Airwallex Announces Record Profits in Tandem With LatAm Expansion
Marcel van Oost - LATAM FinTech News
Connecting the dots in FinTech...
?? NEWS HIGHLIGHT
Redpin, the global leader in secure, multi-party transaction management software for residential property, has opened a new payment corridor by launching Currencies Direct in Brazil. Currencies Direct will facilitate investments in Portuguese property by providing smooth and secure international property payments to Brazilian nationals.
This initiative targets the strong property-related foreign exchange flows from Brazil to Portugal. Brazilian nationals accounted for 15% of real estate sales in Portugal in 2023. This continues to contribute to the growth of the 250-500,000 Brazilians currently living in Portugal.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
?? REGIONAL HIGHLIGHTS
?? Airwallex Announces Record Profits in Tandem with LatAm Expansion.
?? CashU structures its own R$100 million fund and promises to unlock R$1 billion in credit for SMEs.
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BRAZIL
Brazil projects the biggest growth in fraud in the world. As a result, losses from Pix scams, a term adopted in the country, could reach US$ 1.937 billion (about R$ 11 billion) by 2028. These data come from the latest Scamscope report, developed by ACI Worldwide in partnership with GlobalData.
BYX acquires Nvio to expand beyond payroll loans. With the acquisition, BYX will no longer need to hire banking as a service providers to offer credit solutions, allowing it to expand into new credit markets beyond payroll loans. Read more
Stablecoins dominate Brazil’s crypto market, with 90% of crypto transactions tied to these digital assets. Gabriel Galipolo, the President of the Central Bank of Brazil, revealed this statistic during a Bank for International Settlements event in Mexico City. Read more
MEXICO
Openbank launches in Mexico. The bank is now up and running across all of Mexico with a comprehensive suite of everyday banking products that includes interest-bearing accounts, debit and credit cards, and cash withdrawals at 10,000 Santander ATMs.