Mexico FinTech News
Banxico Delivers Half Point Cut, Considers More of Same Size
In a widely expected move, Banxico cut its reference rate by 50 basis points to 9.5% and said it would consider additional reductions of the same size as inflation eases and growth is slowing. This larger cut followed four consecutive quarter-point reductions. While lower reference rates generally have a negative impact on asset-sensitive Mexican banks’ earnings, we would expect liability-sensitive fintech companies to benefit, as they are likely to follow suit and reduce the rates they pay on deposits.
Bloomberg, 02/06/25, Alex Vasquez, Maya Averbuch, and Michael O’Boyle: “Banxico Delivers Half Point Cut, Considers More of Same Size”
Fintual Launches Fintual Acciones
The platform enables users to invest in over 2,000 U.S.-listed stocks and ETFs without trading fees. Through a partnership with Alpaca Markets, a U.S.-based regulated broker, users can purchase fractional shares, allowing investments in high-value stocks with minimal capital. Transactions are executed in real-time, with automatic conversion from pesos to dollars. Fintual assists with tax declarations and includes the W8-BEN form to simplify the investment process. The platform charges no commissions or management fees, and offers a favorable exchange rate with a spread of less than 0.7% for currency conversion
Finanzas Personales, 02/07/25, Eduardo Rosas: “Better than GBM?”
Ximple Launches Credit Card to Enhance Loan Disbursement Capabilities
Mexican fintech Ximple launched a new credit card to expand its loan disbursement network. Developed with DOCK and Mastercard, the card enables catalog sellers to offer credit to their customers. Ximple’s cash disbursement network will grow from 15,000 to over 75,000 locations, with access to 6 million point-of-sale terminals in Mexico.
Latam Fintech Hub, 02/04/25, Staff: “Ximple Launches Credit Card to Enhance Loan Disbursement Capabilities”
Mercado Pago Observes Increased Cash Digitalization Through Point-of-Sale Terminals
Mercado Libre’s Mercado Pago has expanded to 20,000 access points in Mexico for cash deposits and withdrawals via Point-of-Sale (POS) terminals. Of these, 60% are major chains like 7-Eleven, Soriana, and Circle K, while 40% are small businesses. Pedro Rivas, Director of Mercado Pago in Mexico, noted its role in helping small businesses and SMEs manage cash transactions efficiently. The states with the highest growth in access points include Jalisco, Estado de México, Ciudad de México, and Nuevo León.
El Economista, 02/06/25, Sebastian Estrada: “Mercado Pago Observes Increased Cash Digitalization Through Point-of-Sale Terminals”
Finamex Buys Columbus Private Banking
Finamex, a leading Mexican brokerage firm, announced the acquisition of Andbank’s entire stake in Columbus de México, an independent financial advisory firm. The deal is subject to regulatory approval, and no further financial details were disclosed. This acquisition strengthens Finamex’s position in Mexico’s financial sector.
El Economista, 02/05/25, Staff: “Finamex Acquires Columbus”
Wayra Identifies Potential Unicorns in Latin America for 2025
Wayra, Telefónica’s corporate venture capital arm, expects two to three new unicorns to emerge in LatAm despite economic challenges. In Brazil, fintech infrastructure firm Hash, construction-tech Ambar, and AI platform Pipefy lead the list, along Mottu, Cortex, Alice, and Flash. In Mexico, solar energy financing company Bright and logistics firm 99 Minutos are highlighted as strong contenders. Argentina’s agricultural marketplace Agrofy and Colombia’s prop-tech La Haus and fintech Bold are also recognized for their rapid growth.
Bloomberg Línea, 02/03/25, Daniel Salazar: “Wayra Identifies Potential Unicorns in Latin America for 2025”
Niko Raises $8M to Develop Mexico’s First Virtual Power Plant
Mexican solar startup Niko Energy raised US$8 mn in equity funding led by QED Investors, with 468 Capital and Picus Capital, along with US$15 mn in debt financing. Founded in 2023, Niko finances, installs, and manages solar panel systems for residential and small businesses. The new funds will support Mexico’s first virtual power plant—a network of small energy-producing and storage devices pooled together to support the electricity grid. To date, Niko has installed over 200 solar panels across the country.
