Mexican unicorn Kavak raises a $485M Series D at a $4B valuation.

Kavak, the Mexican startup that’s disrupted the used car market in Mexico and Argentina, today announced its Series D of $485 million, which now values the company at $4 billion. This round more than triples their previous valuation of $1.15 billion, which established them as a unicorn just a couple of months ago in October of 2020. Kavak is now one of the top five highest-valued startups in Latin America.

The round was led by D1 Capital Partners, Founders Fund, Ribbit, and BOND, and brings Kavak’s total capital raised to date to more than $900 million. Kavak recently soft-launched in Brazil, and this new round of funding will be used to build out the Brazilian market and beyond, said Carlos García Ottati, Kavak’s CEO and Co-Founder. The company plans to do a full launch in Brazil in the next 60 days, García said, and we can expect to see Kavak in markets outside Latin America in the next 24 months, he added.

“We were built to solve emerging market problems,” García said.

Kavak, which was founded in 2016, is an online marketplace that aims to bring transparency, security, and access to financing to the used car market. The company also offers its own financing through its fintech arm, Kavak Capital, and counts more than 2,500 employees and 20 logistics and reconditioning hubs in Mexico and Argentina.

“In Latin America, 90% of the [used car] transactions are informal, which leads to a 40% fraud rate,” said García, who experienced these challenges first-hand when he moved to Mexico from Colombia a couple of years ago and bought a used car. 

“My budget allowed me to buy a used car, but there was no infrastructure around it. It took me 6 months to buy the car, and then the car had legal and mechanical issues and I lost most of my money,” he said. Kavak buys cars from individuals, refurbishes them, and offers warranties to buyers.

“Instead of buying a new car, they can buy a better car that still has all the warranties. It’s a really aspirational process,” said García. The company, which really amounts to four companies in one given its areas of focus, was built to be comprehensive by design in order to meet the various gaps in the market, García said.

“When you’re building a business here [Latin America], you need to build several businesses because so many things are broken,” he said. That’s why the financing option, for example, has been a key to their success, according to García.

Financing has traditionally been hard to come by in Brazil, and as García said, the used car market lacks infrastructure there, too. That being said, Brazil is Latin America’s fintech hub, and the space has been made leaps and bounds over the last 7-10 years with companies such as Nubank, PagSeguro, Creditas, PicPay, and others leading the way. As a result, credit cards and loans are more widely available today in the region, offering competition for Kavak Capital. While Kavak has localized some of its product for the Brazilian market — namely building out a Portuguese language version of the app and website — García said the markets are very similar.

“In Brazil, you still have the same problems that you have in Mexico, but Brazil is a little more developed, especially in fintech, which is light years ahead of Mexico,” he said.

With the Brazilian product heading to the races, García said they already have plans for other regions, though he declined to name them.

“80% of people in emerging markets don’t have access to a car,” García said of the global market size. “We want to go into big markets where customers are facing similar problems and where Kavak can really change their lives,” he added.

#apps, #argentina, #articles, #automotive, #brazil, #colombia, #creditas, #d1-capital-partners, #ecommerce, #finance, #financial-technology, #financing, #founders-fund, #funding, #latin-america, #logistics, #mexico, #nubank, #online-lending, #online-marketplace, #pagseguro, #recent-funding, #series-d, #startups, #transportation, #unicorn, #used-cars

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Argentina’s President Has Preliminary Positive Virus Test Despite Vaccination

The president, who received the test result on his 62nd birthday, said he will remain in isolation while waiting for the results of the more rigorous PCR test

#argentina, #coronavirus-2019-ncov, #fernandez-alberto-1959, #tests-medical, #vaccination-and-immunization

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Nuvemshop, LatAm’s answer to Shopify, raises $90M in Accel-led Series D

The COVID-19 pandemic has led to people everywhere shopping more online and Latin America is no exception.

São Paulo-based Nuvemshop has developed an e-commerce platform that aims to allow SMBs and merchants to connect more directly with their consumers. With more people in Latin America getting used to making purchases digitally, the company has experienced a major surge in business over the past year.

Demand for Nuvemshop’s offering was already heating up prior to the pandemic. But over the past 12 months, that demand has skyrocketed as more merchants have been seeking greater control over their brands.

Rather than selling their goods on existing marketplaces (such as Mercado Libre, the Brazilian equivalent of Amazon), many merchants and entrepreneurs are opting to start and grow their own online businesses, according to Nuvemshop co-founder and CEO Santiago Sosa.

“Most merchants have entered the internet by selling on marketplaces but we are hearing from newer generations of merchants and SMBs that they don’t want to be intermediated anymore,” he said. “They want to connect more directly with consumers and convey their own brand, image and voice.”

The proof is in the numbers.

Nuvemshop has seen the number of merchants on its platform surge to nearly 80,000 across Brazil, Argentina and Mexico compared to 20,000 at the start of 2020. These businesses range from direct-to-consumer (DTC) upstarts to larger brands such as PlayMobil, Billabong and Luigi Bosca. Virtually every KPI tripled in the company in 2020 as the world saw a massive transition to online, and Nuvemshop’s platform was home to 14 million transactions last year, according to Sosa.

“With us, businesses can find a more comprehensive ecosystem around payments, logistics, shipping and catalogue/inventory management,” he said.

Nuvemshop’s rapid growth caught the attention of Silicon Valley-based Accel. Having just raised $30 million in a Series C round in October and achieving profitability in 2020, the Nuvemshop team was not looking for more capital.

But Ethan Choi, a partner at Accel, said his firm saw in Nuvemshop the potential to be the market leader, or the “de facto” e-commerce platform, in Latin America.

“Accel has been investing in e-commerce for a very long time. It’s a very important area for us,” Choi said. “We saw what they were building and all their potential. So we pre-emptively asked them to let us invest.”

Today, Nuvemshop is announcing that it has closed on a $90 million Series D funding led by Accel. ThornTree Capital and returning backers Kaszek, Qualcomm Ventures and others also put money in the round, which brings Nuvemshop’s total funding raised since its 2011 inception to nearly $130 million. The company declined to reveal at what valuation this latest round was raised but it is notable that its Series D is triple the size of its Series C, raised just over six months prior. Sosa said only that there was a “substantial increase” in valuation since its Series C.

Nuvemshop is banking on the fact that the density of SMBs in Latin America is higher in most Latin American countries compared to the U.S. On top of that, the $85 billion e-commerce market in Latin America is growing rapidly with projections of it reaching $116.2 billion in 2023.

“In Brazil, it grew 40% last year but is still underpenetrated, representing less than 10% of retail sales. In Latin America as a whole, penetration is somewhere between 5 and 10%,” Sosa said.

