"I am like the rain: I go where I'm needed." - Alfredo Espino
December 7, End Of Day
Superfrutti: Superfrutti is revolutionizing the Agtech and Foodtech industries by connecting farmers with business owners through technology. With a founder who has a previous exit in the same industry, Superfrutti maintains an average margin of 17% and growing. They have served over 1000 customers and fulfilled more than 30,000 orders, all within Bogota, and are now aiming to expand across Latin America. Superfrutti's business model caters to both shops and corporates, demonstrating their versatility and commitment to enhancing the agricultural supply chain. Dive deeper into the case here.
Ubanku: Ubanku is a financial super app designed specifically for the youth. It aims to accelerate users' dreams by offering simple yet effective financial products. With a focus on frictionless scalability and guaranteed low-cost distribution in campuses, Ubanku has a deep understanding of the financial needs and preferences of young individuals. Their innovative approach to financial services is set to make a significant impact in the fintech sector, particularly among the younger demographic. Dive deeper into the case here.
Presto: Aiming to redefine the credit landscape in Bolivia, Presto has made significant developments with 400 users in just three months and a waitlist of 10,000. Their unique position as the only non-regulated fintech with a VISA partnership in Bolivia is further highlighted by the fact that credit card penetration is nearly non-existent in the country. With $5M USD in funds from a bank partner, they are positioned to fill a significant market gap. Dive deeper into the case here.
Dive deeper into other fundraising firms in latam here.
Many leading fintech companies today focus on democratizing access to financial services, a concept best encapsulated by the term 'financial inclusion.' According to the World Bank, financial inclusion ensures access to essential and affordable financial products and services, such as transactions, payments, savings, credit, and insurance, in a responsible and sustainable manner. The sector has a massive opportunity to enhance financial inclusion, especially for those traditionally unbanked or underbanked, by bringing innovative solutions to the table. Financial inclusion, crucial for healthy economies and societies, is a key part of the UN Sustainable Development Goals.
Recent news from this sector:
Neobank Ualá has launched a new Mastercard credit card in Argentina, aimed at expanding financial inclusion in a country where 60% of the adult population lacks a credit card. This free, digital, and physical card integrates seamlessly into Ualá's ecosystem of payments, credits, and investments. The initiative offers various benefits and exclusive incentives in Ualá+, the company's loyalty program, aligning with Ualá's commitment to evolving financial services.
El Salvador's fintech DiiMO has successfully completed a Pre-Series A financing round, raising USD $1.2 million to enhance financial inclusion in Central America. This investment, significant for the Central American startup ecosystem, includes equity and a credit line from notable North American funds, including Endless Ventures and HAguila Investments. DiiMO's vision focuses on using this capital to impact over 200,000 Salvadorans in the next two years, providing micro-loans and addressing regional economic challenges, marking a critical step in its mission to transform financial access in the area.
WiPay Group, a Caribbean fintech, is expanding to Colombia to enhance financial inclusion, focusing on the underserved Afro-Colombian community. They are introducing the COLOUR mobile app, featuring a digital wallet and virtual Visa card, to provide accessible financial services like bank accounts and microloans. This expansion aims to empower local communities, promote financial independence, and adapt to the specific financial needs of the Colombian market.
Honduras: The Central American Bank for Economic Integration has approved a $606.9 million loan for Honduras to enhance transportation infrastructure. This loan will support the government's program to rehabilitate and expand 308 kilometers of highways across the north and east of the country. The loan terms include a 20-year repayment period and a five-year grace period. The project aims to benefit over 120,000 drivers and create 2,820 temporary construction jobs.
Argentina: Luis Caputo, nicknamed the "Messi of finance," is set to take over Argentina's economy ministry, tasked with addressing the country's significant economic challenges. As a former finance minister and central bank governor, Caputo has experience in credit market negotiations and debt settlements. His primary challenges include managing soaring inflation, poverty, and a critical debt situation with bondholders and the IMF. Investors are optimistic about Caputo's appointment, hoping for a balanced approach to the new government's economic policies. His past roles in major financial institutions and an IMF deal negotiation add to his credentials in tackling Argentina's fiscal issues.
Brazil: At the Mercosur summit in Rio de Janeiro, the focus is on the uncertain fate of a trade deal with the European Union and the future of the bloc, especially with Argentina's new president Javier Milei. Milei's skepticism about Mercosur's purpose has raised questions about the EU-Mercosur deal's progress. Despite concerns, there is hope for continued negotiations, though the deal's ratification faces challenges in the European Parliament. Additionally, Mercosur is set to sign a significant trade agreement with Singapore.
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Recent posts:
Supply Chain Tech in Latin America: Optimizing Operations
Key Trends:
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HRtech in Latin America: Transforming Workforce Dynamics
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Mobility tech in Latin America: Steering Towards the Future
Key innovation areas:
Autonomous Driving: Autonomous driving technology continues to be a major area of innovation within the mobility industry, with ongoing advancements in self-driving vehicles.
Mobility-as-a-Service (MaaS): MaaS has gained traction in Latin America during the COVID-19 pandemic, with digital platforms increasingly being used for bike sharing, ride sharing, ride hailing, carsharing, and car rental services.
Sustainable Mobility and Air Quality: Latin American cities are actively working to combat air pollution and promote sustainable transportation, with initiatives like expanding public transport infrastructure and promoting electric vehicles.
Connected Car Ecosystems: The connected car market is emerging as a significant trend in Latin America, with growth opportunities for mobile network operators to expand business beyond connectivity.
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