Peruvian Election, Still Undecided, Pushes a Democracy to Its Brink

The two presidential candidates are locked in a near tie. One claims fraud and is seeking to have tens of thousands of votes nullified. The other has called his supporters into the streets.

#castillo-pedro-1969, #demonstrations-protests-and-riots, #economic-conditions-and-trends, #elections, #fujimori-keiko, #peru, #politics-and-government, #voter-fraud-election-fraud

0

Left and Right Clash in Peru Election, With an Economic Model at Stake

A leftist former schoolteacher with no governing experience and the right-wing daughter of a jailed ex-president face off for president on Sunday.

#castillo-pedro-1969, #elections, #fujimori-keiko, #peru

0

Kushki, an Ecuador-based fintech, raises $86M to build financial infrastructure in Latam

Just about every week there’s a blockbuster round coming out of South America, but in next door Central America, which mostly is less affluent, things have been more hush hush. However, Kushki, a Quito, Ecuador-based fintech, is bringing attention to the region with today’s announcement of a $86 million Series B and a $600 million valuation.

“We never thought that we would return home [from the U.S.] and build a company that was more valuable in Ecuador than we had built in the U.S.,” said Aron Schwarzkopf, CEO and co-founder of Kushki.

Schwarzkopf and his business partner, Sebastián Castro, had previously built and sold a fintech called Leaf in the U.S. in 2014. The two are originally from Ecuador but moved to Boston for college, where they met watching soccer.

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.

“We realized there was a gigantic opportunity to democratize and create infrastructure to move money,” Schwarzkopf told TechCrunch.

The company, which was founded in 2017, already has operations in Mexico, Colombia, Ecuador, Peru, and Chile. The Series B will be used to accelerate growth and expand to Brazil and nine other markets in Central America.

Generally, expanding to Brazil is an expensive proposition, and therefore not a path that all companies can take, even though it can be an extremely profitable move if done right. Some of the challenges include the need to translate everything into Portuguese followed by the varying financial regulations.

That’s why Kushki’s approach has to be somewhat custom in each country.

“We focus on going into the markets and we basically rebuild an entire infrastructure, so we put everything into one API,” said Schwarzkopf.

Products similar to Kushki have been successful in other regions around the world, such as in India with Pine Labs, Africa with Flutterwave, and Checkout.com that now has 15 international offices.

To build all this infrastructure, Kushki, which means “cash” in a native Andes dialect, has raised a total of $100 million from SoftBank, an undisclosed global growth equity firm, as well as previous investors including DILA Capital, Kaszek Ventures, Clocktower Ventures, and Magma Partners.

“From now until 2060, people will need servers and ways to move money, and we knew that the existing payment infrastructure couldn’t support that,” said Schwarzkopf.

#africa, #bank-transfers, #brazil, #central-america, #chile, #clocktower-ventures, #colombia, #dila-capital, #ecuador, #finance, #funding, #fundings-exits, #kaszek-ventures, #magma-partners, #mexico, #mobile, #payments, #peru, #softbank, #south-america, #startups, #united-states

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Belvo, LatAm’s answer to Plaid, raises $43M to scale its API for financial services

Belvo, a Latin American startup which has built an open finance API platform, announced today it has raised $43 million in a Series A round of funding.

A mix of Silicon Valley and Latin American-based VC firms and angels participated in the financing including Future Positive, Kibo Ventures, FJ Labs, Kaszek, MAYA Capital, Venture Friends, Rappi co-founder and president Sebastián Mejía (Rappi), Harsh Sinha, CTO of Wise (formerly Transferwise) and Nubank CEO and founder David Vélez.

Citing Crunchbase data, Belvo believes the round represents the largest series A ever raised by a Latin American fintech. In May 2020, Belvo raised a $10 million seed round co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek.

Belvo 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.

The startup’s goal with its developer-first API platform that can be used to access and interpret end-user financial data is 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.

As TechCrunch Senior Editor Alex Wilhelm explained in this piece last year, Belvo might be considered similar to U.S.-based Plaid, but more attuned to the Latin American market so it can take in a more diverse set of data to better meet the needs of the various markets it serves. 

