Ep. 100 - I made it.
I started writing this newsletter in January 2022. The final goal wasn't clear then, and it still isn't. But I knew for sure that I was witnessing the birth of a powerful startup ecosystem and wanted to share it with the world.
So every Sunday morning, I would go to the Starbucks near the BMV (Bolsa Mexicana de Valores) in Mexico City, curate the most relevant news of the week and give it a bit of context by adding my insights.
I had no plan in mind, but I promised myself that I would write at least a hundred editions and see what happens. More than 2 years later, I finally made it, and too many good things happened to be all summarized in a few words.
100 editions, 138 weeks, and countless cups of coffee later, I am still a strong believer in the Latin American startup ecosystem future, so I might be writing a few more editions and see what happens next.
From Bogotá with love, Arnaud
Follow The Money
🇨🇴 ExcelCredit secures up to US$50 million in funding
Colombian Fintech ExcelCredit has secured up to US$50 million in funding from Japan's Nomura bank. This international backing reflects confidence in ExcelCredit's business model and Colombia's payroll loan market, which has seen steady growth, representing 37% of the country's consumer credit portfolio. ExcelCredit, which also issued social bonds worth $100 billion COP (US$24 million) on the Colombian Stock Exchange in May, focuses on improving financial inclusion, particularly for low-income seniors.
Sector: FinTech
Founders: Jonathan Mishaan
Investors: Nomura bank
🇺🇾 Xeptiva Therapeutics secures a US$2.5 million Seed round
Xeptiva Therapeutics is an Uruguayan Biotech startup specializing in advanced therapeutic vaccines for chronic conditions in pets. The startup focuses on treating chronic pain from osteoarthritis and atopic dermatitis in dogs, targeting a US$5 billion market. Xeptiva’s long-lasting vaccines offer an alternative to traditional treatments, requiring only biannual doses. Their CEO, Josefina Correa, highlighted their goal to revolutionize pet healthcare, starting in South America with plans for global expansion.
Sector: Biotech
Founders: Josefina Correa, Emiliano Trias
Investors: Zentynel Frontier Investments, iThink VC, Seedstars Capital, NDLatam, Sergio Fogel, Fen Ventures, Uruguay Biotech Ventures
Startups News
🇨🇴 MejorCDT hits US$1 million milestone
MejorCDT, a Colombian Fintech that facilitates the opening of Certificates of Deposit (CDTs), reached a new milestone by surpassing US$1 million in annual sales. The platform, which has attracted over 300,000 users and generated returns exceeding $55 billion COP (US$13 M), allows users to invest in CDTs with high interest rates and flexible withdrawal options. The platform’s success is also driven by its user-friendly, commission-free approach, helping banks improve liquidity while offering competitive returns to investors. MejorCDT plans to expand into Mexico and add more banks to its offering.
inDrive launches inDrive Money in Colombia
inDrive has launched a new service in Colombia called inDrive Money, enabling drivers to request loans through the app. In partnership with fintech R2, this initiative allows drivers in 17 cities to access cash loans based on their earnings, with amounts up to $1,000,000 COP (US$ 250) repayable over 3 to 5 months. Loan repayments are automatically deducted from drivers' earnings as they complete trips, integrating seamlessly with their regular app usage. This service aims to enhance financial inclusion by offering drivers an alternative to traditional banking, based on their activity within the platform rather than credit history.
🇲🇽 mattilda partners with tapi
The Mexican startup mattilda, specializing in payment management for schools, has partnered with Paytech tapi to simplify tuition payments for over 100,000 students across 200 educational institutions in Mexico. This collaboration aims to streamline payment processes and address high delinquency rates in private schools, where only 70% of tuition fees are paid on time. By integrating tapi's payment infrastructure, the platform will enhance visibility of outstanding debts, improve financial health for institutions, and ease payment experiences for students and families.
VC - Accelerators News
Uruguay launches a Biotech startup accelerator
The Uruguay Innovation Hub (UIH) is launching a biotech startup accelerator to boost innovation in the sector through mentorship and investment access. The initiative, led by a consortium including ATGen and GRIDX, will foster the creation and acceleration of biotechnology startups. This program complements other recent efforts, like the LAB+ Company Builder, focused on life sciences startups, underscoring Uruguay's growing emphasis on science and technology-driven growth.
🇨🇱 Imagine Ventures closed its fundraising phase
Imagine Ventures, the venture capital fund of the private accelerator Imagine, has closed its fundraising phase and is now accelerating its investment phase. After evaluating over 500 startups, the Chilean fund announced its first three investments in Relif, Ainwater, and Bord. Launched in 2022, the fund aims to invest US$4 million in Latin American startups focused on the future of work and finance. Imagine Ventures plans to close its investment stage by mid-2025, targeting a portfolio of 13-15 startups. The fund is also promoting diversity through its partnership with Diversity VC to foster inclusivity in the startup ecosystem.
Expansion Plans
🇨🇴 Rappi to invest US$ 22 million in Argentina
Rappi, the Colombian delivery app, announced a US$ 22 million investment plan to expand its operations in Argentina over the next four years. Since launching in Argentina in 2018, Rappi has surpassed 6 million downloads and partnered with over 25,000 businesses. The investment will focus on doubling its operations in Argentina and Uruguay, tripling the number of "Turbo" stores, which offer 10-minute deliveries, and enhancing user experience.
Global Fintech Due Network launches operations in Mexico 🇲🇽
Due Network, a global Fintech specializing in international payments, has launched operations in Mexico, offering businesses and individuals a faster and more affordable way to transfer funds to and from over 60 countries. The platform provides services such as multi-currency virtual bank accounts, competitive exchange rates, and digital dollar accounts. Aimed particularly at small and medium-sized enterprises (SMEs), Due Network supports Mexico's critical industries and remittance market, while planning to introduce additional financial solutions like cross-border invoicing and payment acceptance later in 2024. The expansion is part of Due's broader strategy for Latin America, with plans to later enter Argentina, Brazil, and Colombia.
🇨🇱 Zapping is expanding to Peru and Brazil
Chilean streaming startup Zapping is expanding its operations in Peru and Brazil, replicating its success in Ecuador where it gained nearly 100,000 customers within two months. After launching a new channel, Zapping Sports, in partnership with local internet provider Xtrim, Zapping now aims to replicate this success in Peru and Brazil. In Peru, they are negotiating partnerships to leverage local soccer broadcasting rights, similar to their Ecuador strategy. Despite the challenges of entering Brazil’s large and culturally diverse market, Zapping plans aggressive expansion, focusing on technology as a key differentiator in the competitive streaming space.
See you for the next edition. Have a question or any feedback? Just hit reply. I'd love to chat!
Check out Scenius Podcast. Follow me on Spotify & YouTube.
Want to get your brand in front of thousands of founders, investors, executives, and startup operators? Answer directly to this email.
Abrazo,
Arnaud
Congratulations on 100 episodes! 💯 ¡Felicidades!