π²π½ Retail Chains Enter the Fintech World | Ep. 113
Plus, Prosus to acquires π¦π· Despegar, π¨π΄ ISA starts a US$130 million Growth-stage CVC, Banco ItaΓΊ buying Plexo, and more!
Welcome back to a new episode of your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
With no surprise, very few startups have announced a funding round in the last weeks of the year - exception made to Cofers. Obviously, it had to be a Mexican Fintech! A good sign for 2025?
Speaking about Mexican Fintechs, retail pharmacy chain Farmacias del Ahorro is joining the party with the introduction of its "Cuenta Monedero" service. The prediction that every company will become a Fintech is getting increasingly true.
Letβs take a quick break from Fintech to note that European tech conglomerate Prosus has announced its US$1.7 billion acquisition of Argentinian online travel agencies Despegar to take it private again. Should I write a Deep Dive about Despegarβs story?
Ok, back to Fintech news. Banco ItaΓΊ made itself a nice Christmas gift with the acquisition of Uruguayan digital payment platform Plexo. Obviously, banks want a part of the Fintech pie too!
I could go on talking about the interesting move made by Colombian Energy group ISA to launch a Growth-stage CVC, and how a Dubai-based startup rolling out services in Colombia confirms once again my theory about a growing South-South cooperation in the startup world, but I will let you find more in this week briefing.
Follow The Money
π²π½ Cofers raised US$1 million in funding
Cofers is a Mexican Fintech aiming to transform corporate treasury management through automation and artificial intelligence. The platform streamlines over 60% of treasury tasks, such as bank account synchronization, transaction categorization, and cash flow tracking, reducing time spent on these processes by up to 75%. Cofers aims to become a leader in the Mexican market by introducing innovative features, such as ERP integrations and real-time tax compliance, to further enhance SMBs financial operations.
Sector: FinTech
Founders: Alex Casanova, Eduardo Gulias
Investors: Cracks Fund, BStartup10, JME Ventures, Draper B1
Startups News
π²π½ Farmacias del Ahorro joins the Fintech trend
Farmacias del Ahorro is set to launch its own Fintech operations in 2025. The move comes after acquiring the electronic payment institution Tu Dinero Digital (TUDI) at the end of 2023. This acquisition allows the pharmacy chain to introduce the "Cuenta Monedero" service, enabling users to perform transactions such as deposits, transfers, bill payments, and cash withdrawals. The initiative is part of the companyβs strategy to enhance its loyalty program and offer additional financial services to its customers. TUDI, which was authorized under Mexicoβs Fintech Law in 2021, will now operate under the updated terms, marking Farmacias del Ahorro's entry into the Fintech sector. This move follows similar initiatives by other retail chains in Mexico, such as Walmart and Oxxo, aiming to integrate financial services into their business models.
VC - M&A News
Prosus to acquires π¦π· Despegar
Prosus, a tech conglomerate owned by Naspers, has announced its US$1.7 billion acquisition of Despegar, one of Latin America's largest online travel agencies. The deal, set to close in Q2 2025, offers a 33% premium on Despegarβs current stock price and aims to boost its growth through integration with Prosus' existing LatAm portfolio, including iFood and Sympla. Despite past struggles, Despegar expects the acquisition to enhance its services and customer experience. With operations in 19 markets, the Argentine-based company processes 9.5 million transactions annually, generated US$706 million in revenue, and EBITDA of US$116 million in 2023.
π¨π΄ Energy group ISA starts a US$130 million CVC
Colombian energy utility Grupo ISA has launched Inndigo, a US$130 million corporate venture capital fund designed to support energy transition startups. Developed in partnership with Wayra, and TelefΓ³nica Movistar, the fund will focus on Series B and later-stage startup, with the goal of fostering innovation in the regional energy sector. Led by Santiago Hoyos in Colombia and Amanda Coutinho in Brazil, Inndigo underscores ISA's commitment to accelerating energy transition efforts by leveraging entrepreneurship and innovation to drive sustainable advancements.
Banco ItaΓΊ acquires Uruguayan Plexo
Banco ItaΓΊ has acquired 100% of the Uruguayan digital payment platform Plexo to strengthen its digital business and expand its presence within the Fintech ecosystem. The acquisition aims to enhance e-commerce for companies in Uruguay, offering secure and efficient payment solutions that will help businesses grow, including those reaching international customers. The deal is subject to regulatory approval in both Uruguay and Brazil. The acquisition reflects ItaΓΊβs ongoing investment in fintechs, including previous purchases of shares in companies like Resonet, Handy, Prex, and Paigo.
HF. Capital to tackle liquidity challenges in LatAm
HF. Capital was founded to address the liquidity challenges faced by startups outside of Silicon Valley. A key initiative of the firm is its collaboration with the London Stock Exchange, which offers a more accessible and startup-friendly IPO process compared to the U.S. Startups with US$30M+ in revenue can go public within 6β9 months, at a fraction of the cost of a U.S. IPO. Additionally, the firm is exploring international bond issuance to provide better financing solutions for Latin American Fintechs. Founder Jonathan Nelson plans to execute HF. Capital's first IPO in the coming months. Will the London Stock Exchange become the go-to destination for LatAm startups?
Economy
Visa's 2024 report "Money Travels: Adoption of Digital Remittances"
Visa third annual report based on digital remittance adoption highlights the growing adoption of digital apps for sending and receiving remittances in Latin America and the Caribbean (LAC), with Brazil leading in usage (80%-84%), followed by Mexico (64%-59%) and Peru (61%-56%). In the global remittance market, digital methods dominate, while traditional options like cash and checks are now under 10% usage. Nevertheless, the study identifies high fees as a key challenge to further adoption.
Expansion Plans
Dubai-based Yango rolled out services in Colombia
Yango is a mobility platform with HQ in Dubai. The startup has so far established itself in five Colombian citiesβMedellΓn, Barranquilla, Cali, Bucaramanga, and CΓΊcutaβoffering transportation services and competitive benefits for driver-partners, including low commissions. Beyond rides, Yango integrates with public transit systems, helping users make informed travel decisions. Yango plans to expand to BogotΓ‘ in 2025, aiming to further empower Colombians with efficient transportation options and new income opportunities.
π¨π± Karri expands into Mexico
Karri, a Chilean last-mile logistics company and subsidiary of Transmi, is expanding in Mexico to capitalize on the country's growing e-commerce sector, with projections indicating that around 118.2 million users will engage in eCommerce by 2029. Having established a presence in eight key cities, including Mexico City, Guadalajara, and Monterrey, Karri aims to strengthen partnerships with major retailers and onboard over 200 additional transporters this year. The startup leverages proprietary technology for routing & tracking and plans to introduce electric fleets, replicating its renewable energy model from Chile.
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Abrazo,
Arnaud
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