Miranda’s Weekly Mex FinTech Monitor 

Miranda’s Weekly Mex FinTech Monitor

December 25, 2023

Mexico FinTech News

Solvento Obtains US$50m for Credit in Transportation Sector

Jaime Tabachnik - Solvento | LinkedInSolvento, led by CEO Jaime Tabachnik, plans to focus on addressing the increasing demand for financing and technological tools in response tio the growth in nearshoring. Solvento aims to meet this demand by offering fast payments and digitized processes, aligning with other FintTech platforms like Mundi and Finkargo, which have secured substantial investments to capitalize on nearshoring opportunities.

 

NEORIS acquires ForeFront

Trabajando en Neoris Colombia | Great Place To Work® Colombia

NEORIS, a global digital acceleration leader, has acquired ForeFront, a Salesforce partner specializing in cloud consultancy. This aligns with NEORIS’s strategy to enhance consulting across sectors like Manufacturing and Healthcare. The acquisition combines AI, ERP, and cloud computing with ForeFront’s Salesforce expertise for comprehensive digital transformation services.

 

Other news

El Economista, 12/14/2023, Edgar Juárez: Banamex quedará separado de Citi en la segunda mitad del 2024

 

LatAm FinTech News

Brazilian Fintech Stone raised US$467.5m

Stone has secured a US$467.5 million financing commitment from the US Development Finance Corporation (DFC) to strengthen its ability to provide receivables anticipation to MSMEs. The funding, with a final term of seven years, aims to optimize cash flow, financial flexibility, and reduce non-payment risk for small and medium-sized entrepreneurs. The focus is on supporting companies led by women or with a majority representation of women in their workforce, particularly impacting entrepreneurs in the North and Northeast regions of Brazil. The move aligns with Stone’s commitment to fostering the entrepreneurial ecosystem and socio-economic development in the country. 

Latam Fintech Hub, 12/20/2023, Staff: Brazilian Fintech Stone raised US$467.5M to strengthen receivables anticipation for SMEs

 

Other news 

Latam Fintech Hub, 12/22/2023, Staff: Paytech Uruguaya Totalnet es adquirida por Minsait Payments

 

Global FinTech News 

SellersFi secures new credit facility of up to $300m

SellersFi Achieves Great Place to Work® Certification for the 2nd Consecutive YearSellersFi, a New York-based FinTech, has obtained a $135 million credit facility from Citi and Fasanara Capital, potentially growing to $300 million. The funds will support the company’s expansion in providing financial solutions for e-commerce platforms. SellersFi utilizes AI-driven credit scoring models for working capital and cash management for e-commerce merchants. The recent facility follows the startup’s 2021 Series A funding round of $166.5 million. Ricardo Pero, SellersFi’s CEO, sees it as a crucial milestone for facilitating growth and meeting the financing needs of numerous e-commerce businesses. Additionally, SellersFi secured an undisclosed equity investment from MUFG Innovation Partners to enhance its product offerings and technological infrastructure.

 

US FinTech Vestwell secures $125m in Series D funding round 

Vestwell | NasdaqVestwell, a cloud-based workplace savings platform, has raised $70 million in a Series D funding round, led by Insight Partners. Existing investors, including Fin Capital and Primary Venture Partners, along with new investors Blue Owl and HarbourVest, also participated. Vestwell, founded in 2016, manages around $29 billion in assets and serves approximately 50,000 businesses and over one million savers. The funds will be used to hire talent, particularly in sales and engineering, and launch new products. The latest round reportedly values Vestwell at around $1 billion.

Fintech Futures, 12/22/2023, Shruit Khairner: US fintech Vestwell secures $125m in Series D funding round

 

Saudi BNPL FinTech Tamara lands $340m Series C funding at $1bn valuation

Saudi FinTech Tamara has raised $110 million in a Series C funding round co-led by Sanabil Investments and SNB Capital, with participation from new investors Shorooq Partners, Pinnacle Capital, and Impulse, as well as existing backers Coatue, Endeavor Catalyst, and Checkout.com. The company, founded in 2020, operates in Saudi Arabia, the UAE, and Kuwait, claiming over 10 million users and 30,000 partner merchants. The funding, one of the largest in the region, will be used to develop new products and services, expanding beyond its current buy now, pay later (BNPL) offering into shopping, payments, and banking services across the Gulf Cooperation Council region.

Fintech Futures, 12/18/2023, Shruti Khairnar: Saudi BNPL fintech Tamara lands $340m Series C funding at $1bn valuation

 

Other news