The future of finance in LatAm & the Caribbean

Top News: Credicorp fintechs expand; Migrante, Baubap, Máximo raise cash

Mar 26, 2021

By Fabiola Seminario
The key fintech and digital banking news this week: Credicorp will internationalize its fintechs, Fintechs raise capital, and more


Credicorp to expand fintechs to Peru and Chile

Credicorp, the Peruvian financial holding company, will expand two of its fintechs internationally. The first is tyba, its Colombian investment platform that will soon launch in Peru, in alliance with Banco de Crédito del Perú (BCP). The second is Wally, an electronic invoicing platform that will launch in Chile.

EBanx begins operations in Central America

The Brazilian payment processor Ebanx launched operations in Central America, with Costa Rica as its starting point. During the first half of 2021, the fintech will continue to expand to other countries such as El Salvador, Panama, Guatemala and the Dominican Republic.

Chile’s Migrante raises capital

Migrante, a Chilean fintech that lends to foreigners in the country, has closed a CLP $ 20 billion (US $ 27 million, approximately) funding round. In parallel, the startup also raised US $ 2.5 million in convertible notes. The company has already loaned about US $ 18 million for auto loans, rental guarantees and personal loans.

See also: Cryptocurrencies set for LatAm payments growth

Mexico’s Baubap closes round

The Mexican lending fintech Baubap closed an investment round for US $ 3 million led by Alfin, a Mexican financial group. With the injection they hope to expand their services from microcredits. Baubap offers loans using alternative data to generate credit records.

Máximo will offer cards for teens

Máximo, a Peruvian fintech that issues virtual cards, also closed a US $ 250,000 investment round, led by Inca Ventures, and two other angel investors. The startup, which hit the market in January, will soon launch an exclusive Mastercard for teens, they said in a press release.

Banco Internacional will work with Surecomp to boost financing

Banco Internacional in Ecuador has partnered with Surecomp, a provider of treasury and financing tools for banks and corporations, to improve their trade financing process, implementing the cloud-based Trade Finance as-a-Service solution.

See also: 4 Key Trends that will Define LatAm Payments in 2021

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