Mexico FinTech News
Fintech May Results: One Inflection Point for Nu, but Challenges Remain
CNBV data for May – which matched earlier Condusef loan disclosures – showed a marked improvement in Nu’s Financial Margin, which nearly doubled MoM, after it lowered yields on deposits (which still rose 5% MoM, remarkably). However, results stayed in the red, as both Provisions and Operating Expenses remained elevated: the decrease in interest expenses is a much welcome development, but it’s just one of several moving pieces the company needs to fix if it is to reach a level of profitability anywhere close to what it has in Brazil. As for the other Sofipo fintechs, Stori and Klar continued to show concerning credit quality trends, to the point where they both posted Adjusted NPL ratios above Nubank’s; both reported steady losses. Lastly, Ualá and Santander’s Openbank (both licensed banks) continued to post monthly operating losses (MXN 109 mn at Ualá and MXN 141 mn at Openbank) several times greater than their portfolio expansion in MXN (increasing in May by just MXN 43 mn at Ualá and MXN 24 mn at Openbank).
Source: Miranda Partners, CNBV. Figures in MXN mn.
Mexican fintech OCN will invest $150M to expand car access for gig drivers across Mexico.
Backed by Portage Ventures and i80 Group, the Series B funds will triple its fleet to 15,000 vehicles and deepen presence in Mexico City, Monterrey, and beyond. OCN’s rent-to-own model targets drivers excluded from traditional credit and includes EVs from BYD. Amid a VC slowdown, this is a bold bet on financial inclusion and electric mobility in Latin America.
Bloomberg, 21/07/25, Maria Clara Cobo and Andrea Navarro: Fintech OCN to Invest $150 mn for Expansion in Mexico
In Q2, Mexico Surpasses Brazil in Venture Dollars for First Time in Over a Decade
In Q2 2025, Mexico raised US$ 198mn in venture funding, overtaking Brazil’s US$ 144mn and marking the first time in over 10 years that Mexico has led the region in this metric. This reversal was driven by a few large rounds from companies such as Klar and Nowports, despite a continued overall decline in startup investment across the region. According to Crunchbase data, Latin America saw just US$ 500mn invested across 120 rounds, with early-stage funding accounting for more than half of the total, while late-stage deals remained scarce. The drop in investment has been especially pronounced in Brazil. While still the largest startup hub in the region by total volume, the country registered only 35 rounds worth US$ 144mn, a 74% decrease year-over-year. In contrast, Mexico recorded 42 deals totaling US$ 198mn, up 20% from the previous year. Argentina raised US$ 65mn, followed by Colombia with US$ 40mn.
Crunchbase News, 15/07/25, Mary Ann Azevedo: In Q2, Mexico Surpasses Brazil in Venture Dollars for First Time in Over a Decade.
Cobre Expands to Mexico Amid Soaring Cross-Border Payment Demand
Colombian fintech Cobre has launched operations in Mexico to meet rising demand for cross-border B2B payments. The company reports that 80% of funds processed in Mexico are international payments, with the U.S. as the top destination (45% of transfers). Over 300 firms in Mexico and Colombia already use the platform, and the firm expects Mexico to be its key market over the next 4–5 years. Cobre also unveiled an API for high-volume businesses to automate transactions, backed by its US$35mn Series B round and a local money transmitter license.
El Economista, 17/07/25, Sebastián Estrada: Fintech opens operation amid growing demand for international payments.
Bankaool hires Intercam FX trades, faces allegations in Costa Rica
The anti-corruption outlet OCCRP wrote that Costa Rican wiretaps raised questions about a fugitive fraud suspect allegedly boasting of buying into a Mexican bank—just as his cousin, Moisés Chaves, took over Bankaool. OCCRP says the ownership, money trail, and “Grupo Omni” structure at Bankaool remain unclear, and noted that Mexican regulators have yet to approve the deal in over two years. Meanwhile, Bankaool made headlines by hiring 250 Intercam FX staff, aiming to absorb a significant share of Intercam’s profitable currency trading operations.
OCCRP, 17/07/25, Lilia Saúl: Costa Rica Wiretaps Raise Questions Over Mexican Bank Takeover Bid | BloombergLínea, 17/07/25, Italia López: Bankaool aims to absorb US$350 mn from Intercam’s daily FX trading.
Sending Remittances to Mexico Can Cost Up to MXN $800 per US$1,000
Adolfo “Fito” Torres, founder of remesasmx.org, launched a platform to compare real-time fees and exchange rates offered by 14 major remittance providers, revealing that fees can reach MXN $800 per US$1,000 sent (about 4.3% at the current FX rate). The tool aims to help families maximize the value received, offering a free, easy-to-use interface. Torres emphasized the platform is neutral and not backed by government funding. He also warned that new taxes on remittances starting in 2025 could further reduce payouts to families, particularly in high-dependency states like Michoacán.
El Financiero, 18/07/25, Staff: Sending remittances to Mexico can cost up to MXN $800 per US$1,000, warns Fito Torres.
