Miranda’s Weekly Mex FinTech Monitor

Mexico FinTech News

Mercado Libre announces investment of $2.45 billion dollars in Mexico during 2024

Mercado Libre announced an investment of $2.45 billion in Mexico throughout 2024. The investment aims to bolster the company’s operations and expand its presence in the Mexican market, especially via Mercado Pago.

Forbes México, 03/14/2024, Staff: Mercado Libre anuncia inversión en México de 2,450 mdd durante 2024


BBVA highlights, before shareholders, historic 2023 result; Mexico contributed more than half of the profit

BBVA highlights its historic results for 2023 to shareholders, with Mexico contributing over half of the profit. The bank emphasizes its strong performance and strategic focus in Mexico, showcasing its significance within BBVA’s overall financial success.

El Economista, 03/15/2024, Edgar Juárez: BBVA destaca, ante accionistas, resultado histórico del 2023; México aportó más de la mitad del beneficio


Prometeo, 03/19/2024, Rosario Flores Vidal: Así funciona Pagos cuenta a cuenta en México

Food News Latam, 03/22/2024, Staff: Kigüi, la startup que reduce el desperdicio de alimentos, establece acuerdo con Nestlé México

El Economista, 03/20/2024, Sebastián Estrada: FinTech e inflación presionan ingresos de la banca


LatAm FinTech News

Addi, Colombian BNPL, raises $86mn in debt/equity, slashes valuation, pauses Mexico/Brazil

Addi, a Colombian BNPL fintech, raised $86 million in a mix of equity and debt, with $36 million in equity from Union Square Ventures, Andreessen Horowitz, and GIC Private Ltd., and $50 million in debt from Goldman Sachs. Since 2018, it gained 2 million clients. Despite a valuation over $700 million in late 2021, the valuation was halved recently. CEO Santiago Suárez cited past fintech boom funding as a reason for the comfortable decision to cut valuation. Addi paused expansion plans to Brazil and Mexico, focusing on Colombian growth instead

Colombian Fintech Addi Secures $86M in Funding Round Led by Goldman Sachs and Singapore’s GIC • (contxto.com)

Latam FinTech Hub, 03/20/2024, Staff: FinTech colombiana de BNPL Addi obtiene nuevo capital por US$86M para continuar creciendo en el país


Peru’s Leasy raises $28mn in Series A

Peruvian Fintech Leasy secured a $28M Series A in equity and debt, led by Magma Partners and joined by Entangle Group, DeBa Ventures, Noa Capital, and Grupo CAPEM, among others. This will enhance sales, operations in Mexico and Peru, and develop new vehicle financing options, aiming for significant loan distributions in both countries

Peruvian fintech Leasy raises $28M Series A – LatamList


Nubank already third most valuable Brazilian company; shares up more than 15% in 30 days

Nubank has become the third most valuable Brazilian company, with its shares rising by over 15% in the past 30 days. This significant increase in valuation underscores Nubank’s growing importance in the Brazilian market and its rapid ascent as a key player in the financial industry.

El Economista, 03/20/2024, Staff: Nubank ya es la tercera empresa brasileña más valiosa; acciones suben más de 15% en 30 días


Paytech Rebill announces launch of 1-Click Checkout to support payments in Latin America

The Argentine startup announced the launch of 1-Click Checkout, a solution that it claims offers the fastest payment experience in 10 Latin American countries, allowing customers to pay in less than 15 seconds.

Latam FinTech Hub, 03/22/2024, Staff: Paytech Rebill anuncia el lanzamiento de 1-Click Checkout para revolucionar los pagos en América Latina


Colombia’s Nanocred, The FinTech Faces Fine for Deception, Usury

The FinTech company Nanocred is facing a significant fine of $327 million for allegations of deception and usury. This penalty stems from accusations related to misleading advertising and excessively high interest rates. The fine poses a substantial challenge for Nanocred, highlighting regulatory scrutiny and potential consequences for FinTechs operating in Colombia.
Contxto, 03/20/2024, Staff: Nanocred, The FinTech Faces Massive $327M Fine for Deception, Usury


Other news 

Latam FinTech Hub, 03/18/2024, Staff: Conoce a Yont, la nueva FinTech argentina que te enseña cómo evitar los gastos hormigas



Global FinTech News 

Amazon taps Stripe Terminal for Just Walk Out tech in Australia and Canada

Amazon has chosen Stripe Terminal to power its “Just Walk Out” technology in Australia and Canada. This technology allows customers to shop in-store without having to wait in lines or checkout with a cashier. Stripe Terminal’s platform enables businesses to accept in-person payments and manage their point-of-sale systems efficiently. This partnership signals Amazon’s expansion of its innovative retail experience to new international markets.

Finextra, 03/22/2024, Staff: Amazon taps Stripe Terminal for Just Walk Out tech in Australia and Canada


JP Morgan is rolling out pay-by-face

JPMorgan is set to expand its biometric payment offerings on a large scale. This initiative aims to enhance security and convenience for customers by utilizing biometric authentication methods such as fingerprint, facial recognition, and iris scanning for payments. The move aligns with the increasing trend towards contactless and secure payment methods in the financial industry.
This Week in FinTech, 03/22/2024, Nik Milanovic: JP Morgan is rolling out pay-by-face


Digital wallets play key role in US lawsuit against Apple

The US government has filed a lawsuit against Apple, accusing the company of monopolizing the smartphone market. Among the allegations are claims that Apple restricts competition by blocking third-party apps from offering contactless payments and imposing limitations on digital wallet access.

Finextra, 03/21/2024, Staff: Digital wallets play key role in US lawsuit against Apple


Other news

FinTech Futures, 03/19/2024, Tyler Pathe: Nuvei evaluating bids for potential buyout with Advent reportedly leading the race

FinTech Futures, 03/19/24, Tyler Pathe: UK FinTech start-up Silverbird enters special administration

FinTech Futures, 03/19/2024, Paul Hindle: Cloud banking tech provider nCino acquires DocFox to streamline account opening

Solaris raises EUR 96 million in funding | Solaris Newsroom (solarisgroup.com)

Digital bank Monzo in talks to sell stake to Singaporean state fund GIC | Business News | Sky News