Miranda’s Weekly Mex FinTech Monitor 

Miranda’s Weekly Mex FinTech Monitor 

 October 2, 2023   

 

Mexico FinTech News 

 Mexican FinTechs Albo and Mundi raise millions 

Albo, currently registered as an Electronic Payment Funds Institution IFPE, announced a new Series C investment round of US $40 million led by Morpheus Ventures with participation from Valar Ventures and Nazca Ventures. The company will use the funds to sustain revenue growth, reduce operational costs, and ultimately reach profitability by the end of the year, focusing on those without access to traditional banking institutions. Meanwhile, Mundi raised US $15 million in a series A extension led by Haymarker Ventures. The FinTech recently pivoted to focus on importers, exporters, and logistics companies, providing them with integrated financial services, amid Mexico’s nearshoring phenomena 

Axios Pro, 09/25/2023, Ryan Lawler: Mexico trade financing startup Mundi raises $15 million 

 Clara Pagos expands to Monterrey  

On a similar note, expense management platform and credit issuer Clara opened an office in Monterrey to bring financial technology solutions to companies arriving in Nuevo León with the nearshoring wave. Clara offers products and solutions to streamline all company payments, including international payments to suppliers. Gerry Giacomán Colyer, co-founder and CEO of Clara, explained that the company was positioning itself as an ally of the Nuevo León business ecosystem, simplifying the complexities and bureaucracy common to cross-border transactions, and offering agility and transparent prices. 

El Economista, 09/28/23, Lourdes Flores: Fintech lanza su producto Clara Pagos Internacionles en Monterrey 

 Farmacias del Ahorro, one step away from acquiring a technology FinTech 

The pharmaceutical chain Farmacias del Ahorro chain has announced its intention to acquire the digital wallet Tu Dinero Digital (TUDI). Sources familiar with the process have revealed that regulators from the CNBV and Ministry of Finance are reviewing the proposed acquisition after a change in the shareholder control of IFPE was requested a few weeks ago. TUDI was authorized under the terms of the Law to Regulate Financial Technology Institutions on April 28, 2021, as one of the first ten companies to gain approval under this regulatory framework. 

El Economista, 09/26/2023, Fernando Gutiérrez: Farmacias del Ahorro, a un paso de adquirir una financiera tecnológica 

 Other news  

El Economista, 09/25/2023, Sebastián Estrada: Jeeves buscará su propia IFPE para prepararse ante el nearshoring 

Fintech Nexus, 09/25/2023, David Feliba: Fintechs make inroads in Mexico’s digital economy 

El Economista, 09/27/2023, Jocelyn Herrera: DiDi lanza tarjeta de crédito  

 

LatAm FinTech News 

 Central Bank of Brazil improves Pix payments 

The Central Bank of Brazil is improving even further its immensely successful instant payment system Pix. Carlos Brandt, Pix Management chief at the central bank, announced this strategic move during the EBANX Payments Summit in São Paulo, emphasizing Pix’s success in processing nearly 1.5 trillion reais. The central bank is actively developing “Pix Automatico,” the recurring payments feature, with plans to launch it in the first half of 2024. Pix Automatico aims to facilitate periodic payments such as utility bills, loan repayments, streaming services, and subscriptions. This development aligns with Brazil’s growing trend toward digital financial transactions, with Pix already playing a significant role, leaving countries such as Mexico far behind. 

Fintech Nexus, 09/20/2023, Gabriela Burgos: Recurring payments, Pix’s next milestone in Brazil 

 Brazilian startup Gringo raises US$29 million 

Gringo, a Brazilian startup, has secured over $29 million in funding, with Valor Capital leading the investment round with existing investors Kaszek, VEF, Piton, ONE VC, ICU Ventures, and Actyus participating. Gringo’s innovative platform is streamlining drivers’ lives by offering a comprehensive range of services to simplify car ownership and maintenance. This includes the convenient payment of fines and other debts, such as IPVA and licenses. Currently, Gringo serves a customer base of 10 million drivers and intends to utilize the newly acquired funds to strengthen its credit and automotive insurance products and expand its user base further. 

 Other news  

Latam List, 09/27/2023, Diego Barba: Citi grants $6M in debt to Colombian fintech Sempli 

 

Global FinTech News  

 AlphaSense Secures $2.5 Billion Valuation in Funding Round Led by Bond 

AI-led market intelligence and search platform AlphaSense has raised US $150 million in a round led by tech investment firm Bond, with participation from existing investors, including Alphabet’s CapitalG, Viking Global Investors, and Goldman Sachs. This funding round has boosted AlphaSense’s valuation to an impressive US $2.5 billion. The funds will empower AlphaSense to invest strategically, further developing its AI and generative AI search capabilities, expanding its searchable content, and considering strategic acquisitions to enhance its offerings. When asked about a potential IPO the company’s CEO said they now had more funding than they could have hoped for. 

Fintech Futures, 09/29/2023, Shruti Khairnar: AlphaSense lands $150m Series E funding at $2.5bn valuation 

 Visa and Swift Team Up for Easier International Payments 

Visa and Swift have announced a partnership aimed at improving global cross-border paymentsThis collaboration seeks to enhance customer options, speed, and transparency in international money transfers. Visa plans leverage Swift Payment Pre-Validation to include upfront checks of its B2B payments, bolstering the speed reliability of cross-border payments. Both companies will work together to enhance end-to-end transaction visibility through Swift’s technology, and Visa will transition its connection to Swift, which interconnects over 11,500 institutions in over 200 countries and territories. The collaboration promises financial institutions on both networks increased routing options and real-time status updates for their business customers. 

Fintech Futures, 09/20/2023, Shruti Khairnar: Sibos 2023: Visa and Swift collaborate to streamline cross-border payments 

 Other news 

Fintech Futures, 09/15/2023, Staff: ICYMI fintech funding round-up: Mundi, Revio, Pontoro and more 

CNBC, 09/29/2023, Ryan Browne: Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests government should act