So while Belvo’s goals are “similar to the overarching goal[s] of Plaid,” co-founder and co-CEO Pablo Viguera told TechCrunch that Belvo is not merely building a banking API business hoping to connect apps to financial accounts. Instead, Belvo wants to build a finance API, which takes in more information than is normally collected by such systems. Latin America is massively underbanked and unbanked so the more data from more sources, the better.

“In essence, we’re pushing for similar outcomes [as Plaid] in terms of when you think about open banking or open finance,” Viguera said. “We’re working to democratize access to financial data and empower end users to port that data, and share that data with whoever they want.”

The company operates under the premise that just because a significant number of the region’s population is underbanked doesn’t mean that they aren’t still financially active. Belvo’s goal is to link all sorts of accounts together. For example, Viguera told TechCrunch that some gig-economy companies in Latin America are issuing their own cards that allow workers to cash out at small local shops. In time, all those transactions are data that could be linked up using Belvo, casting a far wider net than what we’re used to domestically.

The company’s work to connect banks and non-banks together is key to the company’s goal of allowing “any fintech or any developer to access and interpret user financial data,” according to Viguera.

Viguera and co-CEO Oriol Tintoré founded in May of 2019, and was part of Y Combinator’s Winter 2020 batch. Since launching its platform last year, the company says it has built a customer base of over 60 companies across Mexico, Brazil and Colombia, handling millions of monthly API calls. 

This is important because as Alex noted last year, similar to other players in the API-space, Belvo charges for each API call that its customers use (in this sense, it has a model similar to Twilio’s). 

Image Credits: Co-founders and co-CEOs Oriol Tintore and Pablo Viguera / Belvo

Also, over the past year, Belvo says it expanded its API coverage to over 40 financial institutions, which gives companies the ability to connect to over 90% of personal and business bank accounts in LatAm, as well as to tax authorities (such as the SAT in Mexico) and gig economy platforms.

“Essentially we take unstructured financial data , which an individual might have outside of a bank such as integrations we have with gig economy platforms such as Uber and Rappi. We can take a driver’s information from their Uber app, which is kind of built like a bank app and turn it into meaningful bank-like info which third parties can leverage to make assessments as if it’s data coming from a bank,” Viguera explained.

The startup plans to use its new capital to scale its product offering, continue expanding its geographic footprint and double its current headcount of 70. Specifically, Belvo plans to hire more than 50 engineers in Mexico and Brazil by year’s end. It currently has offices in Mexico City, São Paulo, and Barcelona. The company also aims to  launch its bank-to-bank payment initiation offering in Mexico and Brazil.

Belvo currently operates in Mexico, Colombia and Brazil. 

But it’s seeing “a lot of opportunity” in other markets in Latin America, especially in Chile, Peru and Argentina, Viguera told TechCrunch. “In due course, we will look to pursue expansion there.” 

Fred Blackford, founding partner of Future Positive, believes Belvo represents a “truly transformational opportunity for the region’s financial sector.”

Nicolás Szekasy, co-founder and managing partner of Kaszek, noted that demand for financial services in Latin America is growing at an exponential rate .

“Belvo is developing the infrastructure that will enable both the larger institutions and the emerging generation of younger players to successfully deploy their solutions,” he said. “ Oriol, Pablo, and the Belvo team have been leading the development of a sophisticated platform that resolves very complex technical challenges, and the company’s exponential growth reflects how it is delivering a product that fits perfectly with the requirements of the market.” 

#alex-wilhelm, #api, #argentina, #bank, #banking, #barcelona, #belvo, #brazil, #ceo, #chile, #co-ceo, #colombia, #cto, #david-velez, #driver, #editor, #finance, #financial-services, #fj-labs, #founders-fund, #funding, #fundings-exits, #kaszek, #kibo-ventures, #latin-america, #mexico, #mexico-city, #nubank, #online-food-ordering, #open-banking, #open-finance, #peru, #rappi, #recent-funding, #sao-paulo, #startup, #startups, #tc, #technology, #twilio, #uber, #vc, #venture-capital, #wise, #y-combinator

0

Massacre in Peru Leaves 18 Dead

The killing, which comes weeks ahead of presidential elections, is one of the worst atrocities in Peru in decades.

