Ep. 108: 🇲🇽 Fintech Minu US$30 million Series B
🇲🇽 Solvento US$12.5 million Series A, 🇨🇴 Fintech Addi US$100 million credit line, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
Follow The Money
🇲🇽 Fintech Minu raises a US$30 million Series B
Minu, a Mexican Fintech focused on employee well-being, has raised US$30 million in a Series B funding round, bringing its total equity funding to US$47 million. Founded in 2019, Minu offers over 50 employee benefits, including earned wage access, telehealth, and financial wellness tools, through a B2B2C model. With a platform serving 1 million users across 2,000 employers, the company addresses financial stress and compliance with Mexico's NOM-035 workplace law. Minu plans to expand its team, enhance its offerings, and reach profitability by year-end while continuing partnerships, such as integrating its wage access service with Citibanamex.
Sector: FinTech
Founders: Nima Pourshasb, Rafael Niell, Paolo Rizzi
Investors: QED, Endeavor Catalyst, Next Billion Capital Partners
🇲🇽 Solvento raises a US$12.5 million Series A
Solvento, a Mexican trucking finance startup founded in 2021, has raised US$12.5 million in a Series A round with plans to scale its customer base from 500 to 5,000 carriers by 2025. The company provides financial services like invoice financing, automated payments, and a freight insights platform to improve transparency and liquidity in Mexico's trucking sector. The team remains optimistic about Mexico’s economic growth, fueled by nearshoring, despite potential challenges in U.S.-Mexico trade relations. Solvento also aims to expand its offerings with fuel cards, truck financing, and partnerships with firms like Uber Freight to drive growth and position itself for a successful Series B.
Sector: FinTech
Founders: Jaime Tabachnik, Guillermo Bosch, Pedro Bosch
Investors: Cometa, Ironspring Ventures
🇨🇴 Fintech Addi secured a US$100 million credit line
Colombian Fintech Addi secured a US$100 million credit line to expand its buy-now, pay-later (BNPL) services in Colombia. Targeting consumers with limited banking access, Addi partners with merchants to enable BNPL options at checkout. Profitable since early 2024 and recently approved to operate as a bank, Addi has served nearly 2 million customers and partnered with over 18,000 merchants since its 2018 launch.
Sector: FinTech
Founders: Santiago Suarez
Investors: Victory Park Capital
Startups News
🇸🇻 Fintech n1co launches the App n1co Business
Salvadoran fintech n1co has launched the App n1co Business in El Salvador, Guatemala, and Honduras, aiming to help businesses digitalize their operations and accept card payments across all sales channels. The app allows merchants to self-register, create credentials, and even set up a free online store within minutes. With features like personalized payment links, real-time sales analytics, and secure transactions, it empowers businesses to optimize financial management and enhance customer experiences. Popular among sectors like retail, fast food, beauty salons, and cafés, the app offers an accessible and modern solution for businesses.
🇲🇽 Neobank albo partners with Paymentology
Mexican Neobank albo has partnered with Paymentology to enhance its digital payment services, focusing on expanding offerings for small businesses and improving accessibility for retail clients. Through this collaboration, albo has introduced 400 free top-up points across Mexico and enabled instant card activation via Paymentology’s platform. Serving over two million users, albo processed US$6.5 billion in transactions in 2023.
Mercado Libre wants to become a bank in Argentina
Mercado Libre, Argentina’s largest unicorn, is preparing to enter the banking sector by seeking regulatory approval from the Central Bank of Argentina to operate as a financial intermediary. While already a major player in digital payments through Mercado Pago, this move aims to deepen its presence in the regulated financial sector, following similar steps in Mexico and Brazil. Rather than acquiring an existing bank, Mercado Libre plans to establish a new entity to avoid integration challenges. The initiative reflects its vision to innovate banking through mobile-first services, complementing its leadership in e-commerce and digital finance across Latin America.
VC - Accelerators News
Innovations in Health Equity Program
The Johnson & Johnson Foundation, in partnership with Village Capital, has launched Innovations in Health Equity LatAm, a program supporting 10 healthcare startups in Argentina, Brazil, Colombia, and Mexico. The initiative focuses on improving healthcare access and quality for underserved and marginalized communities, including those in rural and low-income areas. Targeted sectors include medical devices, logistics, managed healthcare, wellness coaching, and biopharmaceuticals. Applications are open until December 6, 2024.
Economy
Colombia's air sector continues to grow
Colombia's air sector continues to grow, with 46.5 million passengers transported from January to October 2024 — a 15.9% increase compared to the same period in 2023. Freight transport also saw an 8.4% rise, with 933,079 tons moved in the last year. This growth, driven by expanded routes and connectivity, is boosting Colombia's economy and enhancing the competitiveness of sectors like tourism, agriculture, and industry.
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