Mexico Now Has Over 1,100 Fintechs, Ranking Second in LatAm Ecosystem
Mexico has become Latin America’s second-largest fintech ecosystem, home to 1,104 companies; 803 local and 301 foreign, according to Finnovista’s 2025 Fintech Radar. Foreign firms represent 27% of the total. The country attracted 60% of the VC funding received by Brazil in 2024, driven by strong demand for digital services and growing entrepreneurship. Artificial intelligence is now used by 68% of fintechs in the country. By 2030, digital payments are expected to account for 66% of e-commerce and 49% of in-store purchases across LatAm. Cash usage in physical stores has already dropped from 67% in 2014 to 25% in 2024 and may reach 17% by 2030. Currently, 76.5% of Mexican adults have at least one formal financial product, though over 18 million remain unbanked. In response to changing consumer habits, retailers are adopting AI-driven omnichannel strategies, video commerce, and virtual assistants.
El Universal, 15/07/25, EFE: Mexico now has over 1,100 fintechs, ranking second in LatAm ecosystem.
Additional reading…
- Mercado Pago and Oxxo offer cash withdrawals at more than 23,000 stores in Mexico.
- Klar reaffirms global leadership: the Mexican fintech shines again in CNBC’s ranking.
LatAm FinTech News
Canopy Raises US$100mn from Bessemer and Cloud9 to Scale B2B Software in Brazil
Brazilian tech holding company Canopy secured US$100mn in funding from Bessemer Venture Partners and Cloud9 Capital. The company, founded in 2025 by former Sinqia CFO and M&A VP Thiago Rocha, aims to acquire and scale B2B software providers across sectors including accounting, HR, finance, and legal. The funding will support Canopy’s first acquisition and kick off operations this year. Rocha stated the company’s goal is to become one of Brazil’s largest software groups by offering long-term succession solutions for founders and alternatives to traditional exits.
LatamList, 17/07/25, Matheus Tomé: Canopy raises US$100mn from Bessemer and Cloud9.
NG.Cash Raises US$27mn to Expand AI-Powered Credit Tools
Brazilian Gen Z-focused digital bank NG.Cash secured a US$27mn Series B round led by L4 Venture Builder, with backing from Vox Capital and Monashees. The fintech, which launched in 2021, currently serves over 7 million users and has doubled monthly active accounts in the past year. NG.Cash offers digital accounts, prepaid Mastercard cards, insurance and budgeting features. The new funding will be used to strengthen its AI-driven credit models and personalize loan limits for users.
LatamList, 17/07/25, Pedro Farina: NG.Cash raises US$27mn to expand AI credit .
Additional reading…
Global FinTech News
US Congress Approves Stablecoin Legislation; Banks “on High Alert”
The U.S. House of Representatives passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins. President Trump has signed it into law. A major issue for banks is whether stablecoin issuers will lure away customer deposits. A Treasury Department report in April estimated that stablecoins could lead to as much as $6.6 trillion in deposit outflows, depending in part on whether issuers could offer yields similar to bank accounts. While stablecoins are currently mainly used to trade in and out of other cryptocurrencies, the new regulatory framework could encourage broader use. Many view stablecoins as a way to more quickly and cheaply make a range of payments—especially cross-border ones—which in the current system can take days to settle and are subject to interchange and other fees.
Reuters, 17/07/25, Chris Prentice and Hannah Lang: US House passes stablecoin legislation | Wall Street Journal, 18/07/25, Dylan Tokar and Gina Heeb: Why Banks Are on High Alert About Stablecoins | The White House, 18/07/25: Fact Sheet.
AI Drives Shift Away From Consumer Fintech in Venture Capital
Enterprise fintech startups are increasingly dominating VC funding, collecting 74.6% of all fintech deal value in 2025 so far. According to PitchBook, this trend reflects how AI innovation is mostly occurring in back-office processes—areas consumers don’t typically see. Enterprise applications of AI, such as in accounting, capital markets, and data analysis, are attracting investors due to their capacity to modernize legacy infrastructure. In contrast, consumer-facing fintechs, like neobanks and wealth tech, are seeing less investment as their AI adoption remains limited and are more vulnerable to macroeconomic shifts. In the U.S., over 80% of fintechs using AI in their core products are enterprise-focused, with these startups also raising larger rounds at higher valuations.
PitchBook, 18/07/25, Nadine Manske: AI continues to push consumer fintech funding out of favor.
RTP Network Instant Payments Hit US$481bn in Q2 2025
The RTP Network processed US$481bn in instant payments during Q2 2025, driven by rising demand for real-time, high-value transactions. Businesses and banks are taking advantage of the network’s US$10mn transaction limit to handle real estate deals, B2B payments, and portfolio transfers with speed and guaranteed settlement. The average transaction size rose 376%, from US$842 in January to over US$4,000 by June. Over 300,000 businesses now use the RTP Network monthly, and more than 1,000 banks and credit unions are live on the platform—a 51% YoY increase. Transaction volume also rose 8% in Q2, with over 107 million payments processed. RTP is now responsible for 98% of all instant bank-to-bank payments in the U.S.
FF News, 18/07/25, Staff: RTP Network Hits US$481 Billion in Q2 as Higher-Value Instant Payments Surge.
Additional reading…
- Unraveling the legal, economic and market ramifications if Trump tries to fire Fed Chair Powell.
- HSBC renews search for chair after struggling to find suitable candidates.
- Starling Bank weighs New York listing as part of US expansion plans.
Download PDF: MI-MexicoFintechChatter-072125