Nuvemshop co-founder and CEO Santiago Sosa;
Image courtesy of Nuvemshop

Last year, the company transitioned from a closed product to a platform that is open to everyone from third parties, developers, agencies and other SaaS vendors. Through Nuvemshop’s APIs, all those third parties can connect their apps into Nuvemshop’s platform.

“Our platform becomes much more powerful, vendors are generating more revenue and merchants have more options,” Sosa told TechCrunch. “So everyone wins.” Currently, Nuvemshop has about 150 applications publishing on its ecosystem, which he projects will more than triple over the next 12 to 18 months.

As for comparisons to Shopify, Sosa said the company doesn’t necessarily make them but believes they are “fair.”

To Choi, there are many similarities.

“We saw Amazon get to really big scale in the U.S.. Merchants also found tools to build their own presence. This birthed Shopify, which today is worth $160 billion. Both companies saw their market caps quadruple during the pandemic,” he said. “Now we’re seeing the same dynamics in LatAm…Our bet here is that this company and business has all the same dynamics and the same really powerful tailwinds.”

For Accel partner Andrew Braccia, Nuvemshop has a clear first mover advantage.

Over the past decade, direct-to-consumer has become one of the most important drivers of entrepreneurship globally,” he said. “Latin America is no exception to this trend, and we believe that Nuvemshop has the level of sophistication and ability to understand all that change and fuel the continued transformation of commerce from offline to online.”

Looking ahead, Sosa expects Nuvemshop will use its new capital to significantly invest in: continuing to open its APIs; payments processing and financial services; “everything related to logistics and logistics management” and attracting smaller merchants. It also plans to expand into other markets such as Colombia, Chile and Peru over the next 18-24 months. Nuvemshop currently operates in Mexico, Brazil and Argentina.

“While the countries share the same secular trends and product experience, they have very different market dynamics,” Sosa said. “This requires an on the ground local knowledge to make it all work. Separate markets require distinct knowledge. That makes this a more complicated opportunity, but one that enables a long-term competitive advantage.”

#accel, #amazon, #andrew-braccia, #argentina, #brazil, #chile, #colombia, #e-commerce, #ecommerce, #finance, #financial-services, #funding, #fundings-exits, #investment, #latin-america, #market-leader, #mercado-libre, #mexico, #nuvemshop, #payments-processing, #peru, #publishing, #qualcomm-ventures, #recent-funding, #saas, #sao-paulo, #series-c, #silicon-valley, #startups, #tc, #united-states, #venture-capital

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Carola Eisenberg Dies at 103; Helped Start Physicians for Human Rights

She helped start the nonprofit after documenting atrocities in Latin America. She was also a pioneering educator at M.I.T. and Harvard.

#argentina, #colleges-and-universities, #deaths-obituaries, #eisenberg-carola-1917-2021, #harvard-university, #human-rights-and-human-rights-violations, #massachusetts-institute-of-technology, #physicians-for-human-rights, #psychiatry-and-psychiatrists

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Luis Palau, the ‘Billy Graham of Latin America,’ Dies at 86

He rose from preaching on street corners in Argentina to ministering to millions around the world, then focused his ministry on liberal corners of the U.S.

#argentina, #deaths-obituaries, #evangelical-movement, #graham-billy, #palau-luis-1934, #spanish-language

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Mercado Libre taps Pachama to monitor and manage its $8 million investment in Latin American rainforest restoration

Mercado Libre, one of the largest e-commerce and financial services company from Latin America by market cap, has selected the startup and Y Combinator alumni Pachama as its strategic partner in developing projects to restore ecosystems in Latin America.

The selection of Pachama is part of a program initiated by Mercado Libre, Latin America’s answer to Amazon, which is called Regenera America. The $8 million that Mercado Libre is investing will be in two reforestation projects: the “Mantiqueira Conservation Project”, organized under the auspices of The Nature Conservancy and the “Corridors of Live Project”, designed and implemented by the Instituto de Pesquisas Ecologicas.

Both projects will focus on the reforestation of over three thosuand hectares, through natural regeneration and planting over 1 million trees, restoring biodiversity corridors and protecting hydrological basins in the Atlantic Forest region of Brazil, the two companies said in a statement.

Pachama will provide satellite and machine learning technologies to verify and monitor the carbon sequestration produced by the sweeping reforestation efforts in a deal which leapfrogs Mercado Libre ahead of Microsoft as the young startup’s largest customer.

Software tools provided by Pachama will also increase the efficiency and transparency of the actual reforestation efforts on the ground, the companies said in a joint statement.

The deal between the two companies, and Mercado Libre’s big buy was announced earlier today at a press conference in Argentina and the agreement marks the first time Mercado Libre has tapped money from a recently issued $400 million Sustainability Bond that was designed to finance projects of what the e-commerce giant called “triple impact” in the Latin American region. The bond was issued by JP Morgan and BNP Paribas.

“We’re taking our first steps. We have always tried to do things the hard way and go to the core of problems. We have had a very interesting debate internally about when is the right time to start buying carbon offsets and carbon credits but we also realize that the … getting up and running of projects that generate carbon credits in Latin America was potentially even more of a challenging situation and more of a longterm solution,” said Mercado Libre chief financial officer Pedro Arnt.

“This is a building block of a longer term strategy thinking through not just what we can do for the next two or three years,” Arnt said. 

The Regenera America project has four pieces, Arnt said: measuring and reporting emissions internally for the company; buying clean energy for the company’s operations; providing electric vehicles for its own fleet and assisting its last mile and logistics partners in electrifying their own transportation; and the development of reforestation efforts across Latin America.

“This is setting up an example for more traditional industries across Latin America,” said Diego Saez-Gil, the co-founder and chief executive of Pachama. MercadoLibre is the largest company by market cap in Latin America and serves as a standard bearer for the forward thinking businesses in the region, he said. “Latin America is one of the biggest holders of biodiversity and carbon stocks in the world, and should be playing a more active role in climate mitigation.”

It’s a big step for Pachama as well. The deal marks the first time the young company has involved itself in project origination and provide a new revenue stream to compliment its existing lines of business.

“We are incredibly excited to start helping new reforestation projects get off the ground that have the capabilities to plant millions of trees and remove millions tons of CO2 from the atmosphere. If we are to solve climate change we need more projects like these to start as soon as possible,” said Saez-Gil in a statement. “We are confident that technologies such as AI and satellite imagery are key to scaling these efforts with high integrity, efficiency and transparency. Partnering with world-class organizations such as Mercado Libre, The Nature Conservancy and IPE for our first projects represents an incredible opportunity for us.” 

