Mexico FinTech News
Insurtech Crabi raises US$13.6mn in Series A
Mexican InsurTech Crabi has closed a US $13.6 million Series A round, co‑led by Kaszek and Ignia, with participation from 30N Ventures, Redwood Ventures, Carao Ventures, Azuro Capital, and Newtopia VC. Founded in Guadalajara in 2017, Crabi was the first fully licensed auto insurer approved by Mexico’s CNSF in nearly three decades. It operates as a full-stack carrier, leveraging AI for automated underwriting, real-time claims management, and dynamic risk pricing via its mobile-first platform. With over 70% of Mexican vehicles uninsured, Crabi targets the large underserved market by offering flexible, low-cost policies—such as liability-only plans—that can be embedded directly into auto financing and dealer channels. The new capital will accelerate AI model enhancements, deepen broker and dealer integrations, and support nationwide expansion. According to CEO Daniel Bernardez, automation and data-driven systems provide faster, more accurate pricing and underwriting, unlocking scale and efficiency in a traditionally opaque insurance industry. Crabi has achieved strong growth, expanding its run‑rate by over 20× in the past year, while maintaining operational resilience and improving loss ratios.
BloombergLínea, 05/06/25, Michelle del Campo: Kaszek and Ignia Lead Round for Insurtech Crabi.
Regulated Fintech banks post more losses in April
CNBV figures for regulated banks in April showed rather muted activity, including for the fintech challengers. Ualá’s consumer loan portfolio was up 10% MoM, but from a rather low base: in absolute terms, its portfolio increased just by MXN 35 mn, to MXN 378 mn; meanwhile, its deposits declined by 3.7%, signalling tough competition from fintechs, though it still has plenty of ammo for when it decides to start originating at scale: with MXN 5.6 bn in deposits, its LTD ratio stood at 11.5%; it lost MXN 100 mn in the month, mostly driven by MXN 90 mn in non-interest expenses. Similarly, Openbank saw its loan portfolio almost double – to all of MXN 34 million; its LTD ratio closed at 5.3%; it lost MXN 86 mn, also driven by MXN 125 mn in expenses. Bineo saw its total loan portfolio contract to MXN 29 mn (from 35 mn in March), with expenses of MXN 85 mn and a net loss of MXN 78 mn. Perhaps more interestingly, CNBV started including Banregio’s Hey Banco as a separate entity (albeit with no loans of its own yet, officially), signalling the final approval to start operations as a stand-alone bank is imminent (Hey’s website includes a notice indicating this will occur “very soon”).
DiDi Enters Deposits War with Didi Cuenta
Just as Nu and others are exiting the deposit wars by slashing deposit rates, ride-hailing and delivery app DiDi has launched a high-yield deposit account, through a Sofipo it acquired in 2024. DiDi Cuenta offers a 15% interest rate on demand deposits, with no fees. There is no listed cap on the yield, though monthly deposits are limited to about MXN 25,000 (3,000 UDIs or about US$1,300). DiDi also offers a no-fee credit card.
El Economista, 08/06/25, Sebastián Estrada: DiDi Launches New Financial Product.
Clara Buys Travel Expense Entity Airplus
Clara, a leading B2B fintech in Latin America, is strengthening its corporate expense management offering by acquiring Airplus, a Mexican travel management startup, to integrate its technology into Clara’s platform and compete with established players like SAP and Mendel. The company is also launching a new vertical, tentatively called Clara Combustible, aimed at simplifying fuel tax payments for companies with large truck fleets. Clara is leveraging artificial intelligence to enhance its solutions, focusing on data-driven product development and automation, and maintains a strong AI-centric culture across its operations in Mexico, Colombia, and Brazil.
Iupana, 09/06/25, Antony Pinedo: Clara Buys Travel Startup and Launches Fuel Control Vertical.
