Fintech News MX - June Wrap-up ????

Hi Fintech Enthusiasts,

Welcome to the monthly edition of Fintech News MX! In this edition, we will review the highlights from the weekly summaries published by FintechExpert during June 2023.

To keep you updated on the latest fintech developments in Mexico, I invite you to subscribe to our weekly newsletter in Spanish https://fintechexpert.mx. By subscribing, you will receive the most relevant news directly in your inbox and stay informed about the latest trends and developments in the Mexican fintech ecosystem.

In this monthly newsletter, you will find information about the most significant milestones in the industry. We'll cover topics such as the impressive growth of Stori and its 50 million-dollar credit line, the exciting launch of Billú by Afirme, concerns surrounding the authorization process for the Fintech Law, and noteworthy achievements by Nubank in Mexico. Additionally, we'll dive into strategic partnerships like the one between Citibanamex and Minu, among other exciting topics.

Moreover, you'll discover job opportunities at Finnovista, an open investment opportunity in FinSphera, a licensed Mexican Fintech, and learn about highlighted events like FINNOSUMMIT Mexico 2023, where key players in the fintech ecosystem come together.

Stay informed and don't miss out on the latest fintech news! Subscribe to our weekly newsletter in Spanish at https://fintechexpert.mx and join us at the forefront of the Mexican fintech scene.

?? Stori Reaches 2 Million Customers and Secures $50 Million Credit Line

Stori, the Mexican fintech credit card company, celebrated reaching 2 million customers, a significant milestone considering they launched their first credit card just three years ago. They also secured a new $50 million credit line from Community Investment Management (CIM). This funding will be used to approve credit for more users in Mexico, and Stori emphasized their impressive 99% approval rate.

?? Billú Launches Operations in Mexico

BANCO AFIRME announced the official launch of Billú, its new digital bank. With an initial investment of over $300 million pesos, Billú is now available on app stores. The bank aims to attract over 250,000 customers by 2023 and plans to expand its digital services to tap into new markets focused on the metaverse and emerging technologies.

?? Concerns Over the Fintech Law Authorization Process

A report by journalist Fernando Gutiérrez from El Economista highlighted concerns about the authorization process for the Fintech Law. Out of 162 applications submitted, 32 companies withdrew, 23 were rejected, and only 58 were authorized. It takes an average of 633 days to obtain authorization as an Electronic Payment Fund Institution (IFPE) and 697 days for a Collective Financing Institution (IFC).

?? Visa and Mercado Pago Strengthen Alliance for Secure and Accessible E-commerce in LatAm

Visa and Mercado Pago have expanded their collaboration to accelerate e-commerce transactions and enhance security in digital payments in Latin America. The adoption of Visa Token Service (VTS) lies at the core of this effort, aiming to increase online authorization rates and create safer and smoother digital commerce experiences. VTS has already increased Mercado Pago's approval rates by 3% and experienced a 300% usage growth on the platform.

???? Ualá Aims to Make Mexico Its Largest Market in Latin America

Argentinian fintech Ualá plans to expand its digital ecosystem in Mexico and improve financial inclusion in the country after receiving approval to acquire the bank ABC Capital. Ualá aims to become one of the largest banks in Mexico and expects Mexico to be its largest market in the region within three years. Currently, Ualá has over half a million users in Mexico and aims to reach 5 million.

?? PAYBACK Ends Operations in Mexico, Affecting 78 Brands

Payback, the company managing loyalty programs for various brands in Mexico, announced it will cease operations in the country starting November 1, 2023. This decision affects popular brands such as Grupo Cinemex , Organización Soriana , Coppel , and many others. Payback customers can accumulate points until July 31, 2023, and redeem them until October 31, 2023.

??? Nu México accelerates: 1 Million Accounts and $1 Billion Pesos in Deposits

Brazilian neobank Nubank has achieved a significant milestone in its growth strategy in Mexico. Within a month of its launch, Nu reached 1 million customers in its debit account segment, with over 1 billion pesos in deposits. Nu emphasizes its commitment to financial inclusion and celebrates the positive impact of its product on people's financial lives.

?? minu to Offer On-Demand Salaries to Citibanamex Customers

Citibanamex and minu have announced a strategic agreement to offer on-demand salary services to Citibanamex's 5 million payroll account customers. This initiative, launching by the end of 2023, aims to provide customers with greater financial flexibility, allowing them to access their accumulated income at any time without waiting for payday.

?? FinSphera Opens Investment to the Public

Mexican fintech company FinSphera, focused on social and environmental impact, has made a significant move by opening investment opportunities to the public through Arkangeles . With a minimum investment of MXN$5,000, this crowdfunding platform emphasizes sustainable investment, fintech, and economic inclusion.

?? Uber Partners with Mendel for Streamlined Order Invoicing

Uber, through its Uber for Business product, has announced a partnership with Mendel. This collaboration aims to facilitate efficient invoice recovery for business orders placed through the Uber Eats app. Mendel's intelligent corporate finance system simplifies the process by retrieving invoices with a simple photo, saving time and streamlining workflows.

