Miranda’s Weekly Mex FinTech Monitor

Miranda’s Weekly Mex FinTech Monitor

 January 15, 2024  


Mexico FinTech News

Bineo starts operations in Mexico

Bineo, Banorte’s digital bank, has entered the market, offering a savings account and personal loans through its app available on iOS and Android. The platform, similar to Nu, provides a no-minimum opening savings account with no fees, digital debit card, and unlimited deposits and transfers. The personal loan option ranges from 5,000 to 200,000 pesos with terms of 6 to 24 months. Bineo, backed by Banorte, is recognized for its reliability, with Banorte being ranked among the top 5 most trustworthy banks globally. Bineo aims to compete with other digital banks like Nu and Ualá, offering services without minimum balances and potentially without fees. But unlike them, it does not offer 1% yield on savings, limiting its value proposition.

Latam Fintech Hub, 01/09/2024, Paloma Franco: Bineo, el banco digital de Banorte, inició operaciones en México


Nu Mexico announces partnership with Félix Pago, so that its customers can receive money from the United States

Nu Mexico, in collaboration with Félix Pago, is offering a new and convenient option for Mexicans to receive money from the United States. This initiative responds to the significant role these remittances play in the national economy, reaching a record-breaking US$155 billion in 2023. The process is simple, allowing users to receive money directly to their Nu account through Félix Pago by generating a link via WhatsApp. The first transfer is free, and subsequent transactions cost US$2.99, borne by the sender. The transaction time is minimal, and users can leverage their received funds by moving them to Nu’s savings feature. The conversion to Mexican pesos is based on the daily exchange rate announced by the Bank of Mexico, and this highly competitive versus other money transfers.


Other news

Día Fintech, 09/01/2024, Fernando Gutiérrez: ¿Qué información le ha pedido la CNBV a Nu México ya como sofipo?


LatAm FinTech News

Prometeo raises $13M from PayPal, Samsung and more to bring open banking to Latin America

Prometeo, a startup out of Uruguay building channels to enable open banking across Latin America, raised $13 million in funding to expand its business. Antler Elevate, a firm with roots in Asia Pacific, is leading the round, with PayPal Ventures, Samsung Next, DN Capital, Cometa and Magma Partners participating.


Nubank has received additional authorization to operate as a Financial Company in Colombia

Nu Colombia, a subsidiary of Nubank, has obtained formal approval from the Financial Superintendence of Colombia to operate as a financing company. This approval allows Nu to expand its range of savings products and launch Cuenta Nu. Marcela Torres, Nu Colombia’s General Manager, sees this as a crucial step in their Colombian journey, enabling them to offer a comprehensive digital financial services portfolio. The company has demonstrated its commitment through substantial investments, celebrating its second anniversary with a capitalization of approximately COP 680 billion, totaling nearly COP 2 trillion when combined with previous investments.


Other news


Global FinTech News 

UK FinTech start-up Zilo lands £25m in Series A funding

London-based FinTech Zilo has raised GBp25mn led by Fidelity International Strategic Ventures and Portage, with participation from State Street and Citi. Zilo, founded in 2020, aims to reduce costs and complexity for asset and wealth management firms by providing a digital, real-time user experience. The funding will be used to accelerate product development, drive user acquisition, expand into new markets, and establish strategic partnerships. Zilo’s platform went live in July 2023, and the startup plans to modernize financial institutions’ operations by replacing legacy systems.

Fintech Futures, 01/09/2024, Shruti Khairnar: UK fintech start-up Zilo lands £25m in Series A funding


Amethis buys majority stake in Capital Banking Solutions

Amethis, an investment fund based in Paris, is set to acquire a majority stake in CBS, a Paris-based provider of banking solutions. CBS offers services to international banks across Europe, Africa, the Middle East, and America, with flagship solutions such as CapitalBanker and CapitalPrivate.

Fintech Futures, 01/09/2024, Shruti Khairnar: Amethis buys majority stake in Capital Banking Solutions


Other news