Weekly LATAM FinTech Newsletter powered by Marcel van Oost

?? NEWS HIGHLIGHT

• Baaskit Launches in Chile with Financial Market Commission Approval.

Baaskit has recently received authorization from the Financial Market Commission, is preparing for registration. The company will introduce ‘Banking as a Service’ model to the Chilean market.

The ‘Banking as a Service’ model focuses on providing businesses, especially large brands, with embedded financial services within their value offerings. This approach aims to shift the traditional client-provider relationship, allowing companies to offer financial services under their own brand.

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

?? REGIONAL HIGHLIGHTS

??Klavi now has the “key” to regulated Open Finance.

?? Cumbuca launches an innovative application designed to simplify the division of expenses among couples and friends.

?? RappiCuenta to cease operations in Mexico

?? Nubank customers in S?o Paulo can now register their vehicles on the app to pay Detran bills.

BRAZIL

Credmei, Fintech specialising in advance receivables for SMEs, raised US$8.1M to expand its credit portfolio in Brazil. The target was small and medium-sized enterprises (SMEs) in Latin America.

Bankme, Brazilian Fintech in credit infrastructure for "mini-banks", raised US$1.5M for the development of a new product. In a statement, the fintech said that the funding will enable the development of a new product.

Hubla chooses Yuno for payment orchestration and increases conversion. Has teamed up with Yuno, a global payments orchestrator, in order to optimize its capacity and payment solutions.

COLOMBIA

Digital credit fintech ExcelCredit evolves to KOA, and receives authorization from the SFC to become a Neofinanciera in Colombia. Since 2013, it has consolidated its position in the Colombian Fintech ecosystem over the course of a decade.

MEXICO

Briq.mx received authorization to operate under the Fintech Law in Mexico. According to Alberto Padilla, co-founder of Briq.mx, this platform allows investing in real estate projects with relatively small amounts.

URUGUAY

Montevideo cabs accept "account-to-account" payments via QR code. Uruguayan fintech company Prometeo worked to implement open banking technology in the capital's 3,000 cabs.

CHILE

Mercado Pago, the digital account of Mercado Libre, has announced a product in Chile that allows users to earn daily returns on the balance available in their digital accounts.