets. This investment marks a significant step in TrueLayer’s journey to scale its open banking services and drive further innovation in the financial sector.
FF News, 10/04/24, Staff: TrueLayer secures $50M funding round.
Carmoola Completes $100M Debt Deal with NatWest
Carmoola, a car financing fintech, has finalized a $100 million debt deal with NatWest. This funding will allow the company to offer competitive rates to car buyers, aiming to outperform traditional dealership financing options. The initiative is part of Carmoola’s broader strategy to simplify and enhance the car-buying experience for consumers.
FF News, 09/30/24, Staff: Carmoola completes $100M debt deal with NatWest.
Other news
Crunchbase, 10/04/24, Chris Metinko: OpenAI announced its long-awaited raise of $6.6 billion at a post-money valuation of $157 billion.
FF News, 09/30/24, Staff: Apron raises $30M Series B.
Payments Journal, 9/27/24, Tom Nawrocki: Wero Establishes a European Rival to Visa and Mastercard.
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