Boas Fontes: Todo mundo quer ter marketplace

#TopStory 🔝

Businesses want to be fintechs. And fintechs want to do e-commerce

Itaú Unibanco this week launched its own e-commerce platform, as more financial services firms enter the fray in Brazil’s growing online retail market.

It’s a trend gaining momentum in the region as banks seek to use their fintech expertise to power digital payments and close the supply circle, from offering products to financing purchases and processing payments.

“Itaú Shop intends to facilitate people’s shopping journey by offering exclusive alliances and conditions, as well as a more
fluid and integrated experience with the channels they use the most. The idea is to bring the right product to the customer, with easy payment options, improved experience, and transaction security,” Carlos Formigari, director of Itaú Unibanco, said in a press release.

The region’s fintech heavyweights have also entered the e-commerce sector: Nubank formed an alliance with AliExpress and Magalu in Brazil, while Ualá acquired the Argentine e-commerce platform Empretienda, which processes payments using its Ualá Bis product. Other companies investing in multipurpose models are Baz, which is the Grupo Salinas’ superapp in Mexico, and Banco Comafi in Argentina.

Itaú Shop also plans to offer bank cards with interest-free installments, for which it will draw on an “intensive” analysis of user data. This is in order to provide
“the best solutions and offers for each customer, according to the Itaú card usage profile and the customer’s navigation in the app,” said Formigari.

iupana recently analyzed the digital platforms that are exploring financial services as a means of expansion, and we asked: Will everything will become fintech? Maybe now it’s time to ask: Do all fintechs want to be e-commerce players?

#Strategic Plays 📊

Avianca debuts LifeMiles wallet as BaaS

Avianca launched its LifeMiles Pay digital wallet, a product provided by Dale! under the Banking as a Service model. Dale! is a regulated financial entity belonging to Grupo Aval, which owns Banco de Bogotá. The deal will allow the airline to offer users debit cards that accumulate travel miles.

AgendaPro enters the fintech sphere

AgendaPro, a Chilean startup that allows online reservations for small businesses and professionals such as stylists and doctors, moved into the fintech space by launching a digital payment service. At the same time, service providers using the platform can access sales organization and accounting software. In Mexico, the firm has a tie-up with Clip.

Sonect obtains license in Mexico

Sonect received
authorization from Mexican regulators to operate as a wallet or electronic payment funds institution (IFPE). The Swiss-based fintech joins the list of 37 companies that have been granted a license to operate in the country.

Also…

• Chile’s Banco BCI enabled transfers between bank users, its MACH digital wallet and Lider BCI cardholders.
• Argentine province Jujuy is studying a tax on cryptocurrency

#Regulation ⚖️

Paraguayan President Mario Abdo Benítez vetoed a bill that sought to formalize cryptocurrency mining and trading as well as reduce electricity costs for the sector. However, a new bill could still see the market become subject to regulation.

In Mexico, the Central Bank is inviting banks to accelerate API-based integrations with social networks and messaging platforms such as WhatsApp to process payments. The participation of banks is voluntary for now, but experts tell us it could become obligatory.

In Peru, the regulator has proposed changes to the digital asset laundering prevention standard, with modifications to rules on compliance and the scope of shareholder knowledge. The proposal is open for comments until September 16.

And in Brazil, the Central Bank selected eight projects for
the latest phase of the Laboratory of Financial and Technological Innovations (LIFT), which includes Itaú’s decentralized finance proposal and an interoperability project for the digital real, Brazil’s CBDC. Functional prototypes must be ready by December.

#Investments 📈

Pagaleve raises US$24.8m

Brazilian buy now, pay later (BNPL) fintech Pagaleve raised US$24.8 million in a series A round led by Salesforce Ventures. The round included an undisclosed percentage of venture debt. The proceeds will be used for improving technology and the user experience.

Also…

• Bankme, a Brazilian fintech that offers advances on accounts receivable, raised US$1 million in a round led by Domo Invest.

#People 👥

Fernando Turri leaves Banco Galicia for Santander

Fernando Turri is the new head of technology and operations at Banco Santander in Argentina. He previously worked for more than five years as CIO at Banco Galicia.

#iupanaExclusive 🔥

Over and out

That’s it – you’re up to date!

Wishing you a great weekend from the iupana team.