Ep. 112: Wrapping up 2024 - The Year LatAm's Startup Scene Rebounded
Plus, Nubank invests in 🇸🇬 Tyme, KonfÃo 🇲🇽 US$413 million loan, tapi X Mercado Pago, and more!
Since day one, my mission has been to spotlight Latin America's startup ecosystem by sharing the most relevant news and on-the-ground insights.
Throughout 2024, I published 37 news briefings, 3 Deep Dives, and 9 Podcast episodes, hopefully helping more people discover the region's incredible potential.
If you share my optimism about Latin America's startup scene and enjoy my content, you can help spread the word by sharing this newsletter with your network. Gracias!
Now, let's dive into our final edition of the year - and stay tuned for exciting announcements coming in 2025!
Follow The Money
🇲🇽 KonfÃo secures a US$413 million loan
Mexican unicorn KonfÃo secured strategic financing agreements totaling US$413 million from Goldman Sachs, JPMorgan Chase, and Afore Sura México to expand its credit offerings to over 10,000 small and medium-sized enterprises (SMEs) in Mexico over the next 24 months. This includes increased credit lines of US$244 million from Goldman Sachs and US$168 million from JPMorgan Chase, as well as the participation of Afore Sura México, marking its debut as an institutional investor in KonfÃo’s debt. The funding will supports up to US$280,000 in SME loans and US$112,000 in business credit cards. KonfÃo also advances its plans to become a multi-service bank.
Sector: FinTech
Founders: Francisco Padilla, David Arana
Investors: Goldman Sachs, JP Morgan, Afore Sura México
🇲🇽 Buildpeer raises a US$2.5 million Seed round
Mexican startup Buildpeer is an all-in-one construction project management platform. This funding will support Buildpeer’s growth and platform innovation, which has grown from 10 initial users to over 5,000 active users, with a mission to revolutionize digital tools in the construction industry by streamlining communication, tasks, and workflows.
Sector: Buildtech
Founders: Mauricio Valdes, Ernesto Gonzalez Fernandez
Investors: Brick & Mortar Ventures, Conexo Ventures
🇨🇱 Yourney raises US$1.6 million in a funding round
Chilean startup Yourney is specializing in leadership development and organizational transformation. Combining advanced technology with a human-centered approach, Yourney’s platform pairs employees with specialized coaches for personalized development, providing real-time metrics to companies. With strong traction in Chile across industries like mining, banking, and retail, the startup plans to expand its operations in Mexico and enter the European market via Spain by 2025.
Sector: SaaS - Platform
Founders: MartÃn Mac-Clure, Nicolás Morales, Daniel Prieto
Investors: Invexor, Bernardo Quinn, Hernán Orellana, Karina Awad
Startups News
Paytech tapi partners with Mercado Pago
Paytech startup tapi has partnered with Mercado Pago to enhance the payment experience for users in Mexico through a unified regional integration. This collaboration aims to improve functionalities for recurring service payments and mobile top-ups, while expanding the range of available businesses, such as schools, universities, and telecom companies. The alliance strengthens Mercado Pago’s offerings with features like due date agendas and reminders, providing a more streamlined and accessible digital solution.
Cargamos left over six million sensitive files exposed
Mexican startup Cargamos, which collaborates with major multinational brands, has left over six million sensitive files exposed on an unsecured server since July 2023, including personal identification documents from nearly 19,000 delivery associates. Despite being alerted in September 2024, the data remains accessible, putting it at risk of exploitation by cybercriminals for fraud and extortion. The files include CURP numbers, proof of address, driver’s licenses, and voter IDs, raising serious concerns about potential misuse. Cargamos operates in 75 Mexican cities, serving clients such as Zara and Privalia, and employs thousands of associated delivery personnel.
