Millions of people in Mexico do not have access to basic financial products, but fintechs have been working to radically change the scenario.
This week, PicPay, one of the leading digital wallets in Brazil, announced a new acquisition in a bid to gain ground in Brazil's trillion-dollar loan market.
Mercado Pago, the fintech arm of Latin America e-commerce giant Mercado Libre, reported a significant milestone in its fintech business.
iCred will use these resources to expand its operations and enter the payroll loan market for the beneficiaries of the social security fund.
The agreement for the acquisition of NetPay had been announced in November 2022. FEMSA had owned minority shares in the fintech since 2019.
Low multiples could lead to strategic fintech M&A as companies with abundant capital take the opportunity to scoop deals.
Pagbank reported 30 million customers, a 19% increase from 24.8 million a year earlier, now among Latin America's largest neobanks.
E-commerce giant Mercado Libre will invest $3.6 billion in Brazil, with its fintech unit as one of the major growth drivers in Latin America.
Brazil has established its central bank as the primary regulator of the crypto economy, potentially a first step toward broader regulation.
Several of the largest fintechs in Mexico have plans to step up loans to small and medium-sized businesses in the country.