#argentina, #artificial-intelligence, #biology, #bnp-paribas, #brazil, #chief-financial-officer, #clean-energy, #diego-saez-gil, #e-commerce, #ebay, #electric-vehicles, #jp-morgan, #latin-america, #mercado-libre, #mercadolibre, #microsoft, #nature-conservancy, #pachama, #partner, #paypal, #satellite-imagery, #tc, #y-combinator

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Abortion Is Now Legal in Argentina, but Opponents Are Making It Hard to Get

Anti-abortion activists are suing to block a new law allowing the procedure, and many doctors in conservative areas have declared themselves conscientious objectors.

#abortion, #argentina, #conscientious-objectors, #doctors, #law-and-legislation, #rural-areas, #women-and-girls

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Aging Beer in a Sunken Ship Sounded Like a Good Idea. Thieves Thought So Too.

Local brewers in Mar del Plata, Argentina, spent months trying to make a unique brew by aging a dark ale 66 feet underwater. Then the barrels went missing, setting off a whodunit.

#argentina, #beer, #shipwrecks-historic

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‘V.I.P. Immunization’ for the Powerful and Their Cronies Rattles South America

A wave of corruption scandals is exposing how the powerful and well-connected in South America jumped the line to get vaccines early. Public dismay is turning into anger.

#argentina, #brazil, #coronavirus-2019-ncov, #corruption-institutional, #ecuador, #peru, #suriname, #vaccination-and-immunization

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Carlos Saúl Menem, Who Led Argentina Through Economic Turmoil, Dies at 90

As president from 1989 to 1999, he helped restore the economy after a major crisis, but was later embroiled in corruption charges.

#argentina, #deaths-obituaries, #menem-carlos-saul, #peron-juan-domingo-1895-1974, #politics-and-government

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20 Wines Under $20: Postcards From Around the World

In a pandemic era, when traveling is largely out of the question, these wines, good values all, can take you on a trip around the globe.

#argentina, #australia, #austria, #california, #chile, #france, #grapes, #greece, #italy, #portugal, #wines

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App stores saw record 218 billion downloads in 2020, consumer spend of $143 billion

Mobile adoption continued to grow in 2020, in part due to the market forces of the COVID-19 pandemic. According to App Annie’s annual “State of Mobile” industry report, mobile app downloads grew by 7% year-over-year to a record 218 billion in 2020. Meanwhile, consumer spending grew by 20% to also hit a new milestone of $143 billion, led by markets that included China, the United States, Japan, South Korea and the United Kingdom.

Consumers also spent 3.5 trillion minutes using apps on Android devices alone, the report found.

In another shift, app usage in the U.S. surged ahead of the time spent watching live TV. Currently, the average American watches 3.7 hours of live TV per day, but now spends four hours on their mobile device.

The increase in time spent is a trend that’s not unique to the U.S., but can be seen across several other countries, including both developing mobile markets like Indonesia, Brazil and India, as well as places like China, Japan, South Korea, the U.K., Germany, France and others.

The trend isn’t isolated to any one demographic, either, but is seen across age groups. In the U.S., for example, Gen Z, millennials and Gen X/Baby Boomers spent 16%, 18% and 30% more time in their most-used apps year-over-year, respectively. However, what those favorite apps looked like was very different.

For Gen Z in the U.S., top apps on Android phones included Snapchat, Twitch, TikTok, Roblox and Spotify.

Millennials favored Discord, LinkedIn, PayPal, Pandora and Amazon Music.

And Gen X/Baby Boomers used Ring, Nextdoor, The Weather Channel, Kindle and ColorNote Notepad Notes.

The pandemic didn’t necessarily change how consumers were using apps in 2020, but rather accelerated mobile adoption by two to three years’ time, the report found.

Investors were also eager to fuel mobile businesses as a result, pouring $73 billion in capital into mobile companies — a figure that’s up 27% year-over-year. According to Crunchbase data, 26% of total global funding dollars in 2020 went to businesses that included a mobile solution.

From 2016 to 2020, global funding to mobile technology companies more than doubled compared with the previous five years, and was led by financial services, transportation, commerce and shopping.

Mobile gaming adoption also continued to grow in 2020. Casual games dominated the market in terms of downloads (78%), but Core games accounted for 66% of games’ consumer spend and 55% of the time spent.

With many stuck inside due to COVID-19 lockdowns and quarantines, mobile games that offered social interaction boomed. Among Us, for example, became a breakout game in several markets in 2020, including the U.S.

Other app categories saw sizable increases over the past year, as well.

Time spent in Finance apps in 2020 was up 45% worldwide, outside of China, and participation in the stock market grew 55% on mobile, thanks to apps like Robinhood in the U.S. and others worldwide, that democratized investing and trading.

TikTok had a big year, too.

The app saw incredible 325% year-over-year growth, despite a ban in India, and ranked in the top five apps by time spent. The average monthly time spent per user also grew faster than nearly every other app analyzed, including 65% in the U.S. and 80% in the U.K., surpassing Facebook. TikTok is now on track to hit 1.2 billion active users in 2021, App Annie forecasts.

Other video services boomed in 2020, thanks to a combination of new market entrants and a lot of time spent at home. Consumers spent 40% more hours streaming on mobile devices, with time spent in streaming apps peaking in the second quarter in the west as the pandemic forced people inside.

YouTube benefitted from this trend, as it became the No. 1 streaming app by time spent among all markets analyzed except China. The time spent in YouTube is up to 6x that of the next closet app at 38 hours per month.

Of course, another big story for 2020 was the rise of e-commerce amid the pandemic. This made the past year the biggest ever for mobile shopping, with an over 30% increase in time spent in Shopping apps, as measured on Android phones outside of China.

Mobile commerce, however, looked less traditional in 2020.

Social shopping was a big trend, with global downloads of Pinterest and Instagram growing 50% and 20% year-over-year, respectively.

Livestreaming shopping grew, too, led by China. Downloads of live shopping TaoBao Live in China, Grip in South Korea and NTWRK in the U.S. grew 100%, 245% and 85%, respectively. NTWRK doubled in size last year, and now others are entering the space as well — including TikTok, to some extent.

The pandemic also prompted increased usage of mobile ordering apps. In the U.S., Argentina, the U.K., Indonesia and Russia, the app grew by 60%, 65%, 70%, 80% and 105%, respectively, in Q4.

Business apps, like Zoom and Google Meet among others, grew 275% in Q4, for example, as remote work and sometimes school, continued.

The analysis additionally included lists of the top apps by downloads, spending and monthly active users (MAUs).

Although TikTok had been topping year-end charts, Facebook continued to beat it in terms of MAUs. Facebook-owned apps controlled the top charts by MAUs, with Facebook at No. 1 followed by WhatsApp, Messenger and Instagram.

TikTok, however, had more downloads than Facebook and ranked No. 2 by consumer spending, behind Tinder.

