A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
Search Payments News
July 20, 2021
On the wires
BigCommerce and Mercado Libre Partner to Power Cross-Border Ecommerce Growth
“BigCommerce (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established brands, today announced a partnership with Mercado Libre (Nasdaq: MELI), the leading ecommerce marketplace in Latin America, to give BigCommerce merchants the ability to sell across Latin America to nearly 133 million unique consumers on Mercado Libre’s Marketplace. It also marks Mercado Libre’s first partnership with a major North American ecommerce platform and complements the company’s recent expansion into the United States.”
July 14, 2021
On the wires
Citi Latin America Announces Rollout of the Citi Digital Account
“Citi Treasury and Trade Solutions (TTS) Latin America today announced a successful launch of the Citi Digital Account. Citi Digital Account leverages innovative digital capabilities using Citi’s award-winning CitiDirect BE® Digital Onboarding, Electronic Signatures, and Digital Product Activations.”
June 30, 2021
On the web
MercadoLibre Is Changing the Way Latin Americans Shop—and Pay
Bloomberg
“If MercadoLibre is changing the way Latin Americans shop, investors seem even more excited about how it’s changing the way they pay. Payment volume at MercadoPago , the company’s financial tech arm, increased 75% last year, to $50 billion, as merchants incorporated the ability to pay through smartphone apps or QR codes. The company also more than doubled the portfolio of its lending business. In 2018, Goldman Sachs Group Inc. estimated that 40% of MercadoLibre’s value came from its financial-services arm; today it’s 60%.”
June 3, 2021
On the web
Mexican Payments Network Prosa Seeks Buyer at $1 Bln-plus Valuation -sources
Reuters
“Mexican payments network Prosa is exploring a sale that could value it at more than $1 billion, people familiar with the matter said on Wednesday. Owned by a consortium of banks including Grupo Financiero Banorte (GFNORTEO.MX) and the local arms of HSBC (HSBA.L) and Banco Santander (SAN.MC) , Prosa provides the infrastructure that facilitates more than half the payments in Mexico. It is also one of the largest payment processors in Latin America, completing around 4.7 billion transactions in 2020.”
June 2, 2021
On the web
Mastercard Details Financial Inclusion Plans for Latin America
Mobile ID World
“Mastercard is doubling down on its commitment to financial inclusion. The company has already brought 500 formerly unbanked people into the modern financial ecosystem to fulfill a five-year goal, and is now looking to raise that number to 1 billion people (and 50 million small businesses) before the end of 2025. To get there, Mastercard is planning to make a major push in Latin America in particular . The financial giant recently launched a new initiative in El Salvador, Guatemala, and Honduras that will seek to bring digital capabilities to 5 million people and 1 million small businesses in the Northern Triangle region.”
June 1, 2021
On the web
Kushki, an Ecuador-based Fintech, Raises $86M to Build Financial Infrastructure in Latam
TechCrunch
“Just about every week there’s a blockbuster round coming out of South America, but in certain countries such as Ecuador, things have been more hush hush. However, Kushki , a Quito-based fintech, is bringing attention to the region with today’s announcement of a $86 million Series B and a $600 million valuation…Unlike many other fintechs in Latam that are out to help the unbanked, Kushki works behind the scenes building the tech infrastructure that companies like Nubank use to transfer money. Some of the functionalities they build enable both local and cross-border payment players in credit and debit cards, bank transfers, digital cash, mobile wallets, and other alternative payment methods.”
May 25, 2021
On the web
Unicorn Ebanx Readies IPO Eyeing More Acquisitions in LatAm
bloomberg
“Brazilian unicorn Ebanx SA kicked off preparations for a potential U.S. listing as the fintech moves ahead with an ambitious plan to expand its payment processing solutions across Latin America, including a new platform integrating cross-border and local transactions. The so-called Ebanx One, which combines different payment methods into a single system, pledging to unwrap red tape for both international and local customers in the region, is a major step toward an initial public offering, most likely in the U.S., Chief Executive Officer and co-founder Joao Del Valle said.”