Nu México partners with Yastás
Nu México’s nine million customers can now make cash deposits and withdrawals at over 5,000 Yastás network points across Mexico, thanks to a partnership with Gentera’s financial correspondent network. These transaction points, located in small businesses like grocery stores and pharmacies, provide accessible financial services, especially in underserved areas with limited banking infrastructure. The collaboration benefits Nu México by enhancing its service offerings and Yastás by increasing transaction volume and foot traffic for its affiliates, furthering financial inclusion in Mexico.
VC - M&A News
Nubank invests in Singapore Digital Bank Tyme
Tyme Group, a Singapore-headquartered digital banking group with 15 million customers in Africa and Southeast Asia, achieved unicorn status with a valuation of US$1.5 billion after raising US$250 million in an oversubscribed Series D round. The round was led by Nubank, which invested US$150 million, alongside M&G Catalyst, and existing shareholders. Nubank’s strategic investment will enhance Tyme’s expertise in digital banking, data analytics, credit risk, and product development, positioning it for growth in Southeast Asia. Tyme plans to IPO in New York by 2028 and are keen on a secondary listing in South Africa.
SP Ventures closed the first round of AgVentures III
SP Ventures, an early-stage investment firm from São Paulo, Brazil, successfully closed the first round of its third fund, AgVentures III, raising US$22 million from diverse investors, including major agribusiness corporations and impact investors. With a goal of reaching US$80 million, the fund focuses on sectors such as Agrifintech, climate technology, traceability, and green finance, aiming to transform food and agriculture systems in the region. With AgVentures III, SP Ventures is expanding its thesis into Spanish-speaking LatAm.
🇨🇴 Fintech Bold acquires Tuily
Colombian Fintech Bold has acquired Tuily, a platform specializing in business credit cards and expense management, to enhance its financial solutions’ portfolio. The acquisition integrates Tuily’s advanced functionalities, including its Mastercard-backed operations and growing client base, into Bold's ecosystem, which already offers payment processing, business accounts, and other financial tools.
🇺🇾 DLocal is exploring a potential sale
Uruguayan payments provider DLocal, valued at US$3.6 billion, is exploring a potential sale with Morgan Stanley assisting in evaluating interest from private equity firms and Fintech companies. This marks the company's second attempt at a sale, following a failed effort last year over financial disagreements. The move reflects growing consolidation in the payments sector, which faces slowing growth and competitive pressures despite a pandemic-era boom. Operating across Latin America, Africa, and Asia, DLocal serves major clients like Amazon and Google.
🇨🇱 HRTech Talana acquired People First
Chilean HRTech company Talana has acquired organizational development firm People First to boost its presence in Latin America, expanding into markets like Colombia, Ecuador, Panama, and the Dominican Republic. The acquisition adds 120,000 new users to Talana’s platform and enhances its offerings. People First founder, Rodrigo Garib, will join Talana, and becoming a shareholder. This move aligns with Talana’s rapid growth strategy, as the company reaches nearly half a million users in Chile and continues expanding regionally, solidifying its position in HR digitization.
Economy
The IMF approved US$500 million to Ecuador
The IMF approved a second disbursement of US$500 million to Ecuador, bringing the country's total international financing for 2024 to over US$5.4 billion, primarily allocated to addressing security and energy crises. Despite economic challenges, including a severe drought and energy rationing, Ecuador met key goals under its Extended Fund Facility program. The IMF projects a -0.4% contraction in Ecuador's GDP for 2024, with recovery expected in 2025, alongside stable inflation around 2%.
Podcast Release
Scenius Podcast is kicking off Season Two, featuring interviews with founders and investors building the Startup scene of Latin America. For the first episode, I sat down with Alan Macias, founder of Olé, an early-stage FinTech on a mission to revolutionize payments for independent workers. While this episode is in Spanish, future episodes will alternate between Spanish and English. Catch it on Spotify or YouTube.
See you for the next edition. Have a question or any feedback? Just hit reply. I'd love to chat!
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Abrazo,
Arnaud