Mercado Pago to be 10x-30x bigger in Mexico
In this week’s MexMoves podcast by Whitepaper.mx, Leandro Cuccioli, SVP at Mercado Libre, explains why Mexico Fintech is the company’s biggest opportunity. With over 20 million users, Mercado Pago is pushing to become a top Mexican bank, and the country’s number one digital bank, leveraging its data and ecosystem to offer credit, payments, and financial tools more efficiently than traditional banks. Cuccioli notes, “We could be 10, 20, even 30 times larger in Mexico — and that’s the ambition. We don’t see why we can’t get there. I believe we have a great proposition for the customer, and with the right license, we’ll be able to offer all the everyday financial products people need — savings, investing, insurance — everything required for modern banking. I’d say that Mexico FinTech is the most exciting opportunity not just in Mexico, but for all of Mercado Libre in terms of potential. “We think the Mexican consumer will be better off because of companies like us,” he adds.
🎧 Listen here: MexMoves on Spotify
Additional reading…
- Savings war: Nubank and MercadoLibre compete for clients in Latin America.
- Klar Surpasses 4 Million Users and Cements Its Place Among Mexico’s Top Sofipos.
- Openbank aims to become a full-scale bank in the U.S. and Mexico.
- Fintech in Mexico is no longer just disruption, but part of a new financial system: Finnosummit.
- Annual fintech operations in Mexico surpass MXN $68bn: Coparmex.
LatAm FinTech News
Simetrik raises another $30mn to bring Series B to US $85mn for Financial Reconciliation with AI
Simetrik, a fintech specializing in AI-driven financial reconciliation, raised its series B to a total of US $85mn to support global expansion. The most recent US $30mn injection was led by Goldman Sachs Alternatives’ Growth Equity arm, which also led the initial Series B round in 2024. The capital will accelerate Simetrik’s presence in the U.S. and other high-volume, regulated markets. Its platform, which handles over 1 billion records daily in more than 40 countries, automates transaction matching, reduces operational risk, and improves compliance.
FinTech Global, 05/06/25, Staff: Simetrik raises US $85mn to automate financial reconciliation with AI.
Chilean startup Finnecto raised US $1.7 million
In a pre-seed round led by Amador Ventures and Salkantay Ventures, with participation from Kfund, BuenTrip, Hustle Fund, ADN Ventures, Punto Cero, and The Pitch Fund, Finnecto raised US $1.7mn. Finnecto offers an AI-powered platform for managing corporate expenses, automating the full payment and approval cycle. Its solution reduces processing time by up to 80% and operational costs by 35–40%. The company operates in Chile, Colombia, Peru, and Mexico, serving mid-sized and large businesses in sectors like insurance and logistics. The funding will be used to expand across Latin America, improve platform architecture, and grow its engineering and sales teams. Backers highlight the team’s financial expertise and ability to navigate regulatory complexity across Latin America’s B2B fintech landscape.
LatamList, 03/06/25, Araceli Dominguez: Finnecto raises US $1.7mn to expand across Latin America.
Agibank taps US $350mn in credit Through FIDC to Expand Credit Operations
Brazilian neobank Agibank tapped US $350mn through a FIDC (Receivables Investment Fund) backed by payroll-deductible loans. The funds will support the expansion of its credit operations targeting underserved populations in Brazil. Agibank combines digital services with physical branches and currently manages a credit portfolio of US $5.3bn. In January 2025, it also raised US $63mn from Lumina Capital.
LatamList, 05/06/25, Matheus Tomé: Agibank raises US $350mn through FIDC to expand credit operations.
Blips Raises US $8.7mn to Expand Equipment Financing for Small Businesses in Brazil
Brazilian fintech Blips raised US $8.7mn in a round led by Headline with participation from XP, reaching a post-money valuation of US $93mn. Founded in 2019, the startup offers equipment financing and leasing for micro and small businesses across sectors like beauty, construction, and food. Blips plans to obtain a Direct Credit Society (SCD) license to expand nationally. The company has grown its client base from 200 to 4,000 and operates over 5,000 machines, with 2024 revenues reaching US $37mn. Blips uses proprietary AI to approve 60% of previously rejected credit applications, with a default rate of just 0.4%.