May 17, 2021
On the wires
Mastercard, Mercado Libre, Common Cents Lab, and IDB Join Forces to Improve Financial Resilience Among Entrepreneurs and Gig Workers
“A new initiative in Latin America supported by Mastercard, Mercado Libre, the IDB’s Retirement Savings Laboratory , and Common Cents Lab, a financial behavior research lab at Duke University, seeks to use behavioral science to help entrepreneurs and SMEs in the region make better financial decisions. According to the IDB’s COVID-19 Labor Market Observatory , during the COVID-19 pandemic, more than 31 million people lost their jobs in Latin America, and the United Nations anticipates the worst recession for the region in a century. Small- to medium-sized enterprises (SMEs) and entrepreneurs who are actively working, or those who are deciding to enter the digital economy at this stage, must have sufficient financial resilience to overcome this period and be even better prepared to weather financial shocks.”
May 13, 2021
On the web
Pomelo Raises $9M to Build a Payments Infrastructure for LatAm Fintechs
TechCrunch
“Pomelo, a startup building a fintech-as-a-service platform for Latin America, has raised $9 million in a seed round of funding. The Buenos Aires-based startup’s new infrastructure aims to allow fintechs and embedded finance players to launch virtual accounts and issue prepaid and credit cards via “compliant” onboarding processes.”
March 22, 2021
On the web
Homebrew Backs Higo’s Effort to Become the ‘Venmo for B2B Payments’ in LatAm
TechCrunch
“The B2B payments space has been on fire for a while, and the COVID-19 pandemic has only fueled mass adoption of digitizing finances. In regions like Latin America, the need for innovation in the sector is even more paramount than in the United States with so many people still relying on outdated processes. One Mexico City-based startup, Higo.io , is out to transform B2B payments for SMBs (small and medium-sized businesses) in Latin America, starting with its home country.”
March 11, 2021
On the wires
Galileo Financial Technologies Accelerates Expansion and Opens Latin America Headquarters and Innovation Center in México
“Galileo, the API standard for card issuing and digital banking and a leading technology platform subsidiary of Social Finance, Inc. (SoFi), today announced the opening of a Latin America headquarters and innovation center in the iconic Torre Reforma building in Mexico City. The move follows the incorporation of Galileo’s Mexican subsidiary and the initial opening of its first office outside the U.S. in Mexico City last year.”
March 5, 2021
On the web
Arcus Announces Arcus Pay: Payment Track That Converts Points Of Sale Into ATMs
Comunicae
“Arcus, the leading fintech platform that makes financial technology possible for everyone, announces the launch of Arcus Pay, a payment track through which a network of 60 thousand retail points of sale will offer Cash-in and Cash-out transactions for consumers of fintechs and neobanks. Arcus Pay allows you to transform physical money into digital money and make cash deposits, cash withdrawals and payment of products in physical stores with money from digital wallets. Companies will be able to provide banking-like services to the underbanked or unbanked population, thus paving the way for financial inclusion.”
February 26, 2021
On the wires
Lightspeed Partners With DLocal to Power Payments for Independent Merchants in Mexico
“dLocal , the foremost payment platform connecting global merchants to emerging markets, and Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced a new partnership. The collaboration will allow Lightspeed merchants to accept local payment options across Latin America as the small business market in that region undergoes a rapid digital transformation.”
December 1, 2020
On the web
EBANX Partners with PicPay to Offer New Payment Option in Brazil
The Fintech Times
“EBANX, a Latin American fintech specialised in local payment solutions for global merchants, has partnered with PicPay, the largest digital wallet in number of users in Brazil, to offer a new payment option in the country. International companies that adopt EBANX’s solutions to sell in Brazil through digital payment accounts can now offer PicPay as one of its payment options, expanding their Total Addressable Market in the largest economy in Latin America, and giving access to millions of Brazilians to global products and services.”
November 19, 2020
On the web
Mastercard & Juvo to provide financial services to underbanked consumers in Latin America
Financial IT
“Juvo, a pioneer of financial identities for the underbanked, today announced a new partnership with Mastercard. Juvo was accepted into Mastercard’s global fintech startup engagement program, Start Path, last August. Now, Juvo is collaborating with Mastercard’s Latin America and Caribbean (LAC) team to introduce its FiDaaS (Financial Identity as a Service) platform to hundreds of financial institutions across the region. FiDaaS will enable these institutions to confidently serve a much broader base of customers and drive financial inclusion.”
