Ep. 101: Rappi is everywhere these days.
Plus, Siglo Internet new funding, Mercado Pago in Colombia, Decelera Ventures landing in Mexico, and more.
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
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Follow The Money
🇺🇾 Flipando closes a US$600 K Pre-Seed round
Uruguayan startup Flipando AI has secured US$600,000 in a pre-seed extension round to develop its RegTech platform FlipFlow, aimed at automating compliance operations for cross-border transactions in the financial industry. The funding round will allow the startup to double its team in Uruguay and expand to Paraguay and Mexico. FlipFlow, set to launch in October, targets financial institutions, fintechs, and banks, helping them streamline regulatory checks and generate reports using natural language processing.
Sector: RegTech
Founders: Juan Diego Balbi, Micaela Wild, Maia Brenner, Martín Picovsky
Investors: iThink VC, Nido Ventures, Worthit VC
Halo Labs is investing further in Siglo Internet
Siglo Internet is a Mexican startup that offers innovative wireless internet services with unlimited data and weekly payments, counter to many established industry norms. The team is addressing key cost and convenience issues to build a better internet for everyone. With a low churn rate and over 330,000 payments processed, Siglo has demonstrated strong customer loyalty. This new investment highlights the positive community and economic impact of Siglo's work, as it continues to revolutionize telecommunications in Mexico. Halo Labs is an invite-only community of operator angels from today's most influential organizations.
Sector: Telecommunications
Founders: Isaac Phillips, Joel Phillips
Investors: Halo Labs
Startups News
Mercado Pago launches its digital wallet in Colombia
This new feature will allow users to load funds via PSE and use them at partner stores or on Mercado Libre. Users will also be able to link credit and debit cards, monitor transactions, and reinvest balances. Aimed at enhancing digital payments in Colombia, the wallet offers exclusive discounts with partners like H&M and Vans. With this move, Mercado Pago seeks to strengthen its position in the country’s Fintech ecosystem, following its success in markets like Mexico and Argentina.
RappiCard partners with Someone Somewhere
RappiCard has partnered with Someone Somewhere to launch handmade wallets crafted by artisans from Oaxaca and Chiapas, Mexico. This collaboration combines design, tradition, and social impact, with each wallet telling a unique cultural story. By scanning a QR code, users can learn about the artisan who created their piece. The project promotes fair trade, sustainability, and supports rural communities. With materials sourced responsibly, these wallets are meant to reflect a commitment to environmental care and a positive social impact.
Spin gets a direct connection to Mexico’s SPEI
Oxxo's Fintech, Spin, has gained direct access to Mexico's Interbank Electronic Payment System (SPEI), improving transaction speed and allowing for the removal of minimum transfer amounts for users. This connection will enable Spin to introduce new features, such as Dinero Móvil (DiMo) and Cobro Digital (CoDi). Spin users can now receive transfers by providing the 16 digits of their fintech-issued card. Spin currently serves 11.8 million users, marking a 56.2% year-over-year growth.
VC - M&A News
Decelera Ventures arrives in Mexico
Decelera Ventures, a European fund focused on "deceleration" for startups, has expanded to Mexico with the goal of boosting the local entrepreneurial ecosystem. Known for its unique approach, Decelera helps startup founders slow down to focus on their business and personal growth. The fund, which has supported 250 startups since its inception, will invest US$30-50 million in over 50 sustainable tech companies in Latin America by 2025.
Economy
BBVA Research raised its GDP growth forecast for Colombia
BBVA Research has raised its GDP growth forecast for Colombia to 2% in 2024, driven by domestic demand, private consumption, and recovery in infrastructure and machinery investments. Growth is expected to further increase to 2.8% in 2025 and 3.5% in 2026. Inflation is projected to drop to 5.4% in 2024 and continue decreasing to 3.8% in 2025 and 3.4% in 2026. The Colombian peso is expected to devalue slightly by the end of 2024 due to fiscal and external imbalances but could appreciate in 2026 due to improved foreign investment and reduced fiscal deficits.
Thanks to today’s sponsor, Cobre, for supporting my work!
Leading Colombian startup in interoperable financial technology, Cobre arrives in Mexico to boost financial innovation. Under the leadership of Jose V. Gedeon, Co-Founder and CEO, Cobre offers solutions such as Cobre Connect and Immediate International Payments, designed to help the Mexican business ecosystem optimize its resources and improve operational efficiency.
Cobre is prepared to transform the Mexican financial ecosystem, allowing companies to focus on what's most important: creating value for their customers. Learn more at mx.cobre.co
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Arnaud