The full report is available only as an online interactive experience this year, not a download. The report largely uses data from both the iOS App Store and Google Play, except where otherwise noted.

#amazon, #android, #app-annie, #apps, #argentina, #brazil, #china, #computing, #e-commerce, #facebook, #financial-services, #france, #freeware, #germany, #google, #india, #indonesia, #instagram, #japan, #kindle, #linkedin, #messenger, #mobile-app, #mobile-applications, #mobile-commerce, #mobile-device, #mobile-devices, #mobile-technology, #operating-systems, #pandora, #paypal, #pinterest, #roblox, #russia, #snapchat, #social-media, #software, #south-korea, #spotify, #the-weather-channel, #tiktok, #twitch, #united-kingdom, #united-states, #video-services

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Argentina Legalizes Abortion, a Milestone in a Conservative Region

The Senate vote on Wednesday was a major victory for Latin America’s growing feminist movement, and its ripple effects are likely to be widespread.

#abortion, #alberto-fernandez, #argentina, #kirchner-cristina-fernandez-de, #law-and-legislation, #politics-and-government, #women-and-girls, #womens-rights

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‘Break It All’ Celebrates the Oppositional Energy of Latin Rock

A new six-part Netflix series explores half a century of music under pressure.

#argentina, #break-it-all-tv-program, #documentary-films-and-programs, #latin-america, #latin-music, #mexico, #netflix-inc, #santaolalla-gustavo, #television

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Vote to Legalize Abortion Passes Lower House of Argentine Congress

Argentina’s President Alberto Fernández has made the rights of women and of gay and transgender people central to his government, even through a recession and a pandemic.

#abortion, #argentina, #buenos-aires-argentina, #coronavirus-2019-ncov, #fernandez-alberto-1959, #law-and-legislation, #roman-catholic-church, #women-and-girls

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With investors expecting a Latin American cryptocurrency boom, Mexico’s Bitso raises $62 million

Six years after the launch of the Mexico-based crypotcurrency exchange and financial services platform Bitso the company revealed it has closed on $62 million in financing to capitalize on the cryptocurrency boom investors expect to hit Latin America. 

The three major cryptocurrencies are all trading up in the waning months of 2020, with Bitcoin prices nearing (or exceeding) record highs. The global growth of these digital currencies and their applications in emerging markets have savvy financial services investors like the firm QED Investors (founded by the masterminds behind Capital One) intrigued. Which is why the firm joined the Latin American heavyweight investor Kaszek Ventures in financing Bitso’s $62 million round.

Bitso may already be the dominant cryptocurrency platform in Latin America boasting 1 million users (primarily in Mexico and Argentina) and is one of the only platforms to be licensed under the Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC)

 A visual representation of digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin. (Photo Illustration by Chesnot/Getty Images)

Founded by Ben Peters, Daniel Vogel and Pablo Gonzalez, the company has been dominant in the Latin America crypto market, but it has also not been able to avoid some of the controversies that surround the crypto industry.

A report from Reuters flagged Bitso as one of the platforms that criminals like the human trafficker Ignacio Santoyo were using to launder money.

The founders of Bitso and their investors focus on the ability for cryptocurrencies to reduce friction and cost in markets where financial services often ignore the middle class and low income consumers that often need them the most.

“Crypto as an asset class was not going away and was clearly coming of age,” said Nigel Morris, the QED co-founder who previously led Capital One. “It’s not going away. And with that there are various financial services that are enabled by this asset class. You can lend against it. You can use it to move money cross-border. This thing is now palpable and real and has come of age.”

For all of those reasons, Latin America represented a big opportunity for QED Investors to make its first bet in the cryptocurrency space, and for Bitso to be that initial investment.

This is a terrific business model and a great team and a geography that we know,” said Morris. The firm has invested in startups like Coru and Confio already and is a big believer in the opportunity for financial services startups in Mexico broadly. 

For Bitso, the big opportunities are presenting Latin American investors with an opportunity to invest in foreign currencies like the US dollar through stablecoin offerings alongside a slew of lending and cross-border remittance services — in addition to the peer to peer transaction services the company already offers.

Bitso already employs 200 people and intends to use the capital to expand aggressively across Latin America. The company’s first port of call will be Brazil. The largest market in the region, Brazil represents a huge untapped opportunity for Bitso’s growth, according to co-founder Daniel Vogel.

“We have really good traction building products where the central product is not exposure to bitcoin or crypto but fulfilling this vision of making crypto useful,” Vogel said. “These two investors have a lot fo knowledge in the fintech space int he traditional financial services space and we’re excited to continue developing projects. We have been building some of these things out … utilizing technology for things that are useful to the end customer and developing products along those lines.”

For instance, Bitso is already processing $1 billion in remittances for customers, enabling transactions for financial services partners like crypto-currency enabled money transmitters.

Vogel first met QED and Kaszek when he was just getting Bitso off the ground, living and working in a hacker house that was shared with five other companies. “I had to kick my team out of the meeting from my only room,” Vogel recalled.

Now the company boasts a customer base of 1 million and with the new cash, hopes to add another 1 million Brazilian customers to the platform.

He thinks that access to stablecoins will lead the way. “There was so much uncertainty that people flocked to the dollar as a store of value,” Vogel said. “Access to dollars is something that has grown quite a bit in the last year.”

#abra, #argentina, #bitcoin, #bitso, #brazil, #co-founder, #cryptocurrencies, #currency, #digital-currencies, #financial-services, #kaszek-ventures, #latin-america, #mexico, #peer-to-peer, #qed-investors, #stablecoin, #tc

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Mourning in Argentina Where Diego Maradona Walked

During three national days of mourning for Diego Maradona, Argentines traveled — sometimes hundreds of miles — to honor him at the sites where his talent once made them smile.

#argentina, #buenos-aires-argentina, #deaths-obituaries, #maradona-diego, #photography, #soccer

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Diego Maradona, Argentina’s Hero, and Mine

Through him, I was able to experience the incomparable joy of being champion of the world in the sport I loved.

#argentina, #boca-juniors-soccer-team, #futbol, #maradona-diego, #napoli-soccer-team, #soccer, #world-cup-soccer

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Offices of Diego Maradona’s Doctor Raided Over His Death

The authorities searched the home and offices of the soccer hero’s doctor as part of an investigation into the circumstances of his death last week.

#argentina, #maradona-diego, #search-and-seizure, #soccer

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Diego Maradona’s Long Shadow

Dozens of players have been hailed as the next Maradona. A few have even worn his famed No. 10 with his blessing. But the fit was never perfect.

#argentina, #boca-juniors-soccer-team, #maradona-diego, #messi-lionel, #soccer

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Argentina, and Latin America, Mourn Maradona as a Man of the People

Known for siding with leftist leaders and causes, the soccer legend’s life, and his politics, never strayed far from his impoverished roots, and his fans loved him for it.

