Can a Mexican Startup Replicate South Korea’s Soft-Power Success?
Ep. 131: VMetrix $3.2 million Seed round, VEMO partnership with Ford México, and more!
Your weekly newsletter on technology, startups, and VCs in Spanish-speaking Latin America.
I was halfway through an article by Alejandro Diez Barroso, Managing Partner at DILA Capital, about why they backed Fillip when it hit me (or should I say, me cayó el veinte): this Mexican startup is basically trying to pull off what South Korea did with K-pop and K-dramas, but for Mexican entertainment!
Fillip’s play is buying up under-monetized, family-owned IP and modernizing them with better licensing deals, tech upgrades, and live events.
Their proof-of-concept? Partnering with WWE to acquire Mexico’s AAA wrestling promotion, a deal announced during WrestleMania 41 that will kick off with a “Worlds Collide” super-show at the Kia Forum in June.
What took South Korea twenty years of merging small labels into entertainment powerhouses, adding government subsidies, and letting YouTube spread it globally, Fillip wants to do the same at 10x the speed.
If they succeed, Mexico might actually build something that rivals Korea's US$80 billion cultural export machine.
Still, big hurdles remain.
First, they don't have the government backstop that Korea had. Seoul threw serious money at K-pop to help it grow, but the Mexican government isn't offering anything similar, so Fillip will have to run on venture capital money and loans.
Second, buying nostalgia ≠ making hits. AAA is a legacy brand, but the company still needs new storylines, talent pipelines and studio-grade content or it risks feeling like a relic.
Lastly, the politics could get messy. Wrestling is practically sacred in Mexico, and if this looks like selling cultural heritage to foreigners, they could get a lot of backlash.
But if the AAA deal lands, Fillip could do more than just cash in on nostalgia, they might actually reboot Mexico's entire cultural export game. And this time, completely tariff-proof!
Follow The Money
🇨🇱 VMetrix raises a US$3.2 million Seed round
Chilean startup VMetrix has raised a US$3.2 million seed round to accelerate the growth of its cloud-native SaaS platform for investment, risk, and treasury management. Founded in 2020, VMetrix aims to replace legacy financial systems with agile, scalable solutions, allowing institutions to implement complex processes in months instead of years. With clients like AFP Cuprum, BancoEstado AGF, and Credicorp Capital, the company operates in Chile and Mexico and plans to expand into Colombia, Peru, Brazil, and later Europe and the U.S. in 2026. The new capital will support geographic expansion, product development, and AI integration for functions like regulatory reporting and asset valuation.
Sector: FinTech
Founders: Sebastián Valenzuela
Investors: Kayyak Ventures, Nazca
Startups News
🇲🇽 Stori launched Movimex x Stori
Mexican Fintech unicorn Stori has partnered with the State of Mexico's Mobility Secretariat (SEMOV) to launch Movimex x Stori, a co-branded contactless credit card backed by Mastercard, aimed at users of public transportation. Designed to improve financial inclusion and mobility access, the card offers credit lines up to MX$20,000 (approx. US$1,200), with a 99% approval rate and full digital onboarding via Stori’s app. It can be used on systems like the Mexicable and other networks that accept contactless payments. The card is the first to receive the government’s “Hecho en México” label for financial products.
🇲🇽 VEMO partnered with Ford México
Ford México has partnered with VEMO to promote electric mobility by offering new owners of 2025 Ford EV models, up to MX$5,000 (approx. US$300) in charging credits usable across VEMO’s public charging network. The partnership aims to enhance the EV ownership experience by combining Ford’s electric vehicles with VEMO’s extensive infrastructure, which now includes over 1,000 charging points in 16 Mexican states. The initiative supports Mexico’s growing EV ecosystem, with over 47,000 connectors currently in operation nationwide, and reflects both companies' commitment to accelerating sustainable mobility across Latin America.
🇨🇴 Klym disbursed US$ 145 million in Q1 of 2025
Colombian Fintech Klym disbursed over US$ 145 million in the first quarter of 2025 to support nearly 900 SMEs, aiming to reach 2,000 by year-end. The startup reported a 250% increase in working capital operations and plans to offer credit disbursements in under 24 hours. Klym is leveraging its tech platform, has partnerships with over 15 major payers (including Enel, Colanta, and Familia), and backing from Coval and local financial institutions to support the 62% of Colombian SMEs still facing barriers to formal financing. Its offerings include factoring, supplier payment credit lines, and working capital solutions.
VC - M&A News
Warren Buffett’s exited its position in Nubank
Warren Buffett’s Berkshire Hathaway has exited its position in Nubank, earning a US$250 million profit as part of a broader pullback from financial stocks. The sale, disclosed in a recent SEC filing, comes despite Nubank’s strong performance, including record profits of US$1.97 billion in 2024 and a 47% year-over-year increase in Q1 2025 earnings. Berkshire began selling shares in mid-2024 and fully divested in Q1 2025, aligning with its reduced exposure to major banks and growing cash reserves. While Nubank’s crypto-friendly stance made it an unusual holding for Buffett, the investment was ultimately lucrative. The divestment appears driven by strategic reallocation rather than concerns about Nubank’s fundamentals.
🇨🇱 Visma acquired expense management platform Rindegastos
Chilean expense management platform Rindegastos has been acquired by Visma, a European software group, in a move aimed at scaling its solutions and accelerating regional growth. Rindegastos will continue to operate under its own brand and team, while leveraging Visma’s resources to expand its mobile-first, AI-powered platform across Latin America. With over 4,500 business clients, Rindegastos is recognized for its focus on compliance and automation in corporate expense reporting. For Visma, the acquisition strengthens its financial and HR software offering in the region and aligns with its broader strategy of simplifying business operations through localized, tech-driven solutions. Last week, they also announced their acquisition of Argentine HR tech startup Lara AI.
Expansion Plans
🇨🇱 Global66 put Colombia at the center of its expansion plans
Chilean Fintech Global66 is evolving from a cross-border payments platform into a full-fledged regional neobank, with Colombia at the center of its expansion plans. Currently operating in the country as a licensed electronic payments institution (SEDPE), the company plans to eventually offer credit products to complement its existing services. Global66 has processed over US$3.2 billion across eight markets, with Colombia alone accounting for US$230 million in 2024, a figure the team expects to double in 2025. It now handles over US$40 million in monthly transactions in the country. The startup is also preparing to integrate with Colombia’s Bre-B interoperable payments system, aiming to accelerate the distribution of international transfers.
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Abrazo,
Arnaud
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