Miranda’s Weekly Mex FinTech Monitor – July 1, 2024  

Mexico FinTech News

Fintech Peibo, a subsidiary of BanPay, to apply for a banking license
The IFPE will submit its application within 35-40 days, aiming to operate as BanPay Banco. Peibo, which received authorization as an Electronic Payment Fund Institution in 2022, currently serves over 20,000 clients, primarily SMEs, and handles an average daily flow of 12 billion pesos. The company plans to expand its services to include business and payroll cards, international transfers in 20 currencies, and consumer banking through its corporate clients. This move aligns Peibo with other fintechs like Mercado Pago, Plata, Konfio and Nu México, which are also seeking banking licenses in Mexico

Bloomberg Línea, 06/20/2024, Italia López: FinTech Peibo solicitará licencia para ser banco en México

Bitso estimates that it processes 10% of the total volume of remittances in the Mexico-United States corridor
Bitso, a cryptocurrency exchange platform, estimates that it processes around 10% of the total remittance volume between the United States and Mexico. The platform’s growth reflects an increasing adoption of digital currencies for cross-border money transfers, highlighting the potential of cryptocurrencies in transforming financial services.

El Economista, 06/25/2024, Sebastián Estrada: Bitso estima que procesa 10% del volumen total de remesas del corredor México-Estados Unidos

Stripe and Cemex announce collaboration to strengthen the Construrama marketplace
Stripe and Cemex have announced a collaboration to enhance Construrama’s marketplace in Mexico. This partnership will enable over 1,100 professional dealers and nearly 2,400 sales points within the Construrama network to access the digital economy. Stripe’s Connect product will simplify and secure payment processing and transaction data management, facilitating e-commerce for construction materials.

Tekios, 06/26/2024, Staff: Stripe y Cemex anuncian colaboración para fortalecer el marketplace de Construrama

Other news

Expansión, 06/26/2024, Octavio Torres: ¿México necesita una Ley FinTech 2.0? Nu, Mercado Pago y Stori responden

Fintech México prepara un proyecto de ley (eleconomista.com.mx)

Contxto, 06/27/2024, Staff: Inside FinTech belo’s Vision: A Conversation with CEO Manuel Beaudroit


LatAm FinTech News

Nubank accelerates its AI strategy and acquires Hyperplane
Nubank has accelerated its artificial intelligence (AI) strategy by acquiring the Brazilian-founded but Palo Alto based AI technology company Hyperplane. This acquisition is part of Nubank’s broader efforts to enhance its data science and AI capabilities, which are crucial for improving customer experience, developing new products, and optimizing operations. Hyperplane’s expertise in AI and machine learning will be integrated into Nubank’s platform, enabling the FinTech giant to leverage advanced data analytics and enhance its financial services offerings.

Nubank acquires AI-for-banks startup Hyperplane | TechCrunch

El Economista, 06/26/2024, Sebastián Estrada: Nubank acelera su estrategia de IA y adquiere Hyperplane

Conectados and Getnet form alliance to expand benefits for affiliated businesses
In Chile, a partnership has been forged between the FinTech company ConectaDos and Getnet from Banco Santander. This alliance aims to enhance benefits for affiliated businesses by integrating Conectados’ digital payment solutions with Getnet’s extensive network. The collaboration intends to streamline payment processes and expand financial services accessibility across various merchants in the country.

Latam FinTech Hub, 06/25/2024, Staff: FinTech chilena Conectados y Getnet de Banco Santander firman alianza para ampliar beneficios en comercios adheridos

Other news

Cointelegraph, 06/28/2024, Prashant Jha: Bolivia lifts ban on Bitcoin, authorizes crypto transactions via banks

Iupana, 06/28/2024, Antony Pinedo: FinTechs convocados a digitalizar pagos de transporte público en Perú


Global FinTech News

Klarna sells checkout business to investor consortium
Klarna made a strategic decision to divest its Checkout business to an investor consortium which includes BLQ Invest and Systematic Growth.  By shedding the Checkout business, Klarna seeks to streamline operations, enhance efficiency, and accelerate innovation in its primary areas of expertise.  Bloomberg reported that the transaction values the business unit at $520 million and is anticipated to finalize in October 2024. Introduced in 2012, Klarna Checkout is a comprehensive payments solution, leading the market in Sweden with a market share exceeding 40%, and over 20% across the broader Nordic region.

FinTech Futures, 06/25/2024, Tyler Pathe: Klarna sells checkout business to investor consortium

iBusiness Funding snaps up Funding Circle’s US business for £33m
iBusiness Funding has acquired Funding Circle’s US business for $33 million. This acquisition is part of iBusiness Funding’s strategy to expand its footprint in the US market and enhance its lending capabilities. It allows iBusiness Funding to leverage Funding Circle’s established customer base and technology platform to grow its presence in small business lending.

FinTech Futures, 06/26/2024, Tyler Pathe: iBusiness Funding snaps up Funding Circle’s US business for £33m

Other news

FinTech Futures, 06/28/2024, Tyler Pathe: ECB publishes progress update on digital euro preparation phase

American Express Buys Tock Dining Reservation Service – The New York Times (nytimes.com)