#argentina, #castro-fidel, #chavez-hugo, #da-silva-luiz-inacio-lula, #funerals-and-memorials, #latin-america, #maradona-diego, #politics-and-government, #soccer, #venezuela

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Diego Maradona Is Mourned in Argentina

For many Argentines, Diego Maradona, who died on Wednesday, was no mere soccer superstar. “I feel like a member of my family just died,” said one.

#argentina, #maradona-diego, #soccer

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Diego Maradona, Argentina’s Icon

Images from the life of one of soccer’s — and Argentina’s — biggest icons.

#argentina, #maradona-diego, #photography, #soccer

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Diego Maradona, One of Soccer’s Greatest Players, Is Dead at 60

He was ranked with Pele among the best. But his ability to surprise and startle developed a darker edge as he became addicted to cocaine.

#argentina, #deaths-obituaries, #drug-abuse-and-traffic, #international-federation-of-association-football-fifa, #maradona-diego, #soccer, #world-cup-soccer

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Argentina to Allow Medicinal Marijuana to Be Grown at Home

The new regulation also orders insurance providers to cover cannabis products prescribed by doctors. Some of the strongest champions of the government’s move were mothers of sick children.

#argentina, #cannabis-foods-and-products, #fernandez-alberto-1959, #marijuana, #medical-marijuana

0

How to Shame a Dictator

Their neighbors carried out crimes against humanity — and were exposed for it.

#argentina, #documentary-films-and-programs, #human-rights-and-human-rights-violations, #missing-persons, #war-crimes-genocide-and-crimes-against-humanity

0

Quino, Creator of Beloved ‘Mafalda’ Cartoon, Dies at 88

Joaquín Salvador Lavado drew the comic strip of the six-year-old Argentine girl, who was curious about the world and finely attuned to its injustices.

#argentina, #cartoons-and-cartoonists, #comic-books-and-strips, #deaths-obituaries, #quino-1932-2020

0

A Deep Pool of Soccer Talent Is Drying Up. Why?

Europe’s biggest leagues have long looked to Argentina for young talent. But now the country’s exports are dwindling. What went wrong?

#aguero-sergio, #argentina, #boca-juniors-soccer-team, #messi-lionel, #racing-club-de-avellaneda-soccer-team, #san-lorenzo-de-almagro-soccer-team, #soccer

0

Beware of Diego Schwartzman, a Tennis David in a Sport of Goliaths

Schwartzman is among the shortest players in elite tennis, but at this unique French Open, he has become a brutal opponent.

#argentina, #diego-schwartzman, #french-open-tennis, #paris-france, #tennis

0

Argentina Spied on Families of Lost Submarine Crew, Officials Say

The families had grown angry at the former government for delaying the search operation and giving them what turned out to be false hope. Now, the new government says spies tracked the families.

#argentina, #buenos-aires-argentina, #maritime-accidents-and-safety, #patagonia-argentina, #submarines-and-submersibles

0

It’s Not Just California. These Places Are Also on Fire.

Extreme temperatures and more severe droughts, the result of human-caused climate change, have created a world that’s ready to burn.

#agriculture-and-farming, #amazon-jungle, #arctic-regions, #argentina, #brazil, #environment, #global-warming, #indonesia, #russia, #siberia, #wildfires

0

‘Fixing the Damage We’ve Done’: Rewilding Jaguars in Argentina

Bringing back the top predator to Argentina’s wetlands could restore the health of an entire ecosystem. But inducing five felines with troubled pasts to hunt, and mate, is not easy.

#amazon-jungle, #animals, #argentina, #conservation-of-resources, #endangered-and-extinct-species, #jaguars, #parks-and-other-recreation-areas, #south-america, #tompkins-douglas-1943, #wetlands

0

Fossil Reveals ‘One of the Cutest Dinosaurs’ Ever Found

While many fossils have been flattened by time and the elements, a titanosaur found in an egg was preserved in three dimensions.

#argentina, #current-biology-journal, #dinosaurs, #eggs, #eyes-and-eyesight, #fossils, #paleontology, #reproduction-biological, #skull-body-part, #smuggling, #your-feed-science

0

You Can’t Escape Lice, Even 6,500 Feet Below the Ocean

A species of insect tags along with elephant seals as they spend months at sea, enduring the crushing pressure changes of the mammals’ dives.

#antarctic-regions, #argentina, #diving-and-divers, #fish-and-other-marine-life, #insects, #journal-of-experimental-biology, #lice, #marine-biology, #oceans-and-seas, #research, #seals-animals-and-sealing, #your-feed-animals, #your-feed-science

0

Alfredo Breitfeld, Antiquarian Bookseller in Buenos Aires, Dies at 82

Mr. Breitfeld was determined to attend this year’s antiquarian book fair in New York City. He began to sicken as he flew home, and died of the novel coronavirus.

#argentina, #book-fairs, #book-trade-and-publishing, #breitfeld-alfredo-1937-2020, #coronavirus-2019-ncov, #deaths-obituaries, #manhattan-nyc, #spanish-language

0

Lana has launched in Latin America to be the one-stop shop for gig workers financial needs

Lana, a new startup based in Madrid, is looking to be the next big thing in Latin American fintech.

Founded by a serial entrepreneur Pablo Muniz, whose last business was backed by one of Spain’s largest financial services institutions, BBVA; Lana is looking to be the all-in-one financial services provider for Latin America’s gig economy workers.

Muniz’s last company, Denizen, was designed to provide expats in foreign and domestic markets with the financial services they would need as they began their new lives in a different country. While the target customer for Lana may not be the same middle to upper-middle-class international traveler that he had previously hoped to serve, the challenges gig economy workers face in Latin America are much the same.

Muniz actually had two revelations from his work at Denizen. The first — he would never try to launch a fintech company in conjunction with a big bank. And the second was that fintechs or neobanks that focus on a very niche segment will be successful — so long as they can find the right niche.

The biggest niche that Muniz saw that was underserved was actually in the gig economy space in Latin America. “I knew several people who worked at gig economy companies and I knew that their businesses were booming and the industry was growing,” he said. “[But] I was concerned about the inequalities.”

Workers in gig economy marketplaces in Latin America often don’t have bank accounts and are paid through the apps on which they list their services in siloed wallets that are exclusive to that particular app. What Lana is hoping to do is become the wallet of wallets for all of the different companies on which laborers list their services. Frequently, drivers will work for Uber or Cabify and deliver food for Rappi. Those workers have wallets for each service.

