Here’s everything you need to know about what happened in LatAm digital banking and fintech this week
Banks | Payments | Argentina
Argentine banks nab Nubank exec for digital payments venture
Banco Santander, BBVA Francés and Banco Galicia are working on a new bank-based digital payments system. The new platform will be known as Play Digital, is set to launch in the second half of the year. The banks have snagged Rafael Soto from Nubank, where he was General Manager for Argentina for a year, to be CEO of Play Digital. Cronista broke the news and has the full story here.
Private Banking | Technology
Itaú signs with Temenos for private banking
Itau has signed with Temenos for an overhaul of its international private banking core, signing a deal to use Temenos Infinity Wealth and Temenos Transact for its US and Swiss businesses.
Banking | Cybersecurity
Ransomware attack on BCR
Banco de Costa Rica is reportedly being blackmailed by hackers that stole data from the institution in February, according to a Finextra report.
Fintech | Investment
Santander InnoVentures buys into a55
Santander InnoVentures has bought a stake in a55, a 2-year old startup that lends to technology companies in Brazil and Mexico. The investment – size undisclosed – is the fourth for Santander InnoVentures in Latin America. André Wetter and Hugo Mathecowitsch founded the company in Brazil in 2018.
Quona leads round in Colombian POS lender
Quona Capital has led a round in ADDI, a Colombian point of sale lender. The US$15 million round is the biggest yet for a Colombian fintech. ADDI hopes to use the capital to expand its product into Brazil and Mexico by year-end.
Sura AM lends to factoring fintech
Sura Asset Management has lent COP 35 trn to Exponencial Confirming, a Colombian digital factoring platform, for on-lending to SMEs. The pair are reported to be starting out with a beta test to 182 Colombian small businesses before expanding access to a target of 1,600 companies.
Key Fintech & Digital Banking News of the Week: CloudWalk and a55 Raise Capital; QED Investors launches a fund in LatAm.
Financing big-ticket purchases through “buy now, pay later” is a difficult model to get right in Latin America
This week’s key fintech and digital banking news
Messaging app with “gigantic power” gears up for Brazil entry
This week’s top: Nubank is rumored to be preparing a US IPO; Fintechs Merama and Warren raise big investment rounds.
Access to post-seed stage capital remains a challenge as the region’s ecosystem matures
- Sabadell and Movistar launch Bank-as-a-Service partnership; AlphaCredit, Oyster get investment
- Does Peru need a Fintech Law? Banks say yes – but startups aren’t so sure
- Open banking moves ahead in Chile; Citi Ventures invests in Mexico
- LatAm fintech investors retreat to pockets of safety amid pandemic
- The growth of Banking as a Service in Latin America
- Open banking a game-changer, say Brazil’s fintech lenders