Mexico FinTech News
Nubank CEO on Mexico ambitions
David Velez, Nubank CEO, was back in Mexico’s newspapers, giving an interview to El Economista on why he expects the bank to be one of the biggest in Mexico. To achieve that, first he needs to solve Nu’s existential Mexico Cash In / Cash out problem, with speculation by one Brazilian broker this week on a possible alliance with Oxxo or Walmex. Also, next month we expect Nu to cut the 15% yield on deposit accounts, which have become too successful. (Deposits now almost certainly exceed outstanding credit, meaning Nu is likely investing excess liquidity at a big loss). He also gave (yet) another PodCast interview, this time with TechCrunch on Nu’s success in Brazil. “How Nubank has managed to increase its market cap by over 40% in eight months’ time and post $1 billion in net profit for 2023. Why some investors are sticking it out in LatAm, and why it’s a great place to still put venture dollars. Which startups in LatAm have been the most resilient and what other regions can learn from them.”
El Economista, 03/04/2024, Edgar Juárez: Nu: “no vemos razón para no poder ser uno de los bancos más importantes de México”
Prometeo launches account-to-account payment solution in Mexico
Prometeo, a FinTech infrastructure provider, has launched an account-to-account payment solution in Mexico. This solution allows businesses to integrate direct bank transfers into their digital channels through a single API. Prometeo is an Open Finance platform that develops API infrastructure to connect businesses with bank information and payments from financial institutions
LatamList, 03/08/2024, Felipe Osorno-Giraldo: Prometeo launches account-to-account payment solution in Mexico
LegalTech Tally raises funding from BDEV Ventures
Legaltech startup Tally has secured funding from BDEV Ventures. Tally offers a platform that simplifies legal processes and documentation for businesses, streamlining tasks such as contract management and compliance. With the investment from BDEV Ventures, Tally aims to further develop its platform, expand its customer base, and solidify its position in the legaltech sector in Latin America.
LatamList, 03/08/2024, Sara Delgado: LegalTech Tally raises funding from BDEV Ventures
El Economista, 03/05/2024, Sebastián Estrada: Finanzas abiertas comienzan a ser adoptadas pese a la falta regulación
LatAm FinTech News
2-year-old LatAm FinTech Yuno reaches $150M valuation with backing from DST Global Partners, Tiger, a16z
Ebury, a FinTech specializing in SME transactions, has expanded its partnership with Nium, a leader in global payments, following Ebury’s regulatory approval of its acquisition of Brazilian FinTech Bexs. Operating as Ebury Bank in Brazil, the institution aims to facilitate fast, reliable, and affordable cross-border payments leveraging Nium’s infrastructure. The collaboration, extending from Europe to Brazil, integrates Nium’s cross-border payments solution into Ebury’s payment flows to enhance efficiency and extend connectivity to new markets.
TechCrunch, 03/06/2024, Chrsitine Hall: 2-year-old LatAm FinTech Yuno reaches $150M valuation with backing from DST Global Partners, Tiger, a16z
Infinity Capital acquires Colombian FinTech Andro
Infinity Capital, a FinTech-focused investment firm, has acquired Colombian FinTech company Andro. Andro offers a digital platform that provides financial services to individuals and SMEs in Colombia. This acquisition aligns with Infinity Capital’s strategy to invest in and support FinTech companies in Latin America. Andro’s innovative solutions and technology will complement Infinity Capital’s portfolio and further strengthen its presence in the Colombian FinTech market. Latam List, 03/08/24, Maria Camila David: Infinity Capital acquires Colombian FinTech Andro
Other news
FinTech Futures, 03/07/2024, Staff: FinTech colombiana Monet ha otorgado más de 320 mil créditos a mujeres en el país
LatamList, 03/07/2024, Araceli Domínguez: Kravata raises $3.6M to expand in Latin America
Global FinTech News
Nationwide Building Society set for £2.9bn takeover of Virgin Money
Nationwide Building Society is poised for a £2.9 billion takeover of Virgin Money, a move that would create a major player in the UK’s banking and financial services sector. The deal, if finalized, would combine Nationwide’s extensive branch network with Virgin Money’s digital banking capabilities, enhancing their competitiveness in the market. This acquisition reflects the ongoing consolidation trend in the financial services industry.
FinTech Futures, 03/07/2024, Tyler Pathe: Nationwide Building Society set for £2.9bn takeover of Virgin Money
Monzo’s valuation tops $5bn with $430m Alphabet-led funding round
Monzo, a UK-based digital bank, has reached a valuation exceeding $5 billion after securing funding led by Alphabet’s investment arm, CapitalG. The funding round, which also included other investors, marks a significant milestone for Monzo as it continues to expand its presence in the digital banking sector. FinTech Futures, 03/05/2024, Tyler Pathe: Monzo’s valuation tops $5bn with $430m Alphabet-led funding round
Other news
FinTech Futures, 03/08/2024, Tyler Pathe: Fiserv reportedly in the running to acquire Shift4 Payments
TechCrunch, 03/06/24, Romain Dillet: Flush with cash, French FinTech unicorn Qonto acquires Regate
TechCrunch, 03/06/24, Jagmeet Singh: Indonesia FinTech Wagely makes bank while helping the unbanked