Mexico FinTech News
Femsa Digital grows customers, no data on profitability
FEMSA’s losses in digital business appear to be mounting, as ‘Other’ expenses (digital and corporate expenses) reached US$405m over the past 12 months to 2Q24, versus US$261m last quarter. Femsa has guided to spending $200-250mn per year in digital initiatives, which may eventually include entering credit (possibly using balance sheet of third parties – it remains to be seen what its credit strategy is). Meanwhile raw customer data looks good, assuming one day this customer base can be effectively monetized. Spin by OXXO (payments) Spin by OXXO gained 0.9 million users in the second quarter, reaching 11.8 million total users in 2Q24, up from 7.6 million in 2Q23. This marks a 56.2% YoY increase and a 3.8% monthly growth rate. Active users made up 66.9% of the total, growing 37.0% to 7.9 million. Monthly transactions rose by 13.4% to an average of 57.5 million per month in 2Q24, indicating higher user engagement. Spin Premia (loyalty) Spin Premia gained 3.1 million users in the quarter, reaching 47.2 million total users in 2Q24, up from 32.7 million in 2Q23. This marks a 44.1% YoY increase and a 3.1% monthly growth rate. Active users made up 48.3% of the total, growing 44.3% to 22.8 million. The average tender during the quarter was 36.1%
FEMSA 2Q24 -vff.pdf (gcs-web.com)
FinTech Blooms launches new financing platform for Mexican and Latin American exporters
Mexican FinTech Blooms has launched a new financing platform for Latin American exporters. It aims to support fruit and vegetable exporters by providing access to credit, global payment solutions, and foreign exchange services. This initiative seeks to leverage nearshoring opportunities and streamline international trade processes, enhancing financial access and efficiency for exporters.
Latam FinTech Hub, 07/24/2024, Staff: FinTech Blooms lanza una nueva plataforma de financiamiento para exportadores de México y Latam
Other news
El Economista, 07/24/2024, Sebastián Estrada: Clara, el unicornio mexicano que busca su consolidación a nivel internacional
El Economista, 07/24/2024, Sebastián Estrada: FinTech deberán diferenciarse de banca tras la guerra de tasas
El Economista, 07/23/2024, Edgar Juárez: Banorte no busca que Bineo tenga un crecimiento “irracional” como otros jugadores
Startup Deel compite contra bancos y fintechs en tarjetas de pago | IUPANA
Nuevas exigencias para fintechs de pago en México | IUPANA
LatAm FinTech News
FinTechs IP4Y and Zro Bank were authorized by the Central Bank to operate as payment institutions in Brazil
The Central Bank of Brazil has authorized two FinTech companies, IP4Y and Zro Bank, to operate as electronic money issuers. Zro Bank, based in Recife with a capital of 8.359 million reais, is a cryptocurrency payment company. IP4Y, based in Guarulhos with a capital of 2 million reais, also received similar authorization. Other companies like Entrepay and Empresa Brasileñade Beneficios y Pagos also received various licenses, expanding the FinTech landscape in Brazil.
Latam FinTech Hub, 07/24/2024, Staff: FinTechs IP4Y y Zro Bank fue autorizadas por el Banco Central para operar como instituciones de pago en Brasil
PeiGo Digital Wallet now supports in-person payments with Visa using Google Wallet and Google Pay in Ecuador
PeiGo Digital Wallet, operated by PeiGo in Ecuador, has expanded its services to accept in-person payments using Visa through Google Wallet and Google Pay. This development allows users to make contactless payments easily and securely, enhancing convenience and financial inclusion. The integration with Google Wallet and Google Pay aligns with modern trends in digital payments, providing a seamless experience for managing finances, making transactions, and accessing various banking services all within the PeiGo platform.
Latam FinTech Hub, 07/24/2024, Staff: Billetera Digital PeiGo ahora recibirá pagos presenciales con Visa PeiGo usando Google Wallet y Google Pay en Ecuador
Other news
Latam FinTech Hub, 07/22/2024, Staff: ProntoPaga, lanza una nueva solución que permite realizar pagos instantáneos reduciendo el tiempo de espera en más de un 90% en Perú
Global FinTech News
Revolut finally secures UK banking licence with restrictions, enters mobilisation stage
Revolut has secured a UK banking license with restrictions after a three-year wait. The company is entering a “mobilisation stage” to build its UK banking operations. During this period, Revolut can hold only £50,000 in total deposits. This stage is expected to last no longer than 12 months. The license marks a significant step for Revolut, which reported record net profits of $428 million in 2023 and plans to increase its global headcount by 40% this year.
FinTech Futures, 07/25/2024, Tyler Pathe: Revolut secures UK banking licence with restrictions, enters mobilisation stage
Morgan Stanley buys stake in UK business payments start-up Sokin
Morgan Stanley has acquired a significant stake in UK business payments start-up Sokin, through Morgan Stanley Expansion Capital. The deal, involving $31 million in total investment, includes contributions from Aurum Partners and former PayPal executives Gary Marino and Mark Britto. Marino will join Sokin’s board. Sokin, founded in 2019, will remain independent and use the investment to accelerate product growth and global expansion. This move follows Circana’s strategic focus on expanding its financial services portfolio.
FinTech Futures, 07/25/2024, Tyler Pathe: Morgan Stanley buys stake in UK business payments start-up Sokin
Other news
FinTech Futures, 07/25/2024, Staff: Egypt’s MNT-Halan raises $157.5 million, plots regional expansion
FinTech Futures, 07/23/2024, Tyler Pathe: FCA lifts partner onboarding restrictions on UK FinTech Modulr