Ep. 105: 🇲🇽 Fairplay US$35 million credit line; 🇨🇴 AgriCapital US$7.4 million mix of Equity and Debt
🇪🇨 Patagon AI US$1.1 million funding round, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
Follow The Money
🇲🇽 Fairplay secured a US$35 million credit line
Fairplay, a Mexican startup for working capital solutions, has secured US$35 million in financing from BBVA Spark. This new credit line enables Fairplay to expand its impact in diverse industries, reinforcing its goal to be an ally for both retail and e-commerce companies. Using technology to offer fast, flexible risk assessment tailored to each business, Fairplay empowers SMEs to improve cash flow and seize growth opportunities.
Sector: FinTech
Founders: Manolo Atala, Andrew Devlyn
Investors: BBVA Spark
🇨🇴 AgriCapital raised US$7.4 million in a mix of Equity and Debt
Colombian AgriCapital aims to boost financial inclusion in Colombia’s agricultural sector by providing tailored financing solutions for small and medium-sized farmers. The investment will address longstanding barriers these farmers face in accessing credit for essential resources like seeds, tools, and knowledge, critical for improving productivity.
Sector: AgriFintech
Founders: Juan Sebastian Correa, Ricardo Jaramillo
Investors: Alive Ventures, Bancolombia, Comfama
🇪🇨 Patagon AI raised a US$1.1 million round
Ecuadorian AI startup Patagon AI has raised US$1.1 million in its first funding round. Patagon AI automates sales processes using AI agents, streamlining customer management from initial contact to final transaction, which traditionally relies on human effort. The platform aims to optimize marketing budgets and enhance efficiency by reducing time and labor costs. Currently active in markets such as Colombia, Brazil, Mexico, and Argentina, Patagon AI aims to reach US$100,000 ARR by the end of this year.
Sector: Artificial Intelligence
Founders: David Grandes, Mariano Rey, Cristian Adamo
Investors: OneVC, 17Sigma
Startups News
🇨🇱 Fintech Tenpo received provisional authorization to becomes the country’s first neobank
Chilean Fintech Tenpo has received provisional authorization from the Financial Market Commission (CMF) to begin its legal process toward becoming the country’s first neobank. This authorization allows Tenpo to move forward with securing the required banking license, which involves three stages under Chile’s General Banking Law: provisional authorization, existence authorization, and operational authorization. Co-founder and CEO Fernando Araya highlighted this as a historic step for both Tenpo and Chile’s financial industry, envisioning a neobank that will bring innovation and secure, agile banking experiences to the Chilean market.
🇨🇴 Claro Pay partners with Paymóvil
Colombian Claro Pay and Paymóvil have partnered to enhance digital payment acceptance for small businesses in Colombia, enabling over 2.5 million Claro Pay users with commercial activities to accept payments using just their smartphones. Leveraging Paymóvil’s SoftPOS technology, merchants can securely process contactless card payments and transactions through popular platforms like Transfiya, Nequi, and Daviplata, with payment link options coming soon.
VC - M&A News
Sistema bio acquired Inclusive Energy
Sistema bio, a global leader in Biotechnology for smallholder farmers, has acquired Inclusive Energy to enhance its platform with digital monitoring, reporting, and verification (dMRV) capabilities. This acquisition allows Sistema bio to integrate IE’s advanced remote sensor technology, improving the monitoring of biogas systems and enabling large-scale carbon reduction projects with real-time data.
Expansion Plans
UK-based Neverless expand into Argentina
The Fintech founded by former Revolut executives is expanding to Argentina offering a commission-free mobile platform for saving and investing with no minimum deposit requirements. It provides a 13% annual return on USDT through automated high-frequency arbitrage and a 7% return on Bitcoin. With a US$6.7 million pre-seed round, the startup seeks not only to attract users but also to recruit local talent to support its global expansion.
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