LatAm Startup and VC Briefing | Ep. 116
Salesforce to invest US$500 million in Argentina, Fintech Clara Becomes a SOFOM, PuntoPost raises a US$1.5 million Round, and more!
I'm no political expert, but Trump's return to the White House is already sending shockwaves through the region. While his threatened 25% tariff on Mexico didn't materialize, Colombia became his unexpected first target on Sunday. After President Petro refused to accept two U.S. military planes returning Colombian deportees, Trump hit back hard - slapping a 25% emergency tariff on Colombian imports and freezing visa processing at the U.S. Embassy in Colombia.
I won't dive deep into the politics, but we're witnessing Trump 2.0's first moves in LatAm, and I can't help but wonder what this means for our startup ecosystem.
Colombia's startup scene has been on an impressive roll these past two years. In 2023, startups secured US$786 million in funding. Word is 2024's numbers will be even more impressive when they're revealed. But can this flourishing ecosystem weather the storm from the world's biggest economy?
On a positive note, there's growing optimism in global markets. VCs are showing renewed confidence for the year ahead, encouraged by improving public markets and more realistic private company valuations. LatAm tech ecosystem doesn't operate in isolation—for better or worse, global shifts inevitably make their way to the region.
For those following me on X, you might have seen that I'm digging into the Mexpago acquisition from Singapore-based Airwallex. During my research, I came across two great pieces worth sharing: Mario Gabriele's comprehensive breakdown of Airwallex's journey in The Generalist, and a fascinating interview with Mexpago founder Luis Castillejos Ordaz on one of my favorite Mexican podcasts, Crónicas del Capital with José Vielma.
Let's jump into last week's most relevant startup & VC news from Latin America.
Follow The Money
🇲🇽 PuntoPost raises a US$1.5 million Round
Mexican startup PuntoPost partners with small local businesses like grocery stores and pharmacies to serve as pick-up locations. This model not only generates extra income for these businesses but also drives more foot traffic. PuntoPost aims to make online order collection more accessible, with pick-up points located within seven minutes of users' homes. The funding will serves to enhance its technology, operations, and expand its network of pick-up points across Mexico.
Sector: FinTech
Founders: Alberto Leroy, Erick Guerrero García
Investors: 4Founders, JME Ventures, Latin Leap, Lanai, Inclimo
🇪🇨 PayMon raises a US$600,000 Pre-seed Round
Ecuadorian startup PayMon provides an app for parents and students to manage finances, offering features like spending limits and instant top-ups, while also equipping schools and cafeterias with tools to automate sales and payments. The funds will support its expansion in Mexico and Ecuador and the addition of new payment solutions. Serving over 25,000 families, PayMon has experienced 6x growth in the past year.
Sector: FinTech
Founders: José Javier Cordero, Juan Sebastián Moscoso
Investors: Magma Partners, Buen Trip Ventures, Pygma, Madelaine Clavijo, Marc Sacal
🇨🇱 Codebreaker raises a US$400,000 Pre-seed Round
Codebreaker is a Chilean Biotech startup revolutionizing aquaculture and other industries through microbiome analysis. Codebreaker’s platform uses sampling kits, DNA sequencing, and AI algorithms to generate actionable insights that help producers prevent disease, optimize fish health, and reduce environmental impact. The investment will support Codebreaker’s expansion in Latin America, the establishment of Chile's largest sequencing lab in Puerto Varas, and the development of predictive solutions like Digital Twin.
Sector: Biotech
Founders: Alejandro Bisquertt, Diego Gutierrez
Investors: Südlich Capital, Rockstar Alpina
Startups News
🇲🇽 Fintech Clara Becomes a SOFOM
The corporate expense management unicorn has been authorized as a Sociedad Financiera de Objeto Múltiple (SOFOM) in Mexico, enabling it to offer more competitive financial solutions to over 10,000 businesses in the country. With this license, Clara can secure institutional financing, expand unified credit lines for corporate cards and international payments, and provide tax benefits and tailored solutions. Clara aims to integrate advanced financial products into its ecosystem, reinforcing its position in the Fintech sector across Mexico, Brazil, and Colombia.