#lima-peru, #peru, #shining-path

0

This Is the Wrong Way to Distribute Badly Needed Vaccines

Countries should be getting vaccines based on their needs, not their population.

#argentina, #brazil, #coalition-for-epidemic-preparedness-innovations, #coronavirus-2019-ncov, #disease-rates, #gavi-the-vaccine-alliance, #ghana, #india, #ivory-coast, #kenya, #malawi, #mongolia, #peru, #rationing-and-allocation-of-resources, #south-sudan, #united-states, #uruguay, #vaccination-and-immunization, #world-health-organization

0

After a Year of Loss, South America Suffers Worst Death Tolls Yet

If the world doesn’t stop the region’s surging caseload, it could cost us all that we’ve done to fight the pandemic, said one health official.

#argentina, #brazil, #colombia, #coronavirus-2019-ncov, #disease-rates, #hospitals, #pan-american-health-organization, #peru, #south-america, #uruguay, #vaccination-and-immunization

0

Latin America’s Former Presidents Have Way Too Much Power

It’s time to take them down from their pedestals.

#central-america, #correa-rafael, #democracy-theory-and-philosophy, #ecuador, #elections, #lasso-guillermo, #latin-america, #mexico, #peru, #south-america

0

Peru Election for the 5th President in 5 Years Goes to Runoff

Pedro Castillo, a far-left former union activist and teacher, is leading, according to election officials.

#castillo-pedro-1969, #elections, #peru

0

In Peru’s Presidential Election, the Most Popular Choice Is No One

Peruvians head to the polls at a moment that many are calling one of the lowest points in the country’s young democracy, and many plan to cast empty ballots.

#corruption-institutional, #elections, #fujimori-alberto-k, #fujimori-keiko, #peru, #politics-and-government, #polls-and-public-opinion, #vizcarra-martin

0

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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‘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

0

With All Eyes on Covid-19, Drug-Resistant Infections Crept In

The spread of other dangerous germs is surging — a result, in part, of the chaotic response to the pandemic.

#bacteria, #candida-auris-fungus, #centers-for-disease-control-and-prevention, #coronavirus-risks-and-safety-concerns, #drug-resistance-microbial, #elder-care, #fungi, #hospitals, #hygiene-and-cleanliness, #infections, #nursing-homes, #peru

0

Is Peru Ungovernable?

Peruvians need firm democratic convictions to avoid being fooled by authoritarian demagogues.

#corruption-institutional, #peru, #politics-and-government, #vizcarra-martin

0

Peru president resigns

Manuel Merino took power after Congress surprised the population by swiftly pushing out Peru’s popular president and swearing him in. On the job for less than a week, he faced mounting opposition.

#peru, #politics-and-government

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Peru President Is Impeached by Congress

The vote to remove President Martín Vizcarra comes amid a devastating coronavirus pandemic. It was unclear if he would acknowledge the vote as constitutional and step down.

#constitutions, #impeachment, #martin-vizcarra, #peru, #politics-and-government

0

Ancient Remains in Peru Reveal Female Big-Game Hunter

Scientists are divided on broader implications of the find for ancient gender roles.

#andes-mountains, #archaeology-and-anthropology, #hunting-and-trapping, #peru, #puno-peru, #research, #women-and-girls, #your-feed-science

0

Loon sets stratospheric sustained flight record with 312 day balloon trip

Alphabet’s Loon, the company focused on creating new networking capabilities using stratosphere-based infrastructure, has set a new world record for a continuous stratospheric flight. One of Loon’s ultra high-altitude balloons flew for 312 days straight, beating the existing record of 223 days by a considerable margin, and nearly racking up a full year of sustained time aloft.

The balloon in question took off from Puerto Rico in May 2019, and then made its way to Peru where it took part in a service test for three months, it then headed south over the Pacific Ocean, and finally ended up in Baja, Mexico for a landing in March this year. Loon’s CTO Sal Candido said in a blog post that the record-setting flight that it’s the result of the company’s continued work on advancing its technology and pushing both hardware and software forward in new and innovative ways.

