Miranda’s Weekly Mex FinTech Monitor

Mexico FinTech News

Cuenta Nu will cut deposit rate to 14.75% from 15% starting April 16, 2024.

Nu has announced the launch of a new preferential interest rate of 14.75% effective April 16, 2024, from 15% previously, reflecting the Bank of Mexico’s cut in the reference interest rate to 11% from 11.25%. With deposits at over US$1bn exceeding credit portfolio, Nu is losing money on its fast growing deposit base, putting pressure on it to pick up loan growth or cut the deposit rate further. Nu’s stock is on a tear (up over 40% this year, 15% since it reported 4Q) in part because of optimism over Mexico’s opportunities. This is intriguing as Nu has so far built a Mexico business based on 1) price sensitive and fragmented deposit holders 2) low credit worthy card holders, on the face of it a bad mix for shareholders (but great for customers).


Rappi celebrates 10th anniversary with new investment plans

Rappi plans to invest $110 million to expand its under-10-minute delivery service, now including pharmacy items and products from McDonald’s, Starbucks, and Little Caesars. The company’s JV with Banorte has 700,000 credit card holders. As Banorte now consolidates the JV, and Rappi exited its debit card business, it would seem that Rappi is pivoting from offering FInTech services directly to charging others for customer acquisition, data and marketing services, a less capital intensive and likely more profitable model.



LatAm FinTech News

Accesstage, a B2B FinTech, has been authorized to operate as a payment institution in Brazil

Accesstage, a prominent FinTech company focusing on business-to-business (B2B) payment solutions and financial management services, has secured authorization to function as a payment institution within Brazil. As a licensed payment institution, Accesstage will be providing innovative payment solutions and comprehensive financial management services to Latam FinTech Hub, 03/26/2024, Staff: 2-year-old LatAm FinTech Yuno reaches $150M valuation with backing from DST Global Partners, Tiger, a16z

Latam List, 03/20/24, Araceli Domínguez: Colombian FinTech Addi raises $86M round


Other news 


Global FinTech News 

US merchants reach landmark settlement with Visa and Mastercard to lower swipe fees

US merchants have reached a significant settlement with Visa and Mastercard to reduce swipe fees. This landmark agreement aims to address long-standing disputes over interchange fees, which merchants have argued are too high. The settlement is expected to lead to lower costs for businesses when processing card payments, potentially resulting in savings for consumers as well.


Mastercard extends tie to Alipay

Mastercard and Alipay have formed a partnership to expand digital payment options for consumers and merchants globally. The collaboration aims to enhance cross-border transactions by integrating Mastercard’s network with Alipay’s digital payment platform. Through this partnership, consumers will have access to secure and convenient payment solutions across various channels and locations. The collaboration underscores the growing importance of digital payments and the increasing demand for seamless cross-border transactions in today’s global economy.
Payments Dive, 03/29/2024, Lynne Marek: Mastercard extends tie to Alipay


Other news

FinTech Futures, 03/08/2024, Tyler Pathe: Bulgaria’s Paynetics acquires UK neobank Novus