Unlimit and DEUNA Forge Partnership for LATAM Cross-Border Payments
Marcel van Oost - LATAM FinTech News
Connecting the dots in FinTech...
REPORT
In just two years, the debit card has replaced cash as the preferred payment method among Spanish speaking Latin Americans, and mobile payments have quickly gained ground, too, particularly in countries such as Argentina and Peru.
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Remittances from workers in the U.S. to their families and friends in Latin America amounted to $155 billion in 2023. With such a huge opportunity, banks, money transfer companies, retailers and FinTechs are all trying to make transfers more convenient on both sides of the transaction.
Fast-growing startup Félix Pago is one of these players, and recently raised a $15.5 million Series A round of funding to grow its presence in Latin America and the U.S., TechCrunch learned exclusively. Its main interface is WhatsApp, with a chatbot that makes it simple to send and receive cross-border money transfers, even with a voice message.
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Now one of the world’s largest digital banks, Nu has crossed 100 million customers and for a brief moment last week while Velez spoke at a company event about another record quarter passed Itau as the most valuable financial institution in Latin America.
Whether it happens next week or next year, Nubank looks poised to consolidate itself as the top bank in the region in the eyes of global investors.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
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?? Unlimit and DEUNA Forge Partnership for LATAM Cross-Border Payments .
?? Mastercard announced a partnership with LeapFinancial the innovative digital solution that will revolutionize the remittance industry in Latin America .
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BRAZIL
PayRetailers Acquires Payment Company Transfeera in a Strategic Move to Expand Its Business in Brazil. The transaction which is still subject to approval by the Administrative Council for Economic Defense and the Central Brank of Brazil is part of PayRetailers’ strategic plan to grow in Brazil
Visa has announced partnerships with Brazilian FinTechs Dock and Muevy to enhance international remittance services through Visa Direct in Brazil. This technology enables financial institutions and exchange agents to swiftly execute international transfers to more than 190 countries.
Centrobill has announced it is offering of fully licensed PIX payments in Brazil in a move aimed at influencing the Brazilian FinTech market. The PIX payments initiative offers a 24/7 transaction window ensuring immediate processing, consolidating Centrobill as the preferred choice for businesses seeking competitive payment solutions.
Somapay Digital Bank , a Brazil-based FinTech, has acquired a 40% stake in Bee Vale Benefícios , a Brazil-based startup specializing in flexible benefits for employees .
Nu announces sending and receiving Cryptocurrencies directly through the platform. Now, customers can send and receive crypto assets directly from their wallets. The solution, which is being gradually rolled out, is available for Bitcoin, Ethereum, and Solana .
Nu Launches Travel eSIM with Gigs. This new offering allows Nubank customers to access 10GB of free roaming internet across more than 40 countries , without needing to swap out their existing physical SIM card or eSIM.
Nu is launching a travel booking platform for its high-income Nubank Ultravioleta customers. “NuViagens” will be available to the customers over the next few months offering air and hotel bookings.
Circle Launches in Brazil to Catalyze Digital Dollar Access. This strategic expansion marks an opportunity to deliver highly demanded USD-backed digital dollars and digital asset infrastructure to a market at the forefront of FinTech innovation and adoption.
ARGENTINA
Satoshi Tango, an Argentine Cryptocurrency Broker, Launches Cashback Promotion with VISA Card. The remuneration of up to 9% will be in Tether Gold, a cryptocurrency issued by Tether, the same company behind the USDT stablecoin .
COLOMBIA
Loopay, a FinTech focused on implementing technological solutions to achieve financial efficiencies among companies, has raised $10 million in a debt round. The Colombian startup, which began operations in 2021, announced that these funds will be used to bolster its operations in Colombia and Ecuador.
Lyra has integrated Apple Pay for Visa and Mastercard payments in partnership with local operators Credibanco and Redeban, making it the only gateway to offer it in this way , adding additional value to its customers.
FinTech ExcelCredit to Launch Its First $26M Social Bond Issue in Colombia. The resources of this ordinary social bond will be used to serve the "Silver" population: low-income senior citizens who belong to socioeconomic strata 1 and 2 and who lack access to traditional financial services.
URUGUAY
LatAm open finance platform Prometeo OpenBanking plans expansion to Mexico, the US and Brazil . This strategy follows a successful $13 million Series A investment round led by Antler Elevate that closed in December 2023.
Totalnet Uruguay has officially launched its new mobile app. This app turns Android phones with NFC capabilities into point-of-sale (POS) terminals , allowing merchants to accept card payments easily, quickly, and securely. Designed especially for small businesses and entrepreneurs, this tool promises to revolutionize the payment market in the country.
CHILE
FinTech Kushki announces physical card at POS terminals by operating as acquirer in four countries in the region. Kushki, an Ecuadorian payment gateway unicorn, started its business eight years ago as a payment service provider (PSP), but last year announced a shift in its business to join the physical world of payments.
Paytech Koywe Acquires Chilean Company Facto to Enter the North American Market. Koywe, the startup co-founded by Ignacio Detmer and Guillermo Acu?a focused on payment methods, has just acquired this FinTech with the objective of attacking together the North American market when the new system starts operating.