(Photo by Cris Faga/Pacific Press/LightRocket via Getty Images)

Lana wants to unify all of those disparate wallets into a single account that would operate like a payment account. These accounts can be opened at local merchant shops and, once opened, workers will have access to a debit card that they can use at other locations.

The Lana service also has a bill pay feature that it’s rolling out to users, in the first evolution of the product into a marketplace for financial services that would appeal to gig workers, Muniz said.

“We want to become that account in which they receive funds,” he said. “We are still iterating the value proposition to gig economy companies.”

Working with companies like Cabify, and other, undisclosed companies, Lana has plans to roll out in Mexico, Chile, Peru, and eventually Colombia and Argentina.

Eventually, Lana hopes to move beyond basic banking services like deposits and payments and into credit services. Already hundreds of customers are using the company’s service, through the distribution partnership with Cabify, which ran the initial pilot to determine the viability of the company’s offering.

“The idea of creating Lana was initially tested as an internal project at Cabify,” Muniz wrote in an email. “Soon Cabify and some potential investors saw that Lana could have a greater impact as an independent company, being able to serve gig economy workers from any industry and decided to start over a new entrepreneurial project.”

Through those connections with Cabify, Lana was able to bring in other investors like the Silicon Valley-based investment firm Base 10.

“One of the things we’ve been interested in is in inclusion generally and in fintech specifically,” said Adeyemi Ajao, the firm’s co-founder. “We had gotten very close to investing in a couple of fintech companies in Latin America and that is because the opportunity is huge. There are several million people going from unbanked to banked in the region.”

Along with a few other investors Base 10 put in $12.5 million to finance the Lana as it looks to expand. It’s a market that has few real competitors. Nubank, Latin America’s biggest fintech company, is offering credit services across the continent, but most of their end users already have an established financial history.

“Most of their end users are not unbanked,” said Ajao. “With Lana it is truly gig workers… They can start by being a wallet of wallets and then give customers products that help them finance their cars or their scooters.”

The ultimate idea is to get workers paid faster and provide a window into their financial history that can give them more opportunities at other gig economy companies, said Ajao. “The vision would be that someone can pug in their financial information for services. If they’re working for Rappi and have never been an Uber driver and they want to be an Uber driver, Lana can use their financial history with Rappi to offer a loan on a car,” he said.

That financial history is completely inaccessible to a traditional bank, and those established financial services don’t care about the history built in wallets that they can’t control or track. “Today if you’ve been a gig worker and you go to a bank, that’s worth nothing,” said Ajao.

#argentina, #articles, #bank, #chile, #co-founder, #colombia, #economy, #financial-services, #financial-technology, #food, #getty-images, #gig-worker, #latin-america, #madrid, #mexico, #nubank, #peru, #serial-entrepreneur, #silicon-valley, #spain, #tc, #uber

0

How to Move Your Elephant During a Pandemic

After decades in captivity and a 1,700-mile road trip from Argentina into Brazil, an Asian elephant named Mara finally gained a chance to roam.

#animal-abuse-rights-and-welfare, #animal-behavior, #animals, #argentina, #brazil, #buenos-aires-argentina, #coronavirus-2019-ncov, #elephants, #photography, #wildlife-trade-and-poaching, #your-feed-animals, #your-feed-photojournalism, #your-feed-science, #zoos

0

In Argentina’s Debt Negotiations, a Kinder, Gentler Capitalism Faces a Test

BlackRock, the world’s largest asset management company, is opposing a debt settlement deal with Argentina as the country grapples with soaring poverty and the pandemic.

#argentina, #blackrock-inc, #business-roundtable, #coronavirus-2019-ncov, #corporate-social-responsibility, #economic-conditions-and-trends, #fernandez-alberto-1959, #fink-laurence-d, #georgieva-kristalina-ivanova, #government-bonds, #gramercy-funds-management-llc, #international-monetary-fund, #macri-mauricio, #pensions-and-retirement-plans, #poverty, #stiglitz-joseph-e

0

Lizard Popsicles, Anyone?

The coolest reptiles on the planet occasionally freeze solid.

#argentina, #evolution-biology, #lizards, #patagonia-argentina, #reptiles, #research, #your-feed-science

0

Mothers’ Power in U.S. Protests Echoes a Global Tradition

When mothers take to the streets — particularly those from privileged groups — governments take note. The “wall of moms” in Portland has taken up the cause against police violence.

#argentina, #armenia, #black-lives-matter-movement, #black-people, #george-floyd-protests-2020, #police-brutality-misconduct-and-shootings, #portland-ore, #sri-lanka, #whites, #women-and-girls

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The Not Company, a maker of plant-based meat and dairy substitutes in Chile, will soon be worth $250M

The Not Company, Latin America’s leading contender in the plant-based meat and dairy substitute market, is about to close on an $85 million round of funding that would value it at $250 million, according to sources familiar with the company’s plans.

The latest round of funding comes on the heels of a series of successes for the Santiago-based business. In the two years since NotCo launched on the global stage, the company has expanded beyond its mayonnaise product into milk, ice cream, and hamburgers. Other products, including a chicken meat substitute are also on the product roadmap, according to people familiar with the company.

NotCo is already selling several products in Chile, Argentina and Latin America’s largest market — Brazil — and has signed a blockbuster deal with Burger King to be the chain’s supplier of plant-based burgers. It’s in this Burger King deal that NotCo’s approach to protein formulation is paying dividends, sources said. The company is responsible for selling 48 sandwiches per store per day in the locations where it’s supplying its products, according to one person familiar with the data. That figure outperforms Impossible Foods per-store sales, the person said.

NotCo is also now selling its burgers in grocery stores in Argentina and Chile. And while the company is not break even yet, sources said that by December 2021 it could be — or potentially even cash flow positive.

NotCo co-founders Karim Pichara, Matias Muchnick, and Pablo Zamora. Image Credit: The Not Company

With the growth both in sales and its diversification into new products, it’s little wonder that investors have taken note.

Sources said that the consumer brand focused private equity firm L Catterton Partners and the Biz Stone-backed Future Positive were likely investors in the new financing round for the company. Previous investors in NotCo include Bezos Expeditions, the personal investment firm of Amazon founder Jeff Bezos, the London-based CPG investment firm, The Craftory, IndieBio and SOS Ventures.

Alternatives to animal products are a huge (and still growing) category for venture investors. Earlier this month Perfect Day closed on a second tranche of $160 million for that company’s latest round of financing, bringing that company’s total capital raised to $361.5 million, according to Crunchbase. Perfect Day then turned around and launched a consumer food business called the Urgent Company.


These recent rounds confirm our reporting in Extra Crunch about where investors are focusing their time as they try to create a more sustainable future for the food industry. Read more about the path they’re charting.