Part of that means learning as much as possible from balloons that break records like this one, and Candido points out that Loon has a unique advantage over more traditional high-altitude balloons designed for weather observation because it recovers just about all of them, and can study the best performers in extreme detail. That allows it to replicate and improve on what’s going right when balloons are staying aloft for long periods.

Long-lasting stratospheric balloons are useful because they mean that Loon can provide connectivity to target area for longer, at lower costs, which hopefully means more affordable connectivity for everyone, including those in hard-to-reach areas where ground infrastructure is prohibitively expensive. There’s plenty of additional potential for science, Earth observation and weather tracking/modelling, but Loon’s squarely focused on the connectivity piece of the puzzle at the moment, and replicating this will help tremendously in that regard.

#aerospace, #aviation, #balloon, #cto, #loon, #mexico, #peru, #puerto-rico, #stratosphere, #tc, #x

0

Witnessing Peru’s Enduring, if Altered, Snow Star Festival

Rising temperatures and melting glaciers have changed key aspects of the age-old Peruvian festival of Qoyllur Rit’i. Still, the celebrations persist.

#andes-mountains, #cuzco-peru, #glaciers, #global-warming, #ice, #incas, #peru, #roman-catholic-church, #travel-and-vacations

0

Cat Figure Found at Nazca Lines in Peru

Archaeologists came across the faded feline outline while conducting maintenance work at the UNESCO heritage site.

#archaeology-and-anthropology, #cats, #nazca-lines-peru, #peru, #united-nations-educational-scientific-and-cultural-organization

0

After a 7-Month Wait, This Tourist Got Machu Picchu All to Himself

Jesse Katayama, a Japanese tourist, didn’t let Peru’s pandemic lockdown keep him from completing the journey of a lifetime.

#coronavirus-2019-ncov, #historic-buildings-and-sites, #japan, #machu-picchu-peru, #peru, #travel-and-vacations

0

The Amazon Was Sick. Now It’s Sicker.

Peru’s government did far too little to protect its Indigenous people from the coronavirus, just as it has failed to protect them from the health threats of environmental contamination.

#coronavirus-2019-ncov, #oil-spills, #peru

0

Jüsto adds another $5 million in funding to build its online, delivery-only grocery store for Latin America

As it begins expanding beyond its home base in Mexico City, the on-demand, online only grocery store Jüsto has  added another $5 million in early stage funding.

The new money came from Bimbo Ventures, the strategic investment arm of one of the world’s largest bakery companies, Bimbo, and Sweet Capital, the investment fund from the founders of King.com.

Over the summer, the company expanded its services beyond Mexico City to Carretaro and saw explosive growth. According to Jüsto co-founder and company spokesman Manolo Fernandez. With sales in the first week equaling what had taken the company 200 days to achieve in Mexico City. Tavarez said it was an indicator of the demand for the company’s service across the country.

The $5 million top-up comes only a few months after Jüsto raised $12 million in funding from a slew of well-known global and Latin American investors and shows just how robust the early stage investment scene in Latin America is becoming.

As the company expands it may look to engage in some joint ventures with delivery services in other countries to expand its footprint, according to Fernandez, but for now, the focus is on growing its footprint independently.

The company will look to open operations in cities in Colombia, Peru, and potentially Ecuador in the next year, Fernandez said.

#colombia, #companies, #ecuador, #justo, #king-com, #latin-america, #mexico, #mexico-city, #peru, #sweet-capital, #tc

0

Peru President, Martín Vizcarra, Survives Impeachment Vote

The effort by opposition lawmakers to remove Mr. Vizcarra failed on Friday, with Congress opting for stability as Peru deals with a devastating pandemic.

#coronavirus-2019-ncov, #corruption-institutional, #impeachment, #kuczynski-pedro-pablo, #peru, #politics-and-government, #vizcarra-martin

0

Peru Launches Impeachment Hearings Against President

A country with the world’s highest death toll per capita from the coronavirus is now also in political crisis, as lawmakers seek to oust President Martín Vizcarra over allegations of obstruction of justice.