?? NEXTGEN: Investing in AI and Blockchain Companies in Mexico

Vector Casa de Bolsa and Franklin Templeton have jointly launched NEXTGEN, a multi-themed equity fund in Mexico. This fund focuses on innovative companies in the technology sector, including artificial intelligence (AI), fintech, cybersecurity, blockchain, health innovation, and energy generation and storage. The fund is already available in the market, with a minimum investment of 10,000 pesos.

?? BBVA Aims to Exceed Investment Plan in Mexico

BBVA announced its intention to exceed its 63 billion pesos investment plan in Mexico during the RNCR 2023 meeting. BBVA attributed its success, in part, to its digitalization efforts, which have significantly increased customer acquisition, particularly in Mexico.

?? 汇丰 and Endeavor México Welcome International Entrepreneurs

HSBC Mexico and Endeavor have jointly launched "Welcome to Mexico," a program aimed at supporting international startups entering the Mexican market. The initiative offers financial services and deep market knowledge to facilitate the growth of these startups. A recent study by Endeavor revealed the significant contributions made by foreign founders in Mexico, including job creation and capital raised.

?? Nu México Faces Regulatory Challenge

Nu Mexico encountered its first regulatory setback due to updating a credit card contract without prior authorization from the National Commission for the Protection and Defense of Financial Services Users (Condusef). Nu Mexico has suspended the use of the contract in question and now offers a Condusef-approved contract to the public. Regulatory compliance is crucial to ensure fair and transparent practices in the financial services industry.

?? Rappi and Flink México Announce Partnership

Mexican investment app Flink and popular delivery app Rappi have joined forces to incentivize investment among Mexicans. As part of the partnership, users can earn rewards that cover the cost of their Rappi Prime Basic or Rappi Prime Plus subscriptions, encouraging them to explore investment opportunities available on the Flink app.

?? OXXO Expands into Remittance Market with Spin by OXXO

Oxxo, the Mexican convenience store chain, has been offering remittance services since 2016. Through its Electronic Payment Fund Institution (IFPE) Spin de Oxxo, the company aims to facilitate the receipt of remittances for its customers, allowing them to directly receive funds in their accounts.

??? Hackmetrix Expands to Mexico and Launches Hackers House

Chilean cybersecurity platform Hackmetrix closed a $1.3 million funding round and is relocating its headquarters to Mexico. Alongside this move, Hackmetrix is launching Hackers House, a free coworking space for cybersecurity clients and startups. This strategic expansion comes after impressive annual growth in Mexico and successful investments from various funds and angel investors.

??? nocnoc Secures Million-Dollar Investment for Expansion in Mexico and Latin America

Cross-border e-commerce platform nocnoc has raised $14 million in a Series A funding round. The funding was led by PayPal Ventures, with participation from other prominent investors. nocnoc aims to consolidate its presence in Mexico and Latin America, providing global sellers with access to 15 markets within 48 hours.

?? Finerio Connect Among Top 3 in Global Fintech Challenge

Mexican platform Finerio Connect, specializing in open banking and integrated finance, has made it to the top three finalists in the 2023 Objective Fintech Award. This global competition, led by Vector Casa de Bolsa and Finnovista, seeks to promote and support fintech startups with a strong focus on innovation and the use of new technologies.

?? FAIR Fintech Lab: Accelerating Fintech Startups at Tecnológico de Monterrey

For the third consecutive year, Tec de Monterrey has opened applications for its FAIR Fintech Lab acceleration program. The program aims to foster the creation of fintech startups that improve financial inclusion. Selected entrepreneurs will receive a year of free acceleration, mentoring, access to forums and events, and connections with investors and financial and technological institutions.

?? OPEN FINTECH OPPORTUNITIES

FINNOSUMMIT Mexico 2023: The Leading Fintech Event

FINNOSUMMIT, the premier fintech event, returns this year after a successful previous edition. With over 1,700 attendees from 26 countries, the event will take place on September 26 and 27 in Mexico City. FINNOSUMMIT serves as a vital platform for connecting participants in the fintech industry, including innovators, entrepreneurs, investors, and media. It offers the opportunity to strengthen connections within the ecosystem and learn about the latest industry trends.

More info: www.finnosummit.com

Job Opportunities at Finnovista : Operations Manager and Marketing Manager

Finnovista is currently hiring for two exciting positions: Operations Manager and Marketing Manager for its acceleration program in Mexico City. If you have experience in operations management or marketing and communication strategies, a passion for fintech, and an innovation-oriented mindset, this is an excellent opportunity to contribute to the vibrant fintech sector in Mexico. Apply through the provided links.

More info: https://apply.workable.com/finnovista/

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Disclaimer: The summaries provided are based on the weekly news summaries published by Fintech News MX. The content and information presented in the news articles are the responsibility of the respective sources.