Miranda’s Weekly Mex FinTech Monitor

Miranda’s Weekly Mex FinTech Monitor

November 27, 2023 


Mexico FinTech News

FinTech Mexico announces new leadership

The FinTech México Association has announced leadership changes. Sebastian De Lara Gomis, part of Belvo’s open finance team, will succeed Ernesto Calero as the new director. Felipe Vallejo, who was recently named as the CEO of Bitso in Mexico, will remain as its president. De Lara will focus on competition in payment networks, open finance, secondary cloud requirements, and strengthening Electronic Payment Fund Institutions (IFPE) governed by the FinTech Law. With 1,359 FinTech firms in Mexico, De Lara emphasizes inclusivity and collaboration with other associations.

El Financiero, 11/21/2023, Sebastián Estrada: FinTech México anuncia nueva dirección

Banxico issues new cybersecurity rules for SPEI and SPID

The Bank of Mexico has issued new rules to strengthen the security of the Electronic Interbank Payment System (SPEI) and the Interbank Payment System in Dollars (SPID). These rules include the requirement for entities participating in SPID to have a Chief Security Officer. Additionally, definitions and added controls have been introduced to enhance security, and contingency procedures have been established. These measures aim to ensure the security and smooth operation of electronic payment systems.

El Economista, 11/23/2023, Fernando Gutiérrez: Banxico emite nuevas reglas de ciberseguridad para SPEI y SPID

Other news

LatamList, 11/21/2023, Liliana Sánchez: Shein partners with Stori to launch a credit card

Marketing 4 Ecommerce, 11/23/2023, Juan Rodríguez: Apprecio, startup de lealtad chilena, prepara su llegada a México con DCanje

El Financiero, 11/22/2023, Staff: Mercado Libre incrementó 40% sus ventas en Buen Fin


LatAm FinTech News

Riverwood Capital closes US $1.8 billon fund

Riverwood Capital has raised US $1.8 billion in new capital for growth investments, following its last raise of US $1.4 billion in 2020. The firm focuses on supporting high-growth mid-size technology companies, emphasizing profitability or positive unit economics. The fund will primarily be used for new investments, with check sizes ranging from US $25 million to US $100 million per company. While the firm invests globally, it will focus on North American and Latin American companies. Riverwood’s has a total of US $5.8 billion assets under management, with a portfolio spanning over 75 investments and counts more than 40 exits since its inception in 2008.

The Brazilian FinTech Logcomex raises $32.5 million to expand across Latin America.

Brazilian logistics startup Logcomex has closed a funding round of US $32.5 million. The round was led by Riverwood Capital with participation from Endeavor Catalyst, along with existing investors Igah Ventures, Alexia Ventures, and Caravela Capital. Founded in 2016, Logcomex has developed a platform enabling businesses to plan, monitor, and automate their global supply chains. The startup aims to enhance logistical decision-making for clients, improve information availability, increase visibility in import and export operations, and integrate all factors into an international logistics platform. Despite already serving around 1,000 clients on five continents, the new funding will support Logcomex’s growth and expansion plan throughout Latin America.

Other news 

Latam FinTech Hub, 11/23/2023, Valentina Moreno: Descubre los Soonicors más innovadores de Chile en este 2023


Global FinTech News 

Binance CEO exits after pleading guilty to money laundering

Binance Holdings, the entity behind the world’s largest crypto exchange Binance.com, has pleaded guilty to US federal charges related to anti-money laundering, unlicensed money transmission, and sanctions violations. As part of an agreement with the US Department of Justice (DoJ), Binance will pay US $4.3 billion in fines and forfeitures, representing one of the largest corporate penalties in US history. Founder and CEO Changpeng Zhao (CZ) has resigned, citing mistakes and taking responsibility. Notably, the resolution does not allege misappropriation of user funds or engagement in market manipulation. Richard Teng, former global head of regional markets, has been appointed as the new CEO of Binance. This development follows increased regulatory scrutiny on cryptocurrency exchanges in the US.

FinTech Futures, 11/23/2023, Shruti Khairnar: Binance CEO exits after pleading guilty to money laundering

Other news

Alternative Credit Investor, 11/24/2023, Kathryn Gaw: Mintos originator ID Finance secures €12m funding line

Fintech Extra, 11/20/2023, Staff: Alphabet fund in talks over Monzo investment