Miranda’s Weekly Mex FinTech Monitor

Mexico FinTech News

Aplazo raises $45mn in Series B, $25mn in credit
Aplazo, a leading Mexican BNPL provider and competitor to Kueski, raised $70 million in funding, with $45 million in Series B led by QED Investors and the rest in credit lines. Existing investors Picus Capital, Kaszek, Oak HC/FT, and Volpe Capital also participated. Since its 2020 launch, Aplazo has secured over $100 million in capital and $75 million in debt financing. CEO Ángel Peña stated that the funds will advance the company’s mission and support merchant growth. “Our vision is to become the preferred payment method in Mexico; and because of our position in the market, where we’re serving underserved users and working with underserved merchants, we see a lot of opportunity to broaden the relationship with both merchants and consumers to create more value to them,” Peña told TechCrunch. Like many FinTechs, the company claims to be “near” cash-flow breakeven in the last couple of months.


Kapital is named one of the 50 most disruptive companies in the world for 2024
Kapital, a leading Mexico-based bank and technological platform, targeting SMEs, has been recognized as one of the 50 most disruptive companies in the world for 2024.

Forbes, 05/15/2024, Staff: Kapital es nombrada una de las 50 compañías más disruptivas del mundo de 2024

Paytech Kueski Pay and BBVA join forces to boost ‘buy now, pay later’ in Mexico
Kueski Pay and BBVA have teamed up to promote the “buy now, pay later” model in Mexico. This partnership combines Kueski Pay’s innovative payment platform with BBVA’s banking infrastructure to offer consumers flexible payment options.

Latam FinTech Hub, 05/14/2024, Yulsi Magaña: Paytech Kueski Pay y BBVA se alían para impulsar el “compra ahora, paga después” en México

Rappicard says it reached its “break-even” point with over 1 million customers in Mexico
Rappicard claimed it reached its “break-even” point with over 1 million customers in Mexico. Latam FinTech Hub, 05/14/2024, Luz Elena Marcos Méndez: FinTech mexicana Rappicard logró su punto de equilibrio con más de 1M de clientes en México

Other news

El CEO, 05/14/2024: Sabadell quiere competir con Nu, Bineo y Hey en México (elceo.com)

Latam FinTech Hub, 05/16/2024, Staff: FinTech mexicana Mattilda obtiene línea de crédito de US$14M para su expansión en Latam


LatAm FinTech News

South American FInTechs mixed 1Q24 results
Nubank reported $379 million in net income, aligning with expectations and demonstrating strong top-line growth. Mexican earnings had been pre-released and demonstrated widening losses and collapsing NIMs, but huge growth in clients and much better asset quality. Client additions, credit growth, and secured loan originations surpassed consensus, resulting in an initial 5% stock increase which was then given up as investors took profits. Stone’s results fell below expectations, missing TPV, revenues, and costs, causing a 10% stock drop. dLocal also underperformed sharply as the stock dropped 30%, with GAAP net income missing estimates by 49%, and declining profit margins due to slower top-line growth and increased investments

Nu Holdings Ltd. Reports First Quarter 2024 Financial Results – Company Announcement – FT.com

Latam FinTech Hub, 05/16/2024, Staff: Nubank alcanza los 15M de consentimientos en Open Finance en Latam

Inswitch acquired by TransNetwork
TransNetwork has acquired Inswitch, a Uruguayan B2B payments infrastructure platform, marking a significant step in TransNetwork’s expansion in Latin America. This strategic move enhances TransNetwork’s capabilities and market presence, positioning it for further growth and innovation in the region’s FinTech landscape.

Latam FinTech Hub, 05/16/2024, Antonio Larronda: Inswitch, plataforma de infraestructura de pagos B2B Uruguaya, fue adquirida por TransNetwork

Neobank Integrity Corporación Financiera was authorized by Superfinanciera to operate in Colombia
Superfinanciera has authorized Int3grity Labs, Integrity USA, and Colombian investors to establish Integrity Corporación Financiera.  With a focus on FinTech innovation, Integrity aims to offer tailored financial services to Colombian consumers and businesses, contributing to the modernization and diversification of the country’s financial landscape.

Latam FinTech Hub, 05/15/2024, Staff: Neobanco Integrity Corporación Financiera fue autorizado por Superfinanciera para operar en Colombia

Other news

Latam FinTech Hub, 05/15/2024, Staff: NuInvest, el broker de inversiones de Nubank, recibió la autorización del Banco Central para operar en el mercado de divisas en Brasil

Latam FinTech Hub, 05/15/2024, Staff: Kontigo, FinTech de gestión de créditos de Perú, iniciará operaciones en Colombia


Global FinTech News

US FinTech Yendo secures $165m in mix of debt financing and equity
Yendo, a leading US FinTech firm, has secured $165 million in funding through a mix of debt and equity. The funds will fuel its growth, product expansion, and technology enhancements, underscoring investor confidence in its vision and market potential.

FinTech Futures, 05/17/2024, Cameron Emanuel-Burns: US FinTech Yendo secures $165m in mix of debt financing and equity

Deutsche Bank to explore asset tokenisation applications as part of MAS’ Project Guardian
Deutsche Bank has announced its participation in Project Guardian, a collaboration with the Monetary Authority of Singapore (MAS) to explore asset tokenization applications.

FinTech Futures, 05/17/2024, Tyler Pathe: Deutsche Bank to explore asset tokenisation applications as part of MAS’ Project Guardian

Other news

FinTech Futures, 05/17/2024, Tyler Pathe: French FinTech Lydia launches digital banking app Sumeria

‘Neobank in a box’ startup Fintech Farm raises $32 million (finextra.com)

Corpay to Acquire a Full AP Corporate Payments Company | Corpay, Inc.

A review of fees: Major routes got cheaper while some fees went up – Wise