Ep. 97: Colombian FinTechs Take the Spotlight
Plus, Rappi in India, dLocal Travel Tech partnership, Brazilian unicorn acquiring a Mexican Startup, and more!
Your weekly briefing on technology, venture capital, and startups in Spanish-speaking Latin America.
This week, I spotlight the dynamic growth of Colombian FinTechs, which are raising millions, building a strong ecosystem, and expanding across the region and the world. I also cover exciting mergers, acquisitions, and expansions, like Rappi’s bold move into India.
Let’s dive in!
Follow The Money
🇨🇴 Cobre Secures US$35 Million in Series B
The Colombian FinTech helps businesses manage interoperable payments and centralize treasury operations. Cobre has grown its operations sixfold since its last funding round and reached profitability early this year. The team now plans to use the new capital to expand its commercial efforts and enhance its financial interoperability products. The startup recently launched Cobre Connect, a platform that streamlines financial processes by acting as a universal translator for various financial systems, enabling faster payment completions and more efficient financial operations.
Sector: FinTech
Founders: Felipe Gedeón, Jose Donato
Investors: Oak HC/FT, Kaszek, QED, Canary
🇪🇨 🇲🇽 AltScore Raises US$8.5 Million in Series A
AltScore is an Ecuadorian Lending-as-a-Service startup based in Mexico, that aims to provide fair and timely credit access to small and medium-sized enterprises (SMEs) in Latin America. It does so by allowing any B2B company to become a Fintech lender within weeks thanks to their product “Rails of Lending”. Clients like Coca-Cola are using AltScore’s credit infrastructure to offer digital loan products to underserved SMEs.
Sector: FinTech
Founders: Mateo Semerene, Andres Perez Romo Leroux
Investors: Haymaker Ventures, Kamay Ventures, BuenTrip Ventures, Caffeinated Capital, FarOut Ventures, TechStars
🇨🇴 Puntored Receives US$2 Million Investment
The Colombian Fintech has secured nearly US$2 million from the Stellar Development Foundation (SDF) to expand its technological capabilities for cross-border transactions in Latin America. The investment, made through the Stellar Enterprise Fund, leverages Stellar's blockchain network to provide faster and more affordable financial services to over 18 million users. With 20 years in the market, Puntored handles US$5.5 billion in transactions annually and recently acquired Mexico-based GestoPago.
Sector: FinTech
Founders: Andrés Albán
Investors: Stellar Enterprise Fund
Startups News
dLocal Partners with TravelTech Company Kiwi
Cross-border payment platform dLocal has partnered with Kiwi, a global travel tech company, to improve payment solutions in 25 countries, including Argentina, Brazil, India, and South Africa. The partnership aims to create a seamless payment experience by integrating local payment methods — such as cards, bank transfers, and mobile wallets — enhancing access and affordability for travelers in emerging markets.
VC - M&A News
🇨🇴 Rappi Acquires Indian Firm Fountain9
Colombian unicorn Rappi has “acqui-hired” the assets of Indian AI-driven supply chain solutions provider Fountain9. This acquisition includes Fountain9's intellectual property, and its co-founders, Niki Khokale and Rajas Lonkar, along with their team, will join Rappi. The move will help strengthen Rappi's Turbo division by leveraging Fountain9's technology to enhance efficiency and reduce costs. With each passing week, stronger ties are forming between startups across Latin America, Africa, and Asia, driving a new wave of global collaboration.
Agrifoodtech Accelerator Eatable Adventures Launches €30 Million Fund in Colombia
Eatable Adventures has launched a €30 million fund to foster innovation in Colombia's agri-food sector, addressing sustainability and efficiency challenges. The accelerator aims to support Colombian startups by leveraging its global network of 25,000 entrepreneurs and its experience working with over 240 startups worldwide. The fund will back innovations that reduce food waste, conserve water, and develop sustainable ingredients.
🇧🇷 Unico Acquires 🇲🇽 Fraud Prevention Startup Trully
Brazilian unicorn Unico, valued at $2.6 billion, has acquired Mexican fraud prevention startup Trully, marking its largest investment to date. The acquisition aims to position Mexico as a key market for Unico’s global user identity network, focusing on fraud prevention in financial transactions. Rebranded as Trully by Unico, the acquisition will enhance Unico's technological capabilities across Mexico.
🇺🇾 OnePoint Merges with 🇲🇽 Startup Nudos
Uruguayan startup OnePoint has merged with Mexican company Nudos to create Bord, a platform dedicated to supporting remote talent across Latin America. Bord aims to provide a comprehensive solution for managing distributed teams, offering services such as onboarding, offboarding, and consolidated HR support. The company projects over US$13 million in revenue for 2024, with plans to double income by 2025.
Expansion Plans
🇪🇸 InsurTech Insurama Expands into Colombia
Spanish InsurTech Insurama, backed by €5.5 million in financing from BBVA Spark, plans to expand into Colombia by late 2024. Since 2018, Insurama has raised over €20 million and aims to exceed €20 million in revenues by the end of 2024. The new funding will support the development of new products and the integration of advanced digital technologies as part of its broader strategy to grow in Latin America.
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