Miranda’s Weekly Mex FinTech Monitor

Mexico FinTech News

Clip closes a 100 million dollar funding round as Mercado Pago catches up
The clip has secured $100 million in a funding round led by Morgan Stanley Tactical Value and a major mutual fund manager from the West Coast, reportedly at the same $2bn valuation as the previous Series D round. Clip, a platform facilitating digital payments and financial services for small and medium-sized enterprises (SMEs), plans to use the funds to accelerate product development and support financial inclusion in Mexico. Meanwhile Mercado Pago’s terminal appears to be gaining market share fast, while offering a broader range of financial products to customers than Clip.

El Referente, 06/24/24, Manuel González: La FinTech mexicana Clip cierra una ronda de 100 millones de dólares

MercadoLibre’s fintech arm sees credit-card reader boom in Mexico | Reuters

Didi México buys Sofipo JP Sofiexpress to offer financial services
Didi México has acquired Sofipo JP Sofiexpress after receiving authorization from the Comisión Nacional Bancaria y de Valores (CNBV). This acquisition aims to enhance Didi’s financial services offerings, making them more accessible and secure for users. The move is part of Didi’s broader strategy to promote financial inclusion in Mexico. Current customers of JP Sofiexpress will continue to use their services without disruption.

Mexico Business News, 06/20/2024, Staff: Didi México compra Sofipo JP Sofiexpress para dar servicios financieros

Belvo and Citibanamex form an alliance to offer credit products to users without a credit history in Mexico
Belvo and Citibanamex have partnered to offer credit and credit card products to users without a credit history in Mexico. Using Belvo’s open finance platform, Citibanamex will access and process financial data securely, improving credit access for those who struggle with traditional verification methods. This alliance aims to enhance financial inclusion by making it easier for individuals to prove their income and obtain credit, ultimately reducing barriers to financial services.

Latam FinTech Hub, 06/18/2024, Staff: Belvo y Citibanamex sellan alianza para realizar ofertas de créditos a usuarios sin historial crediticio en México

 Other news

Finsus, 06/12/2024, Staff: Finsus adquiere plataforma y lanza Crédito Digital Pyme

Hablemos de Dinero, 06/17/2024, Fernando Castillo: Anuncia Klar “Meses Sin Intereses” Para Los Usuarios De Sus Tarjetas De Crédito


LatAm FinTech News

Celcoin raises $120 million for new mergers and acquisitions (M&As)
Celcoin has raised $120 million in a Series C funding round led by Summit Partners, marking the firm’s first investment in Latin America. Innova Capital also participated, exercising its preferential rights. The funds will support Celcoin’s expansion strategy, including mergers and acquisitions (M&As) in and outside Brazil. Celcoin plans to enhance its product offerings and market share, focusing on financial services and exploring international markets, especially in Latin America.

Brazil Journal, 06/18/2024, Pedro Arbex: Celcoin levanta R$ 650 milhões para novos M&As

LatAm FinTech Infrastructure Leader Prometeo Expands Footprint To US Market
Prometeo, a Latin American FinTech infrastructure leader, has expanded into the U.S. market with its Bank Account Validation (BAV) solution. This service allows Latin American businesses to connect with all U.S. banks via a single integration, addressing needs such as fraud prevention, payment automation, and compliance with AML and KYC regulations. This expansion strengthens Prometeo’s role in facilitating cross-border financial connectivity and enhancing payment security across regions.

Business Wire, 06/18/2024, Staff: LatAm FinTech Infrastructure Leader Prometeo Expands Footprint To US Market

Other news

Pontos Pra Voar, 06/20/2024, Bruno Beslauer: Nubank customers can now pay for fuel at Shell Box using NuPay

Tiinside, 06/18/2024, Staff: Belvo has launched a recurring payment solution with PIX


Global FinTech News

Robinhood is set to acquire Bitstamp for approximately $200 million.
This acquisition, pending regulatory approval, will mark Robinhood’s first institutional business venture and support its global expansion. Bitstamp, which holds over 50 licenses worldwide, offers reliable trade execution and advanced API connectivity. The deal will integrate Bitstamp’s services and its 85+ tradable assets into Robinhood’s platform, enhancing its crypto offerings. The acquisition is expected to close in the first half of 2025.

Apple to discontinue pay later service in the US
Apple has made the decision to discontinue its “Pay Later” service in the United States. This move comes as part of Apple’s strategic adjustments in its financial services offerings. The service, which allowed users to make purchases and pay later in installments, is being phased out, indicating a shift in focus or strategy within Apple’s broader financial services portfolio. This decision may impact users who have come to rely on the convenience of deferred payment options through Apple, prompting them to explore alternative payment methods or services offered by other providers in the market.

FinTech Futures, 06/18/2024, Tyler Pathe: Apple to discontinue pay later service in the US

Other news

FinTech Futures, 06/18/2024, Tyler Pathe: BNPL firm Laybuy’s search for new buyer results in Deloitte receivership

FinTech Futures, 06/20/2024, Tyler Pathe: Société Générale sells neobank Shine to Danish FinTech Ageras

FinTech Futures, 06/18/2024, Tyler Pathe: JP Morgan and WeRealize have reached a settlement in the lawsuit involving Viva Wallet

Corpay to Acquire Cross-Border Payments Company | Business Wire

Revolut seeks valuation of more than $40bn in employee share sale (ft.com)

SumUp and Adyen partner to bring faster payouts to millions of SMEs globally