The future of finance in LatAm & the Caribbean

Brazilian merger creates big lending player, Oxxo launches digital wallet

Mar 5, 2021

By Fabiola Seminario
#TopNews: The key fintech and digital banking news this week: Brazilian merger creates largest lending fintech; Oxxo launches digital wallet; Stori and minu close rounds


Brazilian credit fintechs Rebel and Geru merge

Startups Rebel and Geru have merged their operations to create one of the largest lending fintechs in Brazil. The company, which will operate under the name of Open Co, will have a portfolio of more than R $ 800 million (US $ 140 million) in loans and a share of the total Brazilian credit market of 1.5%.

Oxxo ventures into the fintech sector

The Mexican retail chain Oxxo has joined the fintech trend by launching its digital wallet “Spin”, an account with a digital debit card that will allow users to send and receive money from their cell phone, as well as a physical option backed by Visa. Spin has no opening cost.

Stori raises $ 32.5m Series B

The Mexican startup that offers app-based credit cards raised a US$ 32.5 million Series B round, led by Lightspeed Venture Partners. The funds will help Stori continue to expand its commercial reach in search of becoming a super platform that emulates the Chinese giant Ant Group, the company said.

See also: LatAm’s WealthTechs face regulatory and educational challenges

minu closes US$ 14 M Series A

The Mexican payroll lender has closed a US$ 14 million Series A round led by the Fintech Collective fund, joined by other investors such as Tom Gonser, founder of DocuSign. The financing included US$ 2.5 million in debt from Banco Sabadell México.

Mibanco will promote access to investments together with tyba

In Colombia, Mibanco will work with wealthtech platform tyba to facilitate digital access to investments. Through the tyba app, investments can be made from $ 100,000 pesos (US $ 27, approximately) and obtain quarterly rates of return from 3.25%.

See also: Open Banking in LatAm: The State of Play

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