Descubre el futuro de las finanzas en América Latina y el Caribe

The future of finance in LatAm & the Caribbean

O futuro das finanças na América Latina e no Caribe



Friday Briefing: Interest rates as a hook for new customers

Aug 4, 2023

By Ivis Aguilera

We tell you the most important news of the week in digital banking, fintech and payments in Latin America

This week, we report on the growing competition in the region’s market for interest-bearing accounts. Also, the allure of SME lending brings forth an alliance between Davivienda and Siigo in Colombia and spurs Albo’s purchase of in Mexico. In addition, Argentina’s Wenance is accused of fraud.

All this and more in our weekly briefing .

Read the main note here: Interest-bearing accounts: Fintechs vie to attract user savings


#Strategic Plays

Davivienda and Siigo use alternative data for SME loans in Colombia

Banco Davivienda and the accounting and admin software company Siigo have joined forces to facilitate access to SME credit lines in Colombia. Siigo will expedite processing using alternative data, such as electronic invoices and financial statements on its system.

Scotiabank Mexico launches new mobile account

Scotiabank México launched Scotia, an account that can be opened remotely through its mobile app and uses biometric data from the National Electoral Institute for onboarding. The bank said 54% of its customers currently use digital banking.

Albo acquires to boost SME lending

Mexican fintech Albo acquired local SME lending platform for about US$20 million. The move boosts Albo’s ecosystem, which includes debit cards, loans, and salary accounts.

Argentine fintech Wenance comes under scrutiny

Wenance is facing accusations of fraud from clients in Argentina, Uruguay and Spain. At least 130 workers were reportedly fired by the fintech as prosecutors investigate allegations it granted loans at usury rates.

Rappi finances restaurants in Colombia

Rappi launched a new program that offers loans to restaurants in Colombia via its app. Financial statements aren’t required when lodging applications and loan repayments are deducted from the sales that the restaurant makes using the food delivery app.




Licify raises US$3.4M to expand in LatAm

Licify, a Colombian startup offering digital and financial solutions to the construction industry, raised US$3.4 million in a round led by Brick & Mortar Ventures and Accion Venture Lab. Other investors included G2 Momentum Capital. The company plans to use the proceeds for product development, alliances and expansion into new markets, starting with Mexico.


Banco Volkswagen names CRO in Brazil

Banco Volkswagen in Brazil appointed Ricardo Paixão chief risk officer to lead its risk, collection and credit departments. Paixão was previously chief financial officer.

Provenir appoints global head of professional services

Provenir named Richard Kern senior vice president of global professional services. Kern will lead the delivery of the tech provider’s solutions to clients in more than 50 countries.


Buy, build or partner? Mexican banks Invex and Banregio have decided on in-house technological development to lead their digital transformation and leave “black boxes” behind. We asked the banks’ heads of innovation to lay out their game plans for the digital sphere.

  • Invex has created 25 development teams to address product initiatives internally.
  • The bak has opted to keep 90% of its technological capacity at its own facilities.
  • Banregio says in-house teams came up with its pioneering spin-off, Hey Banco.

Find out why these two banks say no to technology partnerships in this week’s iupanaExclusive

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