Meanwhile large food chains continue to experiment with plant-based menu items and push even further afield into cell-based meat using cultures from animals. KFC recently announced that it would be expanding its experiment with Beyond Meat’s chicken substitute in the U.S. — and would also be experimenting with cultured meat in Moscow.

Behind all of this activity is an acknowledgement that consumer tastes are changing, interest in plant-based diets are growing, and animal agriculture is having profound effects on the world’s climate.

As the website ClimateNexus notes, animal agriculture is the second-largest contributor to human-made greenhouse gas emissions after fossil fuels. It’s also a leading cause of deforestation, water and air pollution, and biodiversity loss.

There are 70 billion animals raised annually for human consumption, which occupy one-third of the planet’s land arable and habitable land surface, and consume 16% of the world’s freshwater supply. Reducing meat consumption in the world’s diet could have huge implications for reducing greenhouse gas emissions. If Americans were to replace beef with plant-based substitutes, some studies suggest it would reduce emissions by 1,911 pounds of carbon dioxide.

#argentina, #beef, #beyond-meat, #brazil, #burger-king, #chile, #cultured-meat, #greenhouse-gas-emissions, #impossible-foods, #kfc, #latin-america, #london, #meat, #meat-substitutes, #sos-ventures, #tc

0

How a Saber-Tooth Marsupial Blinded Us With Its Bite

The extinct South American animal made us believe it was as fierce as a saber-tooth cat, but a new study suggests it was a mere scavenger.

#argentina, #cats, #mammals, #marsupials, #paleontology, #peerj-journal, #research, #skull-body-part, #south-america, #teeth-and-dentistry, #your-feed-animals, #your-feed-science

0

Extra Crunch support expands into Argentina, Brazil and Mexico

We’re excited to announce that Extra Crunch is now available to readers in Argentina, Brazil and Mexico. That adds to our existing support in the U.S., Canada, UK, and select European countries.

You can sign for Extra Crunch here.

Latin America has always caught the eye of big tech. For companies like Facebook, Amazon, and Uber, Latin America has represented a massive growth opportunity. But it’s not just big tech that’s investing in Latin America. The startup scene is booming. According to Crunchbase, VCs invested billions into Latin America in 2018 and 2019.

In 2018, the TechCrunch team took a trip to Sao Paulo, Brazil to host Startup Battlefield Latin America. We knew about the hot startup scene and massive investments, and wanted to meet the founders fueling the fire in person.

The excitement, wit, creativity, and energy of the entrepreneurs in Latin America was impressive. We were dazzled by the pitches from budding startup teams, and we were enlightened by the investors sharing their wealth of knowledge about the ecosystem. What we saw in person helped us tie the funding to the faces of the teams building the future. The entrepreneurial mentality of Silicon Valley doesn’t have borders; it’s alive and well across Latin America.

We wanted to bring Extra Crunch to Latin America to help support the startups and investors in this market because community has always been our top priority. We hope that Extra Crunch’s deep analysis and company building resources will help the Latin America tech community grow even stronger than it is today.

We’ve been polling our audience about expanded country support for over a year now, and Argentina, Brazil and Mexico have always been near the top of the list. Now, we’re delivering on the promise to bring Extra Crunch to everyone that asked for it.

We’re optimistic that Extra Crunch will be a big hit in Latin America, and we hope entrepreneurs and investors in the region who have not yet heard of TechCrunch will give it a try.

You can sign for Extra Crunch here.

What is Extra Crunch?

Extra Crunch is a membership program from TechCrunch that features research and reporting, reader utilities, and savings on software services and events. We deliver over 100 exclusive articles per month, with a focus on startup teams and investors.

Our weekly Extra Crunch investor surveys will help members find out where startup investors plan to write their next checks. Extra Crunch subscribers will be able to build a company better with how-tos and interviews from experts on fundraising, growth, monetization and other key work topics. Readers can also learn about the best startups through our IPO analysis, late-stage deep dives and other exclusive reporting delivered daily.

Here’s a taste of the articles you can expect to see in Extra Crunch:

Beyond articles, Extra Crunch also features a series of reader utilities and discounts to help save time and money. This includes an exclusive newsletter, no banner ads on TechCrunch.com, Rapid Read mode, List Builder tool and more. Committing to an annual or two-year Extra Crunch membership will unlock discounts on TechCrunch events and access to Partner Perks. Our Partner Perks can help you save on services like AWS, Brex, Canva, DocSend, Zendesk and more.

Thanks to all of our readers who voted on where to expand support for Extra Crunch, and thanks to all that participated in the Extra Crunch Beta in Latin America. If you haven’t voted and you want to see Extra Crunch in your local country, let us know here. We’re actively working on expanding support to more countries, and input from readers is greatly appreciated.

You can sign up or learn more about Extra Crunch here.

#argentina, #brazil, #extra-crunch, #latam, #media, #mexico, #payments, #startups

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With Flights Banned, Son Sails Solo Across Atlantic to Reach Father, 90

An Argentine man stuck in Portugal because of the virus travels for 85 days the only way he could: in a small boat.

#argentina, #boats-and-boating, #cape-verde, #coronavirus-2019-ncov, #juan-manuel-ballestero, #men-and-boys, #sailboats-and-sailing

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Remessa Online raises $20 million to become the TransferWise of Latin America

Remessa Online, the Brazilian money transfer service, said it has closed on $20 million in financing from one of the leading Latin American venture capital firms, Kaszek Ventures, and Accel Partners’ Kevin Efrusy, the architect of the famed venture capital firm’s Latin American investments.

Since its launch in 2016, Remessa Online has provided a pipeline for over $2 billion worth of international transfers for small and medium-sized businesses in the country. The company now boasts over 300,000 customers from 100 countries and says its fees are typically one eighth the cost of the local money transfer options.

“We understand that transferring money is just the beginning, and we are eager to build a global financial system that will make life easier for global citizens and businesses alike,” Liuzzi said.

Money transfer services are a huge business that startups have spent the last decade trying to improve in Europe and the U.S. European money transfer company, TransferWise has raised over $770 million alone in its bid to unseat the incumbents in the market. Meanwhile, the business-to-business cross-border payment gateway, Payoneer, has raised roughly $270 million to provide those services to small businesses.

Remessa Online already boasts a powerful group of investors and advisors including André Penha, the co-founder of apartment rental company QuintoAndar, and the former chief operating officer of Kraft Heinz USA, Fabio Armaganijan. With the new investment from Kaszek Ventures, firm co-founder Hernan Kazah, also the co-founder of the Latin American e-commerce giant MercadoLibre, will take a seat on the company’s board.

“We developed an online solution that is faster and substantially cheaper than traditional banking platforms, with digital and scalable processes and omnichannel customer support offered by a team of experts”, said Remessa Online’s co-founder and strategy director Alexandre Liuzzi, in a statement.

