Credit granted by fintechs in Brazil reached 55 billion reais in 2021, up tenfold in the 2016-2021 period, according to Serasa Experian.
Along the companies trying to soften the crisis impact on their business was Mexico's Bitso, one of the largest crypto exchanges in LatAm.
Mexico's Banorte will launch neobank Bineo by late this year or in early 2024. It aims to add 3 million clients and operate independently.
These funds should allow Blipay to expand its credit line in the payroll anticipation sector — where it seeks to become a relevant player.
Open finance is growing fast in Brazil, with progress in regulation paving the way for new opportunities for local fintechs.
The report found that the traditional playbook of developing branches and building relationships may count "for little in a world where a mobile phone is the principal' real estate', and word-of-mouth – often via social media – becomes the most powerful form of validation."
Open Finance turns three years in Brazil, and data shows it is growing at a steady pace, with over 40 million consents granted by users.
Fintechs in Mexico draw funding to cater to underbanked SMEs and individuals. Kapital tapped $65 million, while Stori secured $50 million.
One of the most popular payment methods in Brazil, Pix is now set to take over online commerce too, a study by fintech EBANX shows.
Mounting cryptocurrency adoption in Latin America is drawing investment capital into the region, signifying that growing interest.