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The future of finance in LatAm & the Caribbean

June 16, 2021

Bitso becomes LatAm’s first crypto unicorn, Brazil’s banks launch WhatsApp Pay

May 7, 2021

This week’s key fintech and digital banking news: Bitso becomes the first crypto ‘unicorn’ in Latam; Ame acquires Nexoos; Brazilian banks launch WhatsApp Pay, and more

 

Bitso becomes a unicorn with $250m Series C

With a Series C investment of USD $250 million led by Tiger Global and Coatue, Bitso has become Latin America’s first cryptocurrency unicorn, a title given to unlisted startups valued at over USD $1 billion. The Mexican platform, valued at USD $2.2 billion, plans to expand its operations throughout the region.

 

Brazil’s Nexoos, acquired by Lojas Americanas

Brazilian P2P lending startup Nexoos has been acquired by Ame, the financial division of retailer Lojas Americanas and tech firm B2W. Thanks to its hybrid model and its focus on small business lending, Nexoos also lends between people and offers lending as a service, models that Ame will now offer to its users.

 

Brazil’s Moeda joins Mastercard Start Path

The Fintech Brazilian Moeda has been selected for Mastercard’s acceleration program, Start Path. The blockchainbased platform will seek to expand its financial services, as well as its investment solution.  Moeda facilitates transactions for more than USD $18 million (R $ 100 million), approximately, annually.

 

See also: WhatsApp Pay set to shake up Brazil’s payments market

 

Banks, payments networks, launch WhatsApp Pay

Major Brazilian banks, including Banco do Brasil, Banco Bradesco, and the Sicredi cooperative, as well as the Visa and Mastercard networks, announced this week that many of their clients can now start using WhatsApp Pay. The service will be rolled out gradually among users, and is set to have a massive impact on the market, considering that the messaging app is installed on more than 90% of Brazilians’ phones. You can read our latest report on the arrival of WhatsApp Pay in Brazil here.

 

Demand and use of digital payments grow in Latin America and the Caribbean

In the last year alone, 65% of consumers in the region have used a digital payment channel for the first time, according to a new report by Mastercard. The study notes that access to omnichannel payment methods and enthusiasm for emerging payments have increased.

 

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