Last year, the company expanded its money transfer service to the U.K. and Europe, allowing Brazilians abroad to invest money, pay for education or rent housing without documentation or paperwork. The company’s accounts now come with an International Banking Account Number that allows its customers to receive money in nine currencies.

With the new year, Remessa has added additional services for small and medium-sized businesses and expanded its geographic footprint to include Argentina and Chile.

Latin American countries — especially Brazil — have been hit hard by the COVID-19 pandemic. While much of the economy is still reeling, the broad trends that are moving consumers and businesses to adopt e-commerce and mobile payment solutions are just as pronounced in the region as they are in the U.S., according to investors like Kazah.

“This crisis is accelerating the digitization process of several industries around the world and Remessa Online has taken the lead to transform the cross-border segment in Brazil, specially for SMBs,” he said in a statement.

Founded in 2016 by Fernando Pavani, Alexandre Liuzzi, Stefano Milo and Marcio William, Remessa Online was born from the founders own needs to find an easier way to send and receive money from abroad, according to the company.

In 2018, after a $4 million investment from Global Founders Capital and MAR Ventures, the company developed international processing capabilities and a more robust compliance tool kit to adhere to international anti-money laundering and know your customer standards. In the latter half of 2019, the company entered the SMB market with the launch of a toolkit for businesses that had been typically ignored by larger financial services institutions in Brazil.

“We believe in a world without physical borders. Our mission is to help our clients with their global financial needs, so that they can focus on what matters: their international dreams,” said Liuzzi.

#accel-partners, #advisors, #argentina, #bank, #banking, #brazil, #chief-operating-officer, #chile, #co-founder, #e-commerce, #economy, #europe, #finance, #financial-services, #global-founders-capital, #kaszek-ventures, #kevin-efrusy, #mercadolibre, #money, #money-laundering, #new-years-day, #tc, #united-kingdom, #united-states, #venture-capital, #venture-capital-firms

0

Ukraine’s Backlog of Babies Born to Surrogates Begins to Ease

Eleven foreign couples, previously barred by coronavirus restrictions, have entered the country to meet their newborns. But births are still outpacing pickups.

#argentina, #babies-and-infants, #coronavirus-2019-ncov, #coronavirus-reopenings, #kyiv-ukraine, #quarantines, #spain, #surrogate-motherhood, #travel-warnings, #ukraine

0

Poor Countries Face a Debt Crisis ‘Unlike Anything We Have Seen’

Dozens of countries that borrowed from private investors have debt payments coming due as their economies have crashed because of the coronavirus.

#angola, #argentina, #banking-and-financial-institutions, #brazil, #coronavirus-2019-ncov, #credit-and-debt, #currency, #group-of-twenty, #institute-of-international-finance, #international-monetary-fund, #latin-america, #shutdowns-institutional, #third-world-and-developing-countries, #world-bank

0

Belvo scores $10M from Founders Fund and Kaszek to scale its API for financial services

Belvo, a Latin American fintech startup which launched just 12 months ago, has already snagged funding from two of the biggest names in North and South American venture capital.

The company is aiming to expand the reach of its service that connects mobile applications in Mexico and Colombia to a customer’s banking information and now has some deep-pocketed investors to support its efforts. 

If the business model sounds familiar, that’s because it is. Belvo is borrowing a page from the Plaid playbook. It’s a strategy that ultimately netted the U.S. startup and its investors $5.3 billion when it was acquired by Visa in January of this year.

Belvo and its backers, who funneled $10 million into the year-old company, want to replicate Plaid’s success and open up an entire new range of financial services companies in Latin America.  

The round was co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek. With the new arsenal of capital complimented by the Founders Fund’s network and Kaszek’s deep knowledge of the Latin American market, Belvo hopes to triple its current team of 25 that is spread across operations in Mexico City and Barcelona. 

Since its initial establishment in May 2019, the company has raised a total of $13 million from Y Combinator (W20) along with some of the biggest players in Latin America’s startup scene. Those investors include David Velez, the co-founder of Brazil’s multi-billion dollar lending startup, Nubank; MAYA Capital and Venture Friends. 

The company’s co-founders, Pablo Viguera and Oriol Tintoré are no stranger to startups themselves. Viguera served as COO at European payments app Verse, and is a former general manager of one of the big European neo-banks, Revolut. Tintoré is a former NASA aerospace engineer, and while working for his Stanford MBA, founded Capella Space, an information collection startup that went on to raise over $50 million. 

The company said it aims to work with leading fintechs in Latin America, spanning across verticals like the neobanks, credit providers and personal finance products Latin Americans use every day.

Belvo has built a developer-first API platform that can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America. Developers of popular neobank apps, credit providers and personal finance tools use Belvo’s API to connect bank accounts to their apps to unlock the power of open banking.

Viguera says the capital will be used to open a new office in Sao Paulo, and invest in new product and business development hires. Notably, Belvo is only one year old, having launched in January 2020 and operative in Mexico and Colombia. 

Co-founders Pablo Viguera and Oriol Tintoré are a former Revolut GM and former NASA aerospace engineer.

 

Belvo’s latest funding also marks another instance of a U.S.-Latin America investment teamup for a Latin American company.

Nuvocargo, a logistics startup that wants to bolster the Mexico – U.S. trade lane with its freight transportation technology, also recently raised a round co-led by Mexico’s ALLVP and Silicon Valley-based NFX. American investors may be starting to take note of the co-investment opportunity of putting capital into startups serving the Latin American market in partnership with successful new wave domestic funds like Mexico’s ALLVP and Argentina’s Kaszek.  

#aerospace, #api, #argentina, #banking, #barcelona, #belvo, #brazil, #capella-space, #co-founder, #colombia, #companies, #coo, #david-velez, #economy, #engineer, #finance, #fintech-startup, #founders-fund, #latin-america, #mexico, #mexico-city, #nubank, #nuvocargo, #revolut, #sao-paulo, #startup-company, #tc, #the-founders-fund, #united-states, #venture-capital, #visa, #y-combinator

0

Lives Depend on Argentina’s Debt Talks

Governments won’t be able to contain the pandemic if they are forced to use scarce foreign currency to make unsustainable debt payments.

#argentina, #coronavirus-2019-ncov, #credit-and-debt, #income-inequality, #international-monetary-fund

0

Argentina Teeters on Default, Again, as Pandemic Guts Economy

Even before the coronavirus deepened Argentina’s recession, the country was on track to default on $66 billion in debt.

#argentina, #coronavirus-2019-ncov, #economic-conditions-and-trends, #fernandez-alberto-1959, #international-monetary-fund, #international-trade-and-world-market, #macri-mauricio

0