Mexico Hosted Its First AI Summit
Ep. 133: Palla $14.5 million Series A, Foliume $1 million Seed round, and more!
Your weekly newsletter on technology, startups, and VCs in Spanish-speaking Latin America.
This weekend, Mexico hosted its first Artificial Intelligence Summit in Mexico City.
What made this event particularly special was seeing it co-organized by OpenAI, Fintual, and UNAM, bringing together an incredible mix of tech leaders, public officials, and entrepreneurs all focused on exploring AI's impact on Mexico's future.
It's inspiring to hear OpenAI recognize Mexico's evolution from simply being an AI consumer to becoming a genuine tech creator. They mentioned the strong local engagement they've been seeing with their tools, which really validates what many of us have been observing firsthand: the growing sophistication of Mexico's tech community.
Thanks to the support from investors like Platanus Ventures and startups like Fintual, Mexico's AI startup ecosystem has been steadily expanding over the past few years.
It feels like we're at a real inflection point, and events like this give me genuine optimism about where our tech ecosystem is headed.
Follow The Money
Palla raised a US$14.5 million Series A round
Miami-based Fintech Palla has raised US$14.5 million in a Series A round to expand its infrastructure for real-time cross-border payments. Unlike traditional remittance apps, Palla provides APIs and white-label solutions that allow banks and fintechs to embed international transfers directly into their own apps. Already integrated with over 30 financial institutions in Latin America and the Caribbean, Palla’s model reduces customer acquisition costs and offers competitive FX rates, often undercutting legacy providers. The funding will support expansion into new corridors and payment methods, including Pix and stablecoin-based transfers.
Sector: FinTech
Founders: Enrique Perezalonso, Andrew Mason
Investors: Revolution Ventures, Y Combinator, Cowboy Ventures, Meta Fund
🇺🇾 Foliume raised a US$1 million Seed round
Uruguayan startup Foliume has raised US$1 million in a seed round to expand its AI-based automation platform for the insurance sector. Foliume’s technology streamlines manual tasks like quoting policies, renewing contracts, and processing claims by handling unstructured data from emails, PDFs, and websites. With operations in Spain, Germany, and Portugal, and an engineering hub in Montevideo, the startup plans to accelerate its European growth while continuing to scale its tech with top-tier Uruguayan talent.
Sector: Artificial Intelligence
Founders: Martín Fagioli, Guillermo Vergara
Investors: Pitchdrive, Íope Venture
Startups News
🇨🇱 ProntoPaga to launch a Neobank called YOL1
ProntoPaga CEO Sebastián Salazar announced the upcoming launch of YOL1, a Neobank designed to streamline cross-border payments in Latin America. Backed by ProntoPaga’s infrastructure, which currently processes over US$120 million monthly across the region, YOL1 will enable users to send and receive money using local payment rails like PIX, YAPE, and interoperable QR codes. The MVP is expected for January 2026, with plans to expand into insurance, ETFs, and other financial services pending local regulatory approvals.
🇨🇴 RappiPay is entering the insurance market
RappiPay is entering the insurance market through a new strategic alliance with SBS Seguros to jointly commercialize insurance products. Alongside this initiative, RappiPay is launching a new line of consumer credit called RappiPréstamo and expanding lending services for businesses via RappiCuenta Empresas. Recently appointed CEO, Paolo Di Marco, emphasized the company’s goal of simplifying personal finance and scaling automation across operations. RappiPay has surpassed 300,000 active users and tripled its account balances in Q1 of this year.
🇨🇴 Zulu surpasses US$250 million in international payments processed
Colombian Fintech Zulu has surpassed US$250 million (1 trillion COP) in international payments processed, solidifying its role as a key player in cross-border B2B payments in Latin America. Founded only three years ago, Zulu offers a faster and more transparent alternative to traditional banks, now serving over 110 recurring business clients across 60 countries. With operations in Colombia, Mexico, Peru, Panama, and the U.S., the startup continues to expand its footprint while promoting financial inclusion and modernizing payment infrastructure for Latin American SMEs engaged in global trade.
Koywe joines the Borderless. xyz network
Koywe, a YC-backed crypto infrastructure company operating in Chile, Mexico, Argentina, Peru, and Colombia, has joined the Borderless. xyz network to expand stablecoin liquidity across Latin America. The integration connects Koywe’s local bank rails to Borderless. xyz’s single-API global payments platform, enabling real-time, compliant on- and off-ramp flows with improved settlement speed and pricing. The partnership strengthens payout corridors in the region and supports Borderless. xyz’s goal of unifying stablecoin infrastructure globally.
