“I don’t know, I’m making this up as I go.” - Indiana Jones
Paraguay: Bucksapp. B2B SaaS Fintech that increases bank ROI per customer and merchant by organizing, cleaning and analyzing transactional data. Get to know the case here.
Colombia: Ubanku. Is a neo-bank for the youth in LATAM. Get to know the case here.
Dive deeper into other fundraising firms in LatAm here.
Wonder Brands, an e-commerce aggregator in Latin America, has secured $15.5 million in Series A funding led by Nazca and IDB Invest, allowing the company to extend its reach to South America. The company's shift towards acquiring e-commerce infrastructure and developing its own digital brands, along with its data-driven, customer-centric approach, has enabled it to launch numerous brands and SKUs, achieve profitability, and generate over $100 million in annualized revenues with a growth rate exceeding 100%.
Brazilian fintech Nomad raises $61 million, marking the largest funding round of 2023 in Latin America. The Series B round, led by Tiger Global Management and featuring participation from existing investors such as Stripes, Monashees, and Spark Capital, increases Nomad's market value to around $365 million, with the funds intended for expanding its global investment platform and launching new products, including credit-related innovations.
Mexican startup ConfiAbogado has raised $1.65 million in seed funding to enhance accessibility to legal services throughout Latin America. Founded by Emiliano and Julián Ruiz, ConfiAbogado employs technology to connect clients with validated lawyers and automate legal processes, offering affordable legal solutions in areas such as civil, commercial, labor, and family litigation, aiming to make legal aid more efficient and accessible.
Brazil: Brazil plans to issue its first sustainable sovereign bonds worth around $2 billion in September, backed by green and social projects. While the exact issuance details remain undisclosed to prevent market disruptions, a potential delay until 2024 isn't seen as problematic. Additionally, the National Monetary Council has introduced a new framework, effective from September, to govern Climate Fund operations, emphasizing projects that address greenhouse gas emissions and climate change adaptation.
Argentina: The BRICS bloc, originally consisting of Brazil, Russia, India, China, and South Africa, has decided to expand by admitting six new members: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. This move, the first expansion in 13 years, is aimed at reshaping an outdated world order and increasing the bloc's economic influence. The inclusion of these countries adds significant economic weight to the group and further emphasizes its goal to champion the Global South. However, tensions may arise between members who view the bloc as a counterweight to the West and those maintaining close ties with the U.S. and Europe.
Guatemala: Bernardo Arévalo, a former diplomat and a centre-left anti-corruption outsider, has won Guatemala's presidential race, securing 58% of the vote against former first lady Sandra Torres, who received 37%. Arévalo's victory is seen as a response to the political establishment's failure to address corruption. His party, Movimiento Semilla (Seed Movement), emerged from the "Guatemalan spring" anti-corruption protests in 2015. Despite his win, Arévalo faces challenges in governance, as his party holds only 23 of the 160 seats in Congress, necessitating alliances or coalitions to pass legislation.
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Want to dive deeper into the world of early-stage investing in Latin America? The last episode (listen here) of Find The Way pod takes us into a conversation between two seasoned Latin America investors Alejandro Gálvez from Mexico City and Ivan Montoya from Silicon Valley. Alejandro and Ivan have been one of the most active angel investors in the region and to scale their efforts both are running VC funds (99 Startups and NuMundo Ventures respectively).
Tune in to get a glimpse of these topics:
If listening is not your thing → a short summary of the episode can be read here.
