13 June, 2020
This week in digital banking and fintech: Argentine fintechs in regulatory spotlight; Nequi launches freelancer loans; New rounds for Dapp and Joinkey

#TopNewsHere is the LatAm digital banking and fintech news this week that you need to know 

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By Fabiola Seminario

 

Argentine fintechs accused of predatory lending: Regulation ahead?

‘Abusive’ rates: This is how some media describe the interest charged by Argentine lending fintechs, after the data was released by the Central Bank. As a result, talk is growing of stricter regulations for the sector. You can also read the fintech objection here.

Nequi launches line of credit for freelancers

Nequi. Bancolombia’s digital spin-off, has launched a loan for independent workers with amounts ranging from COP $ 300,000 (USD $ 80) to COP $ 4.5 million (USD $ 1,193). The new credits respond to a lack of credit options for microenterprises in traditional banking, and it is a joint effort with the National Guarantee Fund (FNG).

See also: Covid & Fintech: Startups navigate a complex route

Digital banking, digital payments continue to boom

More than half of banking consumers (57%) now prefer virtual channels to access financial services, according to a report from the World Banking Retail Report 2020. In addition, 55% of them are making greater use of the Mobile banking.

This is held up in Latin America by new data fro Argentine payment system TodoPago, which reports that the use of its new form of contactless payments has grown by 275% during the pandemic. TodoPago’s “Payment Button” has reached a generous deployment in the country’s provinces, in some cases exceeding 1000% growth, the company reports.

Dapp, Joinkey raise investment rounds

Joinkey, a Brazilian sales management fintech has just closed its first investment round with PagoLivre, a company specialized in recurring payments. The company will also provide a corporate structure for the startup to reach more than 100,000 clients in its first year of operations.

Dapp, a Mexican QR payment fintech, has raised an investment from the G2 Momentum Capital. The venture capital fund has invested an undisclosed amount and will also provide consulting to accelerate the startup.

See also: Banks, Fintechs: Platformification value is growing

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