Latam Fintech Hub, 05/06/25, Startups Br: Blips raises US $8.7mn to expand equipment financing for small businesses in Brazil.
Rappi Bets on Zero Fees and Broad Expansion in Brazil’s Delivery Market
Rappi has launched a zero-commission model for restaurants in São Paulo, Rio de Janeiro, and Belo Horizonte, with plans to reach 70 cities by the end of 2025. Rappi Brazil CEO Felipe Criniti, explained the company will invest R$1.4bn (approx. US $247.5mn) through 2028 to expand operations and improve user experience. The initiative includes a redesigned app with social features and AI-driven personalization. Rappi expects the strategy to drive scale by attracting new users—80% of whom enter via the restaurant vertical—and encourage cross-category purchases.
Bloomberg Línea, 05/06/25, Marcos Bonfim: Rappi bets on zero fees and broad expansion in Brazil’s delivery market.
dLocal to buy African fintech AZA Finance for $150mn
Uruguay-based payments firm dLocal is set to acquire African fintech AZA Finance in a deal worth approximately US $150 million, according to Bloomberg. The acquisition, which is pending regulatory approval, marks dLocal’s largest transaction to date and its first major expansion beyond Latin America. AZA Finance, founded in 2013 and formerly known as BitPesa, operates in 17 African countries and has processed over 15 million transactions totaling more than US $9 billion. Its services include treasury management, foreign exchange, cross-border payments, and stablecoin transfers. With this deal, dLocal aims to strengthen its presence in emerging markets by integrating AZA’s infrastructure and offering global merchants easier access to African markets. dLocal executives say the acquisition will significantly improve its localized payments capabilities across the continent and expand its value proposition to large enterprise clients operating in high-growth regions
Bloomberg, 03/06/25, Ken Parks and Liana Baker: Uruguay’s DLocal to Buy AZA Finance in Africa Push.
Additional reading…
- Payflow Closes Round with Cusp Capital to Grow in Spain and Latin America.
- Kiwi raises US $7.8mn to scale AI-driven credit platform for underbanked U.S. Latinos.
Global FinTech News
Circle IPO soars, giving hope to more startups waiting to go public
Circle, one of the world’s largest issuers of USDC, a stablecoin pegged to the U.S. dollar, ended its first trading day as a public company at $83.23 per share, 168% above its IPO price of $31 set the previous day. The company’s IPO share price set its initial market value at $6.9 billion, a figure that fell short of Circle’s last private market valuation of $7.7 billion from 2021. But the big pop cleaned that up, and then some. Circle’s market capitalization (excluding employee options) stood at $16.7 billion by the close of trading. The significant surge in Circle’s first-day trading could prompt institutional investors to set higher IPO prices for upcoming listings. Imminent IPOs include Chime, a challenger bank that’s set to list this week.
TechCrunch, 05/06/25, Marina Temkin: Circle IPO soars, giving hope to more startups waiting to go public.
These Are the Fintech Companies That Could Go Public in 2025
Several major fintechs are lining up for IPOs in 2025, marking a possible end to the sector’s listing drought. Klarna filed an F-1 in March aiming to raise at least US $1bn at a US $15bn valuation, though plans paused after new U.S. tariffs. Chime, not yet profitable, filed in May and targets US $832mn in proceeds, valuing it around US $11.2bn. Stripe remains private but recently facilitated a US $91.5bn valuation through a tender offer. Slide Insurance also filed to go public, potentially raising up to US $300mn. Analysts suggest a successful IPO wave could revive fintech VC funding, which dropped to US $36bn in 2024.
Crunchbase News, 03/06/25, Mary Ann Azevedo: Here Are the Fintech Companies That Could Go Public in 2025.
Additional reading…
- North America takes the bulk of AI VC investments despite tough political environment.
- The credit and banking deals keeping consumer fintech afloat.
- UK targets rogue ‘finfluencers’ in joint action with foreign regulators.
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