Ep. 107: Ualá Series E Marks the Largest Round in Latin America in the Past Three Years.
Plus, Cometa Series A, Tumoni Pre-seed, Stori & Rappi new partnerships, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
Follow The Money
🇦🇷 Neobank Ualá raised a US$300 million Series E
Argentine Neobank Ualá has raised a US$300 million Series E funding round led by Allianz X, reaching a valuation of US$2.75 billion. This round marks the largest private investment in Latin America in the past three years. The funds will accelerate Ualá’s growth in Mexico, Argentina, and Colombia while expanding its financial ecosystem. With over eight million users and its own banking licenses, Ualá offers diverse financial services, including credit, investment tools, and merchant solutions. This partnership with Allianz X also enables Ualá to explore insurtech opportunities and solidify its leadership in Latin America’s financial sector.
Sector: FinTech
Founders: Pierpaolo Barbieri
Investors: Allianz X, Stone Ridge, Tencent, Ribbit Capital, Alan Howard, Goldman Sachs, Soros Fund Management, SoftBank Latin America, Jefferies, D1 Capital, Claure Group, AlleyCorp, Monashees
🇲🇽 Cometa raised a US$12 million Series A
Mexican Fintech Cometa helps private schools optimize their operations and maximize revenue. Founded in 2022, Cometa aims to address administrative and financial challenges faced by schools, offering tools for digitalizing processes like collections, billing, and even online sales. Since its launch, Cometa has expanded to 350 schools in Mexico and plans to reach 1,200 schools within two years while preparing for regional expansion into Colombia and Argentina.
Sector: FinTech
Founders: Andrés Benavides, Valeria Tapia, Mateo Creamer, Gonzalo Gallardo
Investors: Reach Capital, Kaszek Ventures
🇳🇮 Tumoni raised a US$2.29 million Pre-seed round
Tumoni is a Fintech startup that aims to address financial accessibility for Central American migrants in the U.S. and their families by offering free remittance transfers through a closed-loop banking system. Tumoni enables users to open U.S. bank accounts in minutes using national IDs or passports, providing debit cards and facilitating international transfers, bill payments, and phone recharges. The startup plans to launch in the U.S. and Nicaragua before expanding across Central America, targeting 50,000 active users by 2025. Tumoni seeks to reduce remittance fees to 0% by 2024, fostering financial inclusion in a region where less than 20% of the population is banked.
Sector: FinTech
Founders: Paolo Delaunay, Gregor Freund, Yulio Stobbe, Andreas Freund
Investors: Slauson & Co, Counterview Capital, Seedstars, NuMundo, Caricaco, Hatcher, Plug and Play, Uttam Nayak (former senior executive at Visa)
Startups News
Fintech unicorn Stori partners with AliExpress
Stori has partnered with AliExpress to promote e-commerce and financial inclusion in Mexico. The alliance offers Stori users exclusive benefits, including discounts and cashback on purchases, alongside temporary credit line increases to boost individual and entrepreneurial consumption. This collaboration aligns with Stori's mission to enhance financial inclusion and AliExpress's goal to make global commerce more accessible.
🇲🇽 Pari Delivery US$10 million revenue milestone
Pari Delivery, a last-mile delivery startup in Mexico, reached the US$10 million in annual revenue milestone while maintaining profitability for nearly two years. Operating in Mexico City, Guadalajara, and Querétaro, with plans to expand to Puebla and Monterrey. This milestone underscores its strategic positioning, lean operations, and commitment to preserving its long-term vision without external pressures. Congratulation to CEO Juan Sebastián Jaramillo and its team!
Rappi partners with Civitatis
Rappi and Civitatis have announced a partnership to simplify access to tourism activities for users in Latin America. Through Rappi Travel, users in countries like Argentina, Brazil, Mexico, and Colombia can now book a wide range of experiences, from hot air balloon rides over Teotihuacán to boat tours on the Seine in Paris. This collaboration strengthens Rappi’s position as a comprehensive super app and leverages Civitatis' expertise in guided tours and excursions, aiming to enhance travel experiences for millions of users worldwide.
Economy
Fitch Ratings has upgraded Argentina's credit rating from 'CC' to 'CCC’.
Citing increased confidence in Javier Milei's economic management, this improvement is attributed to rising international reserves boosted by successful tax amnesty measures and private sector capital inflows. While the government has made progress on fiscal adjustments, exchange rate policies, and legislative reforms, challenges remain, including uncertain monetary policy transitions, limited investment growth due to exchange controls, and unresolved policy differences with the IMF. Fitch warns that setbacks in reserves, market access, or political stability could reverse the rating, while sustained reserve growth and external financing could lead to further upgrades.
Expansion Plans
🇦🇷 Despegar to land in Colombia
Despegar has launched its first three physical stores in Bogotá as part of an ambitious expansion strategy for Colombia. It also plans to open additional locations in cities like Cali, Barranquilla, and Medellín by 2025. The stores aim to provide a personalized travel planning experience with expert advice. This move is part of Despegar’s omnichannel approach to integrate digital and physical services, offering tailored travel solutions, flexible payment options, and enhanced customer support to strengthen its presence in the Colombian tourism market.
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Arnaud