Miranda’s Weekly Mex FinTech Monitor

Miranda’s Weekly Mex FinTech Monitor – February 12, 2024  


Mexico FinTech News

uFlow FinTech and Círculo de Crédito join forces to bolster presence in Mexico

uFlow, a company specializing in a No-Code credit decision engine, announced a strategic partnership with Círculo de Crédito, a Credit Information Society (SIC) in Mexico, strengthening its presence in the region. Through this alliance, uFlow aims to enhance its position as a provider of credit evaluation technology, offering solutions to streamline decision-making processes for banks, FinTechs, financial entities, and retailers.


“Hey Banco” announces its commitment to the SME segment in Mexico.

Hey Banco - Apps on Google PlayHey Banco, already serving individuals, will focus on SMEs in 2024. Mauricio Ballesteros highlights their intent to offer SMEs comprehensive banking services. By 2023’s end, Hey Banco had 585,000 clients, aiming for 14,000-15,000 SMEs. They’re set to offer savings accounts with yields up to 12%. Authorized in July 2023, they plan to operate as an independent bank by 2024’s end, ensuring regulatory compliance.


FinTech Mercado Pago is exploring becoming a bank in Mexico?

Mercado pago - NuveiMercado Pago is rumored to be exploring becoming a bank in Mexico to simplify regulations and expand its financial services, although there is no confirmation on this. Despite partnerships with firms like GBM and Western Union, regulatory challenges persist. While studying banking license requirements, its strong financial performance in Mexico and other markets continues, but the timeline for regulatory approval remains uncertain.

Latam Fintech Hub, 02/06/2024, Fernando Gutiérrez: Fintech Mercado Pago explora convertirse en un banco en México


Other news


LatAm FinTech News

Insurtech Darwin Seguros receives final authorization to operate throughout Brazil

Darwin Seguros | É seguro auto, mas com pegada de novo mundoSusep has granted final approval for Darwin Seguros SA to operate nationwide in Brazil, covering property and casualty insurance. The company, participating in the Regulatory Sandbox, is the first to receive unrestricted authorization to operate as an insurance provider. This allows them to expand into previously prohibited products. Ongoing evaluation of Sandbox results precedes an anticipated third edition.


Nubank introduces “Tap to Pay” for iPhone in Brazil

Nubank - Wikipedia, la enciclopedia libreNubank launches “Tap to Pay” for iPhone in Brazil, allowing merchants to accept card payments via mobile. This feature, already available for Android, enables proximity payments directly from the Nubank app on the merchant’s iPhone, eliminating the need for traditional POS terminals. Transactions settle within a day to the business account. Nubank emphasizes cost-effectiveness and security, collaborating with Zoop for development.


Other news 


Global FinTech News 

Adyen stock soared as it reported stronger than expected sales growth and earnings. 

The company committed to 2024-2026 of last November, namely low-20s to high-20s net revenue growth, and an EBITDA margin above 50% in 2026.


ID Finance lands $150m debt financing headed by i80 Group

ID Finance, specializing in alternative lending, operates across Europe and Latin America. It launched its Plazo app in Spain in 2021, offering credit, transactional, and savings solutions. With funding from i80 Group, it plans to expand its lending capabilities. ID Finance’s collaboration with Meeting Pros provides users access to medical, legal, and veterinary consultations via the app. The financing deal with i80 Group follows ID Finance’s reported 2023 financial performance, achieving a consolidated net income of €7.1 million.

Fintech Futures, 02/07/2024, Cameron Emanuel Burns: ID Finance lands $150m debt financing headed by i80 Group

Other news

Fintech Futures, 02/09/2024, Cameron Emanuel-Burns: Barclays acquires Tesco Bank for £600m