VC - M&A News
Gilgamesh Ventures closes its second fund at US$20 million
VC firm Gilgamesh Ventures, co-founded by Miguel Armaza and Andrew Endicott, has closed its second fund at US$20 million, bringing total assets under management to US$35 million. A significant portion of the new fund will target Fintech startups in Latin America, building on previous investments in companies like Nexu, Xepelin, and Pomelo. The fund attracted backing from Foundation Capital, GBM Ventures, Encore Bank, and Fintech founders such as Renaud Laplanche and Dan Henry. Miguel Armaza podcast and newsletter Fintech Leaders, coupled with a strong portfolio performance, has been key in helping secure capital despite a tight fundraising environment.
Nascent VC announces the first close of its Fund II
Nascent VC, an early-stage venture firm led by operators from PayU, Linio, and Clau, has announced the first close of its US$15 million Fund II. The fund will continue backing pre-seed and seed-stage startups in sectors where the team has direct operational experience, such as fintech, proptech, e-commerce, and marketplaces. Building on the strong performance of its US$2.5 million Fund I (6.5x return, with 5.2x already returned in cash to investors), Fund II will target 20–25 investments, offering hands-on support and aiming for a 3x DPI. Nascent is also reinforcing its role in the regional ecosystem through initiatives like organizing Mexico Tech Week.
🇨🇱 Colegium has acquired KidsBook
Chilean EdTech Colegium, founded by Ariel Gringaus and José Manuel Barros, has acquired KidsBook, a platform focused on early childhood communication, marking its fifth strategic acquisition since 2020. The deal strengthens Colegium’s presence in the preschool segment and supports its projected 20% revenue growth for 2025. Operating profitably and without external investment, Colegium serves over 1,000 institutions in Chile and is present in 14 Latin American countries. The company plans to unify its platforms and expand into the higher education market by 2028.
🇪🇨 HealthTech Reliv has acquired Mexican Hospisoft
Ecuadorian HealthTech Reliv has acquired Mexican Hospisoft, a hospital software provider with operations in Mexico and Nicaragua, as part of its strategy to build a connected digital health ecosystem in Latin America. The integration aims to streamline hospital processes, reduce admission times, and improve clinical decision-making, reaching over 80,000 patients and 20,000 health professionals monthly in Mexico. Reliv will add over 70 clinics and hospitals to its network and plans to expand to more than 100. It also targets 200,000 monthly admissions, 300,000 scheduled appointments, and digital onboarding of over 10,000 doctors in the near term.
🇨🇴 Siigo acquires Chilean ERP Kame
Colombian accounting software Siigo has acquired Chilean ERP company Kame. Backed by Accel-KKR, Siigo operates in five countries and serves over 1.2 million clients. The acquisition includes a US$6 million investment to help Kame dominate the Chilean market and expand its impact, offering integrated cloud-based solutions for accounting, POS, and payroll. Now part of Siigo, Kame will benefit from shared innovation efforts and broader regional reach, while SMEs in Chile gain access to advanced digital tools to improve business operations and economic growth.
Economy
🇺🇾 Uruguay launched Uruguay Innova (U+I)
Uruguay has launched Uruguay Innova (U+I), a national initiative aimed at boosting investment, research, and innovation to drive sustainable development. Spearheaded by President Yamandú Orsi and led by investor Bruno Gili, the program seeks to streamline the country’s fragmented science and tech ecosystem by fostering collaboration between the state, academia, and the private sector. With a focus on knowledge, innovation, internationalization, and strong regulatory frameworks, U+I aims to elevate Uruguay’s productivity, attract high-quality jobs, and capitalize on untapped potential in fields like life sciences and AI.
Expansion Plans
🇨🇱 Rocketbot Soft Landing to Taiwan
Chilean Rocketbot, which develops advanced process automation (APA) technology, has been selected to participate in Taiwan’s Soft Landing Program 2025. This marks a first step in its expansion into Asia, where the startup already has clients in India and the UAE. The program aims to integrate international tech firms into Taiwan’s robust industrial ecosystem, especially in AI, robotics, and smart manufacturing. Supported by ProChile, Rocketbot will engage in mentorships, expos, and matchmaking with local industry players, positioning itself in one of the world's most sophisticated automation markets.
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