Ep. 90: Adiós Scenius Mexico. Hola Scenius LATAM
Welcome to Scenius LATAM: Your weekly newsletter on technology, innovation, and startups in Spanish-speaking countries of Latin America.
As you may have noticed, the name has changed. I decided to switch the focus of the newsletter from Mexico to Spanish-speaking Latin America.
I grew frustrated at not being able to dive into all the amazing developments happening in the region and talk about the many impressive startups I was reading about.
While the content will still be slightly more focused on the Mexican and Colombian markets, I will also look for the most interesting and relevant development from across the region; sharing my analysis and insights with you.
If you feel that the new direction of the newsletter no longer fits your interests, do not hesitate to unsubscribe. No hard feelings. On the other hand, if you know someone who might be interested in the new direction of the newsletter, please share it with them 🫶
Vamos LATAM !
Follow The Money
🇦🇷 FinTech tapi raises a US$ 22 million Series A
tapi is a PayTech founded by Argentine entrepreneurs that develops financial solutions. Amidst the challenges of outdated payment networks in Latin America, including country-specific barriers such as technology, legal, and tax issues, tapi´s single API integration offers customers a comprehensive platform across the region. tapi’s platform includes bill payment, airtime/mobile top-ups, gift cards, and cash transactions capabilities. This eliminates the need to navigate disparate local payment networks with varying technology stacks and operating methods. Through a single connection for the entire continent, any company, either a FinTech or not, has the opportunity to add a new layer of financial services to its business in an agile and simple way. The financing round was led by Kaszek and followed by Andreessen Horowitz, it adds to a US$ 9 million Seed round led by Andreessen Horowitz in 2022, bringing the company's total raised to over $31 million to date.
Sector: FinTech
Founders: Tomás Mindlin, Kevin Litvin, Nicolás Andriano
Investors: Kaszek, Andreessen Horowitz
🇲🇽 Eden raised a US$ 10 million funding round
Eden is a Mexican HealthTech startup using generative AI for clinical diagnosis. The startup currently processes 3.5 million images daily, benefiting 6 million patients across 17 countries. Eden plans to invest the new capital in AI research & development, and strengthen its international expansion. Their AI technology provides doctors with better diagnostic tools, and the team has developed a small device that connects to medical equipment to ensure image quality and accessibility. Eden's services include 260° images, fusion analysis, 3D reconstruction, and AI-generated reports. The startup focuses primarily on the private sector but also works with public health institutions. Eden's founder emphasized the company's ability to offer affordable pricing while maintaining margins for reinvestment in new functionalities. Definitely a startup to keep an eye on.
Sector: HealthTech
Founders: Julián Ríos Cantú
Investors: Sierra Ventures, Dalus Capital, Ali Capital, Liquid, Endeavor
🇲🇽 Moffin raised a US$ 2.1 million Seed round
Moffin, a Mexican software and data integration startup, has raised US$ 2.1 million in seed funding to expand and enhance its platform, which aims to democratize access to decision-making data for businesses of all sizes. Moffin’s platform simplifies data integration and analysis, enabling companies to make trusted decisions more efficiently without the need for costly in-house systems. It supports a wide range of applications for businesses and individuals, from credit evaluations to tenant screenings and employment background checks. The platform has processed over one million screenings for more than 70 companies across Mexico. This investment will boost Moffin's capabilities in areas like monitoring, compliance, and data analysis.
Sector: Analytics - SaaS
Founders: Santiago Aceves, Víctor Agustín Díaz Méndez, Nicholas Andrés Yepes
Investors: Accion Venture Lab, Chile Ventures, Fondation Botnar, New Ventures Capital, Rally Cap Ventures, Digital Currency Group, Carabela, AngelHub
🇵🇾 FinTech BucksApp US $1 million Pre-Seed round
Specializing in data-based solutions, Paraguayan startup BucksApp aims to enhance revenue generation for its clients through sophisticated transactional data analysis. With the adoption of their platform, clients can launch targeted promotions and optimize sales strategies using the data processed by BucksApp’s AI and machine learning technology. The team prioritizes ease of integration and operation, promoting plug-and-play solutions from data consumption to actionable recommendations, enhancing accessibility for a diverse client base in various countries. This funding will support the expansion of its technological capabilities and team growth across Paraguay, Bolivia, Peru, and Ecuador.
Sector: B2B FinTech
Founders: Sebastián Romero, Lorena Grundy
Investors: iThink VC, BuenTrip Ventures, Escalatec
Startups News
Colombian FinTech Minka bets on Africa
Minka, a real-time payment platform, has announced its expansion into Africa, focusing initially on Kenya, Uganda, Tanzania, and Ethiopia. This move is motivated by Africa's growing digital payments sector and its demographic and market similarities to Latin America, where Minka has successfully integrated various financial entities through its innovative cloud-based solutions. With US$ 24 million raised in recent funding, Minka plans to modernize financial infrastructures and expand its network, offering services like real-time payments, an alias directory for easier transactions, and a flexible ledger system. Other Latin American FinTechs, like EBANX and dLocal, are also venturing into the African digital financial market, dreaming of taping into a burgeoning US$ 115 billion digital economy. I am telling you, expansion across the Global South is a real opportunity for LatAm startups.
Revolut is going after the Argentinian market
UK digital bank Revolut is getting serious about expanding into Argentina. The FinTech is already hiring a Head of Expansion and aims to build a full team within a year for its official launch. Viewing Latin America as crucial to its goal of becoming a global financial super app, Revolut is already operating in Brazil and is close to launching in Mexico. The Argentine market, while competitive with established players like Mercado Pago and Naranja X, is still considered underserved and underbanked, offering opportunities for innovative products. Revolut's profitability and expertise in international currency movement are viewed as advantages for its expansion into Argentina. With Nubank also considering re-entering the Argentine market after leaving it 5-years ago, we can expect to see some fierce competition happening in the next few years. I am bullish on the FinTech scene in Argentina.
FinTech Albo expand its cash deposit network in Mexico
Mexican FinTech startup Albo has partnered with PayCash to expand its cash deposit network to over 20,000 locations across Mexico, including supermarkets, pharmacies, and convenience stores. Albo users can now deposit up to 20,000 mxn easily, and locate nearby deposit points in the app. In 2023, Albo raised a US$ 40 million Series C round, acquired Deltai to enter the business financing market, and claimed to be nearing profitability, with user income increasing significantly over time. In my opinion, with no special insights, Albo is a strong contender to IPO next year. Agree?
VC - M&A News
Innova360 powered by Bluebox, the merger of a CVC with a Consultancy
The merger between Mexican corporate venture Bluebox and Chilean consultancy Innova360 has created a new firm with US$ 15 million spread across eight funds for Latin American startups. The resulting entity aims to become a leading corporate venturing actor in Latin America. With a team of 35 people across Mexico, Colombia, Argentina, and Chile, the firm will focus on fostering collaboration between startups and large corporations in various sectors, particularly Fintech, Insurtech, Agrotech, Foodtech, Construtech, and the Industrial sector. The merger allows for better positioning in the Latin American market, financial strengthening, and the ability to offer pre-seed to Series A funding. The rise of Corporate Venture Capital in Latin America is continuing.
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