Mexico FinTech News
Condusef June Loan Data: Nu Gains Momentum; No Improvement yet for Stori and Klar
Financial consumer watchdog Condusef published June loan data for Sofipos. Nubank continued to accelerate origination, with performing loans up 3.8% MoM, or 13.1% since March, for its best QoQ expansion since country disclosure started. The NPL ratio improved slightly, though without write-off data, it’s not possible to draw conclusions. On the other hand, Stori and Klar once again saw NPLs grow faster than performing loans, leading to continued deteriorating credit quality metrics, even without considering write-offs.
Source: Miranda Partners, Condusef. Figures in MXN million.
Sofomes Ask to Join “Plan México” to Boost SME Financing Role
Mexico’s non-bank financial institutions (Sofomes), which provide 70% of credit to SMEs lacking bank loans, are lobbying for inclusion in the federal government’s “Plan México.” Javier Garza, head of trade group Asofom, emphasized that while development banks already collaborate with Sofomes, they are still left out of the plan’s official narrative. The sector currently comprises 2,000 registered entities managing MXN $1 trillion (~US$54 bn), and is considered critical to expanding financial inclusion. Sofomes also defend their anti-money laundering controls following U.S. scrutiny of some Mexican institutions. Asofom leaders argue their risk is lower because they do not collect public deposits, relying instead on institutional and international funding.
Milenio, 07/07/25, Fernanda Murillo & Giselle Soriano: Sofomes ask Altagracia Gómez to be included in Plan México .
Dock Mexico CEO Arrested Over Alleged Fraud
Anderson Olivares de Oliveira, Mexico and LatAm CEO of Brazilian fintech Dock, is reported by multiple news outlets to have been arrested on July 5 at Mexico City’s International Airport. He is accused of perpetrating a fraud amounting to USD $10 mn; he remains in custody. Dock, a fintech founded in 1999, provides infrastructure for embedded finance and card processing and operates in 11 countries, including Mexico. As of this writing, the company has not issued an official statement on the matter.
El Financiero, 09/07/25, Staff: Dock Mexico CEO Arrested at AICM for Alleged US$10 mn Fraud.
ABM focused on digitalization in 2025-2030 Strategy
The 2025–2030 Strategic Agenda of the Mexican Banking Association (ABM) positions digitalization at the heart of the sector’s future strategy. With 74% of transactions over 500 pesos still made in cash, the agenda’s top priority is to accelerate financial inclusion through secure and accessible digital solutions. Although 76.5% of the population holds at least one formal financial product, large segments—especially MiPyMEs—remain underserved. To address this, ABM is promoting digital payments, interoperability, and the adoption of technologies like AI and automation. Four strategic pillars will support this transformation: digital inclusion, financial education, expanded credit (with a focus on MiPyMEs), and customer empowerment. While all this sounds good in theory, it remains to be seen what if anything it means in practice. Mexico’s big banks that control the ABM make by any standards very attractive returns on capital and are quite understandably in no hurry to forsake profits by encouraging competition and inviting smaller banks and fintechs to link up to their networks and share in the spoils.
El Economista, 10/07/25, Edgar Juárez: Banks’ 2030 agenda to focus on four strategic pillars | ABM Presentation.
Additional reading…
- KIRA, the AI and stablecoin-powered startup, officially launches after raising US$2 mn and starts operations in Mexico.
- Rappi registers 100,000 delivery workers with IMSS.
- Mercado Pago launches new point-of-sale system focused on SMEs.
- Plenna raises US$6mn Series A.
LatAm FinTech News
S&P Assigns Mercado Libre Investment-Grade Rating
Mercado Libre has received an investment-grade credit rating of BBB- with a stable outlook from S&P Global Ratings, making it the second agency (after Fitch in October 2024) to grant this status. S&P highlighted the company’s strong operational performance, improved profitability, and conservative financial profile, including low debt-to-EBITDA and tangible equity ratios. The rating also reflects the strength of its vertically integrated ecosystem across marketplace, logistics, fintech, and advertising services, with leadership positions in key markets like Brazil and Mexico.
Grupo Milenio, 11/07/25, Nilsa Hernández: S&P grants Mercado Libre investment-grade rating.
Addi Secures US$35mn Credit Line from BBVA Spark
Colombian BNPL fintech Addi has secured a US$35mn credit line from BBVA Spark to enhance its product offering in Colombia. This new funding complements an existing US$100mn line from Victory Park Capital and another US$70mn from Goldman Sachs and Fasanara Capital. Addi partners with over 25,000 merchants and has issued more than 19 million loans, targeting underserved consumers through both physical and online instalments.
