The future of finance in LatAm & the Caribbean

Nubank adds US$ 500m to its Series G; Bitcoin gets the green light in El Salvador

Jun 10, 2021

By Antony Pinedo
#TopNews: The key news in LatAm digital banking, fintech and payments: Nubank reaches a US$30bn valuation; Brazil's BS2 makes fintech acquisition, Citibanamex, Dann Regional make digital banking advances

Nubank Raises US $ 500M from Berkshire Hathaway

The Brazilian neobank has raised US $ 500million from Warren Buffet Berkshire Hathaway. With this further expansion of its Series G funding round, Nubank boats a valuation of US$ 30billion.

Bitcoin is approved as legal currency in El Salvador

Bitcoin is now legal tender in El Salvador, the first economy to officially adopt a cryptocurrency. This country’s Bitcoin Law approves its use in all types of payments. In accounting terms, the dollar will be used as the reference currency, and the exchange rate between the two will be freely established by the market.

BS2 bank buys Israeli fintech WEEL

Digital bank BS2 has acquired the Israeli credit fintech WEEL with the aim of becoming the first B2B neobank in Brazil. With the new merger, the bank will seek to create a comprehensive offer for small and medium-sized Brazilian companies.

See also: LatAm’s cross-border fintechs say local partners pivotal

Citibanamex launches ATM APIs

In Mexico, Citibanamex has released its first open data interface, which will allow customers to share their transactional information immediately, securely and 100% digitally with third parties authorized by the National Banking and Securities Commission (CNBV). The APIs respond to incoming regulatory requirements.

Colombia’s Dann Regional launches digital spin-off

The Colombian financial institution Financiera Dann Regional has launches Iris, a neobank specialized in serving corporate clients. The digital arm of Financiera Dann Regional – whose operating capital is US$ 50 billion – has as its first product a 100% digital savings account, with free interbank transactions and no handling fee.

See also: Financial blockchain in Latam: from exploration to application

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