LatamList, 02/04/25, Helen Villena: “Niko Raises US$8 mn to Develop Mexico’s First Virtual Power Plant”
LatAm FinTech News
Mercado Pago Integrates Brazil’s Pix System to Serve Brazilian Tourists in Argentina
Mercado Pago has integrated Brazil’s instant payment system, Pix, into its platform in Argentina to cater to the growing number of Brazilian tourists. This allows Brazilian visitors to make payments seamlessly using their local payment method without the need to exchange currency. In December 2024, Brazilians made up 22% of international tourists in Argentina, drawn by favorable exchange rates. The adoption of Pix aims to enhance their shopping experience and drive local spending.
Forbes México, 02/04/25, Staff: “Mercado Pago Integrates Brazil’s Pix System to Serve Brazilian Tourists in Argentina”
Nu Colombia Launches ‘CDT Nu’ to Enhance Medium and Long-Term Savings
Nu Colombia has launched ‘CDT Nu,’ a new investment product to promote medium and long-term savings. Customers can open Certificates of Deposit (CDTs) with a minimum investment of COP $50,000 (~US$12). The product offers competitive interest rates of up to 11.1% and terms of 90 or 120 days. Users can manage multiple CDTs aligned with specific financial goals through the app’s ‘Cajitas’ feature.
Nu International, 02/04/25, Staff: “Nu Colombia Launches ‘CDT Nu’ to Enhance Medium and Long-Term Savings”
BYX Capital Acquires Nvio to Strengthen Loan Offerings in Brazil
Brazilian fintech BYX Capital has acquired Nvio, the instant payment platform formerly owned by Bitso, to strengthen its loan services. The acquisition will improve BYX’s banking infrastructure and increase transaction settlement security. BYX Capital plans to expand beyond payroll loans into home equity, vehicle financing, and receivables-backed loans.
Latam Fintech Hub, 02/05/25, Staff: “BYX Capital Acquires Nvio to Strengthen Loan Offerings in Brazil”
Kanastra Secures Investment from Itaú’s Kinea Ventures
Brazilian fintech Kanastra has secured an undisclosed investment from Kinea Ventures, the corporate venture capital arm of Itaú Unibanco. This follows Kanastra’s $20 million Series A round in June 2024, led by Kaszek. Kanastra specializes in providing technology-driven capital markets infrastructure, offering services such as securities management and custody, securitized asset issuance, and ancillary services like escrow accounts.
LatamList, 02/06/25, Matheu Tome: “Kanastra raises an undisclosed amount from Itaú’s Kinea Ventures”
NeoSpace Raises US$18 mn in Funding Round Led by Itaú
Brazilian fintech NeoSpace has secured an US$18 mn investment round led by Itaú. As part of the deal, Itaú gains 12 months of exclusive access to NeoSpace’s conversational AI technology and perpetual exclusivity for co-developed products. NeoSpace develops AI solutions for financial institutions, enhancing customer interactions, credit offerings, and personalized services. The funds will support expansion beyond finance and entry into international markets. Co-founder Felipe Almeida emphasized their global ambitions, noting that they are training their models in English and Spanish.
LatamList, 02/04/25, Matheu Tome: “NeoSpace Raises US$18 mn in a Round Led by Itaú”
Global FinTech News
European Startups Poised for IPOs
As the European IPO market shows signs of recovery, several venture-backed startups are preparing to go public. According to PitchBook’s VC Exit Predictor, which assesses exit probabilities, IPO candidates include Sweden’s BNPL Klarna, neobanks Revolut and N26, as well as food delivery platform Deliveroo.
PitchBook, 01/31/25, Lea Hodgson; “IPO Watchlist: Which European Startups Are Most Likely to Go Public?”
Cashfree Payments Secures US$53 mn to Enhance Cross-Border Payments and Security Technology
India-based fintech Cashfree Payments has raised US$53 mn in a funding round led by South Korean firm KRAFTON. The funds will support product innovation and international expansion. Cashfree provides digital payment infrastructure for businesses to manage collections, payouts, KYC verification, and fraud detection. The platform integrates with major platforms like Shopify, Wix, and WhatsApp.
FinTech Global, 02/05/25, Staff: “Cashfree Payments lands US$53 mn to scale cross-border payments and security tech”
Download PDF: MI-MxFintechChatter-021025