LatamList, 07/07/25, Matheus Tomé: Addi secures US$35mn financing deal from BBVA Spark .
Avista Raises US$10 mn in Ninety One’s First Private Credit Investment in Colombia
Bogotá-based fintech Avista has secured US$10 mn from asset manager Ninety One in its first private credit investment in Colombia. The deal, structured by The Rohatyn Group (TRG), will support Avista’s mission to expand responsible lending to underserved pensioners within the country’s Silver Economy. Avista, founded in 2019, specializes in payroll and pension-based loans and insurance products. It has raised over US$400 million to date and originated more than US$450 mn in loans across all Colombian departments.
Latam Fintech Hub, 11/07/25, Forbes: Colombian pension-focused fintech Avista raises US$10 mn in Ninety One’s first investment in the country.
Finnovista Colombia Fintech Radar 2025
Colombia’s fintech ecosystem is maturing fast. In just four years, revenues have tripled, with projections to double again by 2027. The country now hosts over 410 active fintech startups, with strong adoption of AI—66% of firms use it to cut operating costs by 44% and fraud by over 57%. Leading verticals include payments, lending, and enterprise financial management, while emerging areas like stablecoins and Open Finance are gaining traction. Despite a slight drop in the number of active payments startups, transaction volumes keep growing—driven by new regulation, digital adoption, and mobile payment solutions for SMEs. Colombia’s fintech priorities have shifted: retention, automation, and partnerships now matter more than raising capital. Foreign players—mostly from Mexico, Chile, and the U.S.—dominate sectors like tech infrastructure, crypto, and Open Finance. VC investment rebounded in 2024 with fewer but larger deals, positioning Colombia as one of the region’s fastest-growing fintech markets. Collaboration with traditional banks is widespread (81% of fintechs report partnerships), but remains hampered by bureaucracy and lack of flexibility. Colombia is moving from hype to sustainability—prioritizing scale, resilience, and measurable impact
Finnovista, 08/07/25: Fintech Radar Colombia.
Additional reading…
Global FinTech News
JPMorgan to start charging fintech companies for access to client data
JPMorgan has told fintech firms that it will start charging them fees to get access to the bank’s customers’ data, in a move that could significantly alter the industry’s business model. The fees would enter into effect later this year, depending on whether Biden-era open-banking regulations stay in place. The Trump administration asked a judge to vacate the rule. The potential fees, which are still being negotiated, could generate hundreds of millions of dollars in revenue for JPMorgan, but essentially end some third-party services, according to sources. JPMorgan CEO Jamie Dimon said in a letter to shareholders that “the bank has no problem with data sharing, provided it’s properly done. Third parties want full access to banks’ customer data so they can exploit it for their own purposes and profits. Banks provide fantastic services, and it’s time to defend ourselves – in the public realm or in court if need be.”
Bloomberg, 111/07/25, Evan Weinberger and Paige Smith: JPMorgan Tells Fintechs They Have To Pay Up for Customer Data.
Revolut Targets US$65bn Valuation in New Funding Round
UK-based fintech Revolut is reportedly in talks to raise around US$1bn through a mix of primary and secondary funding, potentially boosting its valuation to US$65bn. Greenoaks is leading the round, with participation expected from Mubadala, which may acquire a US$100mn stake via a secondary transaction. This follows a prior raise in August 2024 that valued the company at US$45bn. Revolut remains Europe’s most valuable VC-backed startup, reporting US$4bn in revenue and US$1.4bn in pre-tax profit in 2024. The company is expanding its global footprint, holding a UK banking license, applying for one in France, and renewing efforts for a US license.
PitchBook, 10/07/25, Leah Hodgson: Revolut eyes $65B valuation in upcoming funding round.
What Trump’s ‘Big Beautiful Bill’ Means for Startups and VCs
Trump’s new law, signed July 4, 2025, brings major benefits for startups and VCs. It expands QSBS capital gains exemptions—offering full exclusion after 5 years—and raises the tax-free cap to US$15mn. It also restores full R&D deductions, retroactive to 2022. However, concerns include higher endowment taxes (up to 8%) that may reduce university-backed VC funds, and cuts to clean energy and Medicaid programs affecting cleantech and healthtech startups. A federal AI regulation ban was dropped from the final bill.
Additional reading…
- iCapital completes over $820 million capital raise, valuation surpasses $7.5 billion.
- Bilt Raises $250 Million at $10.75 Billion Valuation to Accelerate Housing and Neighborhood Commerce Platform.
- Propel Venture Partners Raises US$100mn for Fintech Focus.
- Moment secures US$36mn Series B.
Download PDF: MI-MexicoFintechChatter-071425