#corruption-institutional, #impeachment, #peru, #politics-and-government, #vizcarra-martin

0

‘A Hail Mary’: Psychedelic Therapy Draws Veterans to Jungle Retreats

Ayahuasca, a vomit-inducing hallucinogenic brew, draws thousands of people each year — including former soldiers — to jungle retreats that have become an unlicensed and unregulated mental health marketplace.

#amazon-jungle, #antidepressants, #costa-rica, #depression-mental, #drug-abuse-and-traffic, #mental-health-and-disorders, #peru, #post-traumatic-stress-disorder, #veterans, #veterans-affairs-department

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

Struggling Under Lockdown, Schools Worldwide Relearn the Value of TV

Poor regions where internet access is scarce are turning to an older technology to reach students. That strategy could also help in wealthy countries that have focused on online classes.

#brazil, #computers-and-the-internet, #coronavirus-2019-ncov, #e-learning, #education-k-12, #indonesia, #new-jersey, #njtv, #peru, #tanzania, #teachers-and-school-employees, #television, #third-world-and-developing-countries

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Virus Gains Steam Across Latin America

Inequality, densely packed cities, legions of informal workers and weak health care systems have undermined efforts to fight the pandemic, as some governments have fumbled the response.

#brazil, #chile, #colombia, #coronavirus-2019-ncov, #ecuador, #el-salvador, #latin-america, #mexico, #peru

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Virus Exposes Weak Links in Peru’s Success Story

Deep-rooted inequality and graft have thwarted the steps Peru took to prepare for its response to the pandemic.

#coronavirus-2019-ncov, #corruption-institutional, #deaths-fatalities, #economic-conditions-and-trends, #income-inequality, #peru, #shutdowns-institutional, #vizcarra-martin, #world-health-organization

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Reports of mass graves as Latin America becomes new pandemic epicenter

A man in protective gear kneels amidst makeshift headstones.

Enlarge / Nursing professionals light candles to honor the 84 nurse victims of coronavirus (COVID-19) in the country amidst the coronavirus pandemic on May 12, 2020 in Sao Paulo, Brazil. (credit: Getty | Miguel Schincariol)

As deaths from the COVID-19 pandemic begin to plateau and slowly decline in some parts of Europe and the United States, the devastation is reaching a fever pitch in Latin America.

Death tolls in cities and areas of Brazil, Peru, and Ecuador are reaching alarming levels—in some places five-times higher than normal death rates—according to an analysis by The New York Times.

While some of the official death tolls from the pandemic remain low, a review of mortality data by the Times reveals significant increases. The death counts include those directly from COVID-19 and also those from other causes—which in some cases may be due in part to people not being able to receive a standard level of care while health systems are overwhelmed during the pandemic.

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#brazil, #coronavirus, #covid-19, #ecuador, #emerging-infectious-disease, #infectious-disease, #latin-america, #outbreak, #pandemic, #peru, #public-health, #sars-cov-2, #science

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Peru’s Queen of Quechua Rap Wants to Rescue Indigenous Culture With Her Music

Renata Flores, 19, is part of a generation of Peruvian musicians combining the bouncing beats of Latin trap, rap and reggaeton with the sounds, and language, of the Andean countryside.

#andes-mountains, #flores-renata-singer, #incas, #indigenous-people, #music, #peru, #quechua-language, #rap-and-hip-hop

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‘This Government is Lucky’: Coronavirus Quiets Global Protest Movements

Millions of protesters have been forced or have chosen to stay at home, and organizers wonder when, if and how they will be able to resume.

#algeria, #chile, #demonstrations-protests-and-riots, #economic-conditions-and-trends, #hong-kong, #hong-kong-protests-2019, #india, #lebanon, #peru, #politics-and-government

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Stranded Abroad, Americans Ask: Why Weren’t We Warned Sooner?

As the coronavirus spreads, American tourists say the State Department was slow to inform citizens of the challenges in returning home.

#coronavirus-2019-ncov, #evacuations-and-evacuees, #india, #nepal, #peru, #pompeo-mike, #state-department, #travel-and-vacations, #trump-donald-j, #united-states-international-relations

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