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The future of finance in LatAm & the Caribbean

December 06, 2021

Creditas buys car marketplace; Banxico calls for crypto regulation

Jul 30, 2021

By Antony Pinedo
This week's key LatAm digital banking and fintech news: Plus - PicPay buys Guiabolso, investment rounds for Lemon, Global 66 and Quansa


Creditas buys car marketplace

Brazilian fintech Creditas reported a financial loss and disclosed a new acquisition in its financial statements to the end of June.

The fintech lender recorded a net loss of BRL 134.6 million (US $ 26m) in the 6 months to June 30, 2021, a figure that contrasts with a loss of BRL 89.9 million in the same period of 2020.

In its presentation, Creditas announced the acquisition of 100% of Volanty, a digital market for used cars in Brazil, for an unknown amount. It is the third acquisition in the last three months by Creditas, which has already been bought by Voltz Motor, a manufacturer of electric motorcycles in Brazil, and by Minuto Seguros, a Brazilian digital insurance broker platform.

These operations strengthen Creditas’ commitment to the automotive market through Creditas Auto, a platform for financing, marketing or purchasing insurance solutions in this segment.

Banxico calls for coordinated regulation on crypto assets

International regulators must agree – and soon – on the use of digital money, said Alejandro Díaz de León, governor of Banco de México, this week. “If this is not done, private crypto assets can be consolidated as acceptable barter tokens that, while serving for exchange, fail to store value and as an acceptable means of payment.”

PicPay acquired Guiabolso

PicPay, a Brazilian financial services platform, bought Guiabolso, a fintech that integrates open banking services. Details of the acquisition were not disclosed; however, it emerged that the transaction was primarily cash and minority PicPay shares for Guibolso founders Thiago Alvarez and Benjamin Gleason.

See also: Digital Payments LatAm: Joint commitment needed, say industry leaders

Ecuador chosen for trade finance pilot

The International Chamber of Commerce has chosen Ecuador as the first market to test a new trade financing platform, ICC Tradecom. The platform, developed by Finastra, is a marketplace for financing accounts receivable for SME trade finance. The parties behind the innovation say it could help close the global trade finance finance gap, which is estimated to be around $ 1.5 trillion.

Fintech investments go to cryptocurrencies, international payments

  • Lemon, an Argentine fintech focused on cryptocurrencies, announced that it raised US $ 16.3 million in a series A round led by the English fund Kingsway Capital. The capital will be used to attract talent, launch the Lemon Card, which combines Argentine pesos and cryptocurrencies, and add more functions to its application.
  • Global 66, a Chilean international payments fintech, raised US $ 12 million in a series A round. Quona Capital led the round, in which Magma Partners, Venrez Investment Management, Clocktower Technology Ventures, as well as other private investors also participated. Global 66 hopes to use the investment to expand its products regionally.
  • Finaktiva, a Colombian platform for digital financial services for SMEs and entrepreneurs, announced that it raised US $ 8 million in equity and debt in a bridge round. The round was led by Acumen LatAm Impact Ventures, a fund created by Jacqueline Novogratz.
  • Quansa, a Chilean fintech specialized in the financial health of employees, closed a seed round of US $ 3.6 million, led by the venture capital fund Valor Capital Group, to boost Quansa’s entry into the Brazilian market.
  • Conductor, a Brazilian fintech and payment gateway is preparing to go public in the United States this year, according to Reuters. The company raised a $ 170 million round from Singapore Temasek Holdings, Viking Global Investors, and Advent International last year, and began an international expansion.

G2 launches seed fund for Latin American fintechs

In Mexico, G2 Consultores announced the closure of the G2 Fintech Fund, a venture capital investment fund, aimed at fintech that have disruptive and impact proposals.

The G2 Fintech Fund is expected to initially raise US $ 10 million, to finance seed rounds and invest in approximately 40 companies.

New leaders

  • Lorena Moya has been promoted to chief operating officer of Banco Pichincha (Ecuador). She previously was in charge of the bank’s channels, which includes digital and face-to-face.
  • Ana Laura Magaloni and Alejando Werner join the board of directors of BBVA México, replacing Francisco Gil Díaz and Andrés Aymes.
  • Germán Salazar will take over as Executive Vice President of Banco de Bogotá – a role that oversees technology and innovation, among other areas – replacing Julio Rojas Sarmiento.
  • Carlos Rey de Vicente will be responsible for Santander’s business in South America, replacing Sergio Rial, who will be the chairman of the board of Santander Brazil.

See also: Cryptocurrencies in LatAm, the struggle to centralize the decentralized

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