Focus Americas News Roundup – Issue #37
Every fortnight we compile a list of important news updates and events covering the Americas FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.
With backers like Tiger Global, LatAm crypto exchange Bitso raises $250M at a $2.2B valuation
Bitso, a regulated crypto exchange in Latin America, announced today it has raised $250 million in a Series C round of funding that values the company at $2.2 billion. The company believes the funding makes it the most valuable crypto platform in Latin America. It also makes the company one of the most highly valued fintechs in the region.
Daniel Vogel is the CEO & Co-Founder at Bitso
Fintech Development In Latin America
Latin America has been seeing an incredible development in its financial technology in the last few years. In fact, it might even be one of the most successful and lively markets for Fintech in the world. People in most of these Latin American countries had a more traditional experience of banks. But over the years, the regulations have become more friendly to the development of Fintech, and Latin America has welcomed Fintech with open arms.
Foreign Fintechs Land in Latin America With US$ 677 M in Direct Foreign Investment
117 foreign fintechs are operating in one or more countries in Latin America, representing 10% of companies in the ecosystem. Of the 117 foreign fintechs, 57 have invested US$ 677 M for their expansion into the region.
Refinitiv teams up with FinTech Studios for Latin American wealth management push
Refinitiv announced a new strategic agreement with FinTech Studios, an AI-based news, market intelligence and analytics provider, to provide industry, local and regional news, and research to wealth management professionals across Latin America and beyond.
David Craig is the Group Head, Data & Analytics & CEO at Refinitiv
Rappi the super app, next big tech innovation in Latin America
One of its co-founders, Juan Pablo Ortega, said the tech company wants to keep growing until it becomes the only app people need, and is going to keep expanding its offers to the rest of the Latin American and Caribbean (LAC) region. A super app is a platform that offers various services under one umbrella.
Simón Borrero is the CEO & Co-Founder at Rappi
Graviti Banks $2.5M Seed To Offer Appliance Buy Now, Pay Later in LatAm
Graviti, a Mexican fintech, raised a $2.5M seed round led by Active Capital. Graviti is developing a ‘buy now, pay later’ concept for household appliances aimed at low-income households in Latin America. In Mexico, millions of households are still underserved by the traditional banking system and cannot commit to large payments.
Yusef Jacobs is the CEO and Founder at Graviti
E-Commerce Opportunities Abound in Latin America, Despite Challenges
In 2020, the total retail e-commerce sales to the LATAM region grew 36.7 percent to $84.95 billion. That is still growing this year. Among the larger individual economies in the region, Argentina was the fastest growing, with a retail e-commerce increase rate of 79 percent. Brazil’s e-commerce growth rate was 35 percent, while Mexico’s was 27 percent.
MercadoLibre Co-Founder Kazah Joins Board of Mexico’s Valoreo
Hernan Kazah, who co-founded MercadoLibre Inc. and built one of Latin America’s largest venture funds, is joining Mexico-based e-commerce startup Valoreo’s board of directors as the company eyes a rapid rise to unicorn status. Valoreo said Wednesday that the addition of Kazah to the board will be accompanied by an investment from the fund he helps oversee, Kaszek Ventures.
Hernan Kazah is the Co-Founder and Managing Partner at KASZEK
Atlas Renewable Energy secures loan for 359MWp solar plant in Brazil
Latin America-focused solar developer Atlas Renewable Energy has obtained a US$150 million loan to finance the construction of its 359MWp Lar do Sol – Casablanca PV project in Brazil. Set to be developed in the state of Minas Gerais, Lar do Sol – Casablanca will feature 880,000 bifacial modules, generate 805GWh per year and supply power to mining company Anglo American through a 15-year power purchase agreement.
Carlos Barrera is the CEO at Atlas Renewable Energy
Scala Data Centers Launches a New 100MW Campus in Campinas, Brazil
Scala Data Centers announced it signed a definitive agreement to acquire Algar Tech’s Data Center and Colocation operations in Campinas. Opened in 2009, this data center is highly connected and is strategically located in Campinas, one of Brazil’s largest data center regions. The Algar data center facility utilizes photovoltaic energy, having been the first in Latin America to adopt this alternative energy use, building upon Scala’s commitment to clean energy.
Marcos Peigo is the CEO and Co-Founder at Scala Data Centers
ErcoEnergía raises $6M funding round for clean energy
Erco Energía, a Colombian startup, raised a $6M funding round to launch operations in Texas and Panama. Erco Energía is a renewable energy startup working to make solar energy a viable energy source. The platform offers solar energy to charge electric cars and provides a database for clients to monitor energy consumption.
Juan Camilo López is the CEO at Erco Energía
Electricity inefficiency, tech inequality seen as obstacles to LatAm growth
Inefficient electricity pricing and unequal access to technology could hamper economic recovery in Latin America and the Caribbean (LAC), the World Bank said. Although the report said the LAC region has the cleanest energy matrix of developing countries due to large hydroelectric power investments, pricing is inefficient.
Sigma Advanced Capital Management, Partners With Pachama To Support a Voluntary Offset Carbon Project in Colombia
Sigma Advanced Capital Management LLC announced another step toward sustainability and its ongoing support for voluntary carbon offset projects. In collaboration with Pachama, Sigma Advanced Capital Management will periodically purchase carbon credits in the Bajo Calima y Bahía Málaga Project, which was developed by Fondo Accion and is located on Colombia’s Pacific Coast.
Diego Saez Gil is the CEO and Co-Founder at Pachama
AgTech Instacrops raises $2.8M for crop management software
Instacrops, a Chilean AgTech, raised a $2.8M funding round led by Genesis Ventures, Fundación Chile’s CLIN, and SVG Ventures. Instacrops is designed to help farmers optimize their crop output. Theplatform provides real-time insights and advice on weather forecasts, pests and diseases, and optimizing irrigation and fertilizers.
Mario Andrés Bustamante Bernucci is the CEO & Co-Founder at Instacrops