Paytech Tapi Partners with Naranja X
Paytech Tapi and virtual wallet Naranja X have formed a strategic partnership to enhance digital payment solutions in Argentina, where virtual wallets currently account for 31% of transactions. Through this collaboration, Tapi will integrate its API technology into Naranja X's platform, expanding service offerings and enabling faster, more efficient transactions. The alliance also supports Naranja X's goal of scaling across Latin America while addressing regional regulatory and operational challenges. With over six million active users, Naranja X aims to improve user experience and offer a broader range of payment options, further driving the adoption of digital wallets in the country.
VC - M&A News
🇨🇱 Buydepa to Debut on the Santiago Stock Exchange
Chilean Proptech startup Buydepa is set to debut on the Santiago Stock Exchange via ScaleX with a pre-money valuation of approximately US$27 million, aiming to raise US$3.7 million of new capital. This move seeks to enhance the company’s sales capacity, access new financing opportunities, and address Chile’s housing crisis. Buydepa plans to allocate 90% of the funds to real estate debt growth and 10% to innovative asset-light products.
ScaleX is a platform within the Santiago Stock Exchange in Chile, designed specifically for small and medium-sized enterprises (SMEs) and startups to access capital markets and raise funds through equity or debt offerings. It provides a simplified and cost-effective mechanism for businesses that might not meet the traditional listing requirements of larger stock exchanges.
Economy
Moody's Upgraded Argentina Ratings from Ca to Caa3
Moody's Ratings upgraded Argentina's long-term foreign and local currency issuer ratings from Ca to Caa3 and revised the outlook to positive, citing significant fiscal and monetary adjustments under the Milei government. These reforms have reduced public debt, stabilized external finances, and curbed inflation, bolstering private sector confidence and financial market activity. While the public debt ratio dropped from 156% of GDP in 2023 to an estimated 77% in 2024, Moody's projects further declines to 50% by 2026. However, risks remain, particularly regarding the planned removal of currency and capital controls, which could trigger imbalances in the balance of payments or capital outflows if not managed carefully.
🇦🇷 Salesforce to invest US$500 million in Argentina
Salesforce has announced a plan to invest US$500 million in Argentina over the next five years, focusing on AI innovation, workforce development, and the digital transformation of the public sector. The company aims to support Argentina's vision of becoming a global AI hub by helping to digitize government services and develop a skilled workforce. The investment also includes initiatives like the AI Week and workforce retraining programs.
Expansion Plans
🇵🇪 DeepTech Artificio Expands Internationally
Peruvian DeepTech start-up Artificio focuses on licensing visual dash-cam camera data and processing it with AI to help self-driving car companies improve their visual perception. They have collected nearly 1,000 hours of driving data featuring challenging edge-case scenarios in Peru and expanded to collect data from New York City, Boston, San Francisco, and Miami. The company aims to help autonomous vehicle companies expand internationally to Europe and Asia by partnering with mobility start-ups and taxi fleets. CEO and Co-Founder Arturo Deza, a former postdoctoral scientist from MIT and Harvard, is currently in the United States raising Artificio's seed round as they secure their first clients and work towards collecting 1 million hours of driving data globally by the end of 2025.
🇪🇺 Fintech Bnka Launches a Visa Card in Argentina
European Fintech Bnka, specializing in financial services for global migrants, has launched a Visa card in Argentina to address the needs of the growing Argentine diaspora in Europe, particularly in Spain and Italy. The card, available in physical and virtual formats, allows migrants to make payments in pesos or withdraw cash when visiting Argentina or making local purchases from abroad. Linked to a Bnka virtual account, the card enables seamless currency conversion through the app without fees. In addition to this innovation, Bnka offers Argentine users transfer services, bill payments, and instant currency exchange, while providing EU-based migrants with euro wallets and European Visa cards using only their Argentine passport.
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Abrazo,
Arnaud
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