November 3, 2020
On the wires
Arcus Announces Funding from Citi Ventures to Fuel Expansion and Partnerships in Latin America
“Arcus, the Fintech-as-a-Service (FaaS) platform making fintech possible for everyone, today announced an investment from Citi Ventures for an undisclosed amount. This marks the first investment by Citi Ventures in a fintech company in Mexico, a country that has been experiencing significant growth in the fintech sector.”
October 16, 2020
On the web
Transforming Latin American Corner Stores: Chiper Carries In $12M Series A
Crunchbase News
“Chiper has been amassing a network of digitized corner stores in Latin America for the past two years. Now armed with $12 million in Series A funding, the Colombia-based e-commerce platform for independent merchants is poised to capture even more corner-store retailers.”
October 13, 2020
On the web
Hoping to be LatAm’s Top Digital Bank for SMBs, Xepelin Launches a Lending and Revenue Management Service
TechCrunch
“There’s another entrant in the startup race to provide financial services to Latin America’s small and medium-sized businesses. Financial services have been a huge opportunity for startups coming out of Brazil, Colombia and Mexico in recent years, and now Xepelin , a new company from Chile, is looking to join the fray.”
October 9, 2020
On the web
Colombian Fintechs Fill Latin American Banking Gaps
Financial Times
“When it comes to smartphone apps, banks in Latin America have been behind the curve. Movizzon, a Colombian fintech company, is helping them change that. The company buys thousands of smartphones into which it installs two apps: its own, and that of its bank clients. Movizzon’s app then takes control of the dummy phones, logging into the banks’ apps every couple of minutes and making transactions, like transferring money or paying off a credit card.”
August 21, 2020
On the web
Latin American mega-retailer reaches underbanked with cross-brand financing app
PaymentsSource
“Unicomer Group, Latin America’s equivalent of Best Buy, has teamed up with YellowPepper to develop a digital credit app that acts as a financial services center for underbanked and unbanked consumers. The Emma (Easy Mobile Money Access) app enables customers to apply digitally for multi-purpose installment loans and spend the funds at Unicomer stores and at third-party retailers that accept Emma. Cash loans, bill payments, loyalty programs, digital credit cards, online shopping, and Visa-powered P2P payments are all on Unicomer’s future road map for Emma.”
August 11, 2020
On the wires
Rapyd and PayMyTuition partner to enable students across Latin America and Asia Pacific to make international tuition payments in minutes
“Rapyd, a global Fintech as a Service company, announced today a partnership with PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, that expands PayMyTuition’s ability to accept payments via bank transfers from several countries in Latin America and Asia Pacific through Rapyd’s platform, using a single API integration.”
July 7, 2020
On the web
MercadoLibre Tops $50 Billion in Value Amid E-Commerce Boost
Bloomberg
“Shares of Latin America’s largest e-commerce marketplace MercadoLibre Inc. climbed above $1,000 for the first time as online sales surge in the region amid the coronavirus pandemic. Up 78% this year, MercadoLibre has benefited from a growing number of consumers that are either buying online for the first time or increasing the frequency of their purchases because of virus-related lockdowns. The company said gross merchandise volume growth accelerated to 73% in April and UBS Group AG pointed to even stronger figures for the industry in May, citing data from Nielsen’s e-commerce researcher Ebit.”
June 10, 2020
On the wires
Colombian Point of Sale Financing Platform ADDI Raises $15 Million Series A Extension
“ADDI, a Bogota-based provider of point of sale (POS) financing solutions for Latin America, today announced the close of an equity financing of $15 million. The round was led by Quona Capital, a venture firm focused on fintech in emerging markets, alongside existing investors Andreessen Horowitz and Monashees, and new investors S7 Ventures, Foundation Capital and DST partner Tom Stafford. The new funding will be used to grow ADDI’s business in Colombia and to expand to new Latin American markets.”
June 10, 2019
On the web
3 Biggest Fintech Trends Shaping Latin America
Crowdfund Insider
“Latin America is one of the fastest-growing regions in the world for mobile usage. In fact, the region ranks third for smartphone adoption globally, behind North America and Europe In 2017, the percentage of the Latin American population with smartphones hit 61% , and LAVCA predicts it will reach 76% by 2025. In Brazil, for example, there are almost as many smartphones as there are people. There are approximately 198 million smartphones in use in Brazil, while the current population is just over 200 million.”