LatAm Tech Weekly
#220: Brex + CapitalOne, New experience hub by Itau, deals of the week... and much more!
Weekly writing about what is happening in LatAm tech. By day, I am part of the corporate development team at Itau Unibanco. By night, I am reading and learning about technology in general (now, with a focus on AI). During the weekends, I’m writing the LatAm Tech Weekly.
If you have not subscribed yet, join the 14,300+ weekly readers by subscribing here!
Happy Sunday!
Quite a week for Brazilian tech — one we’ll be talking about for a long time, and one that makes me feel truly honored to be Brazilian - and a true LatAm tech correspondent to the world (can I say this? At the end of the day there are representatives from 25+ countries reading this).
Follow me on LinkedIn , Instagram or X for daily updates!
Opinions expressed here are solely my own and does not represent those of people, institutions, organizations that I may or may not be associated with in any capacity, unless explicitly stated.
On Thursday, Capital One agreed to acquire the fintech Brex for approximately $5.15–5.5 billion in a mix of cash and stock — a major milestone in the global fintech landscape.
What makes this deal strategically interesting?
• Brex gives Capital One a stronger foothold in business payments and corporate financial infrastructure, especially with tech-savvy, fast-growth customers. Analysts are calling the move “compelling” because Brex’s cloud-native platform, AI-enabled expense and fraud tools, and business customer base help diversify Capital One’s revenue beyond traditional consumer credit.
• The fintech also brings roughly $13 billion in commercial deposits — a valuable funding source that can enhance Capital One’s net interest margin and help support its broader growth strategy.
• For Capital One, which recently completed its large acquisition of Discover Financial, this is another step toward becoming a more comprehensive, tech-driven business banking franchise.
That said, it’s also a reflection of the changing market. At its peak during the boom of 2021, Brex was valued at over $12.5 billion — so this transaction reflects broader downward pressure on valuations in tech.
But here’s what I want to emphasize: this is still a fantastic outcome and a major win for Brazilian entrepreneurs on the global stage. Brex was founded in 2017 by two young Brazilians, Henrique Dubugras and Pedro Franceschi — whom I had the pleasure of meeting back in 2017 when I was working at Stone, shortly after they sold their first company, Pagar.me, to Stone.
Watching how far they’ve come — from early startup founders in Brazil to building a fintech that’s now being acquired by one of the largest banks in the U.S. — is truly inspirational.
This deal may not have hit the pandemic-era sky-high valuation, but the world has changed — markets have recalibrated — and navigating that successfully is a feat in itself. Brex’s exit is meaningful: a strong business, real revenue, a strategic buyer, and a bright future ahead for the founders and team.
So let’s celebrate this moment. We hope this is the first of many exits, the first of many global successes led by Brazilian founders and builders.
Proud to be Brazilian — and knowing there’s so much more to come!
Another moment from this week that stuck with me.
I was at the inauguration of the first Uniclass physical branch in Brazil. And yes — before you say it — I know, I work at Itaú. But hear me out.
This was nothing like a traditional bank branch. I walked in and genuinely forgot I was in a bank. Honestly, I can’t even remember the last time I’d been inside one. This felt more like an experience hub than a branch. Here’s the part that surprised me most: despite being very tech-savvy, I’m starting to feel a bit exhausted by how everything is purely digital. Banking apps are efficient, but sometimes they’re also… tiring.
This space flips the logic. It offers a digital experience, live and physical — which sounds odd, because it kind of is. But it works. You can buy products from Itaú Shop and take them home immediately, search for the cheapest flight ticket on a giant screen, even challenge prices in real time.
It’s not about going back to branches. It’s about acknowledging that humans still value presence, interaction, and context, especially in a world of endless screens.
And honestly? I didn’t expect to like it as much as I did.
To wrap up, as always — it’s been a hectic week. I wasn’t able to post my usual bi-weekly “startups to watch” and “tech talents” column. But given how strong this week has been overall — go Brazilian founders — it felt only right not to miss the chance to highlight some of the incredible people and companies being built right now. It’s a great snapshot of the new wave of startups and founders coming out of Brazil, and it deserves the spotlight.
Without further ado, you’ll find it right here 👇
And if you want more… you already know the drill — head straight to Pedro Mesquita’s newsletter.
Startup Launches
Founders who have just publicly announced what they are working on.
Overview
Startup Description: Sinky is an AI-first, no-code unified decisioning platform that uses predictive analytics and contextual data to automate critical business decisions.
Industry: AI, Fintech
Team Size: 8
Time in Stealth: 1 year, 7 months
Founder Profile
Bruno Sayão - Founder at Sinky
Previously featured as a Stealth Founder in Tech Talents LatAm #38.
Founder Highlights: Serial Founder, Previous Exit, Investor, Masters, Top University
Previous Experience: ex-Co-Founder at Letsbank (acquired), Ex-Founder at IOUU (acquired), Ex-Business Manager for Financial Vertical at Certisign, Ex-Co-Founder and Managing Partner at Five Star Painting, Ex-Account Manager at TeleListas, Angel Investor in multiple startups, MBA from Ibmec, Postgraduate degree in business administration from FGV.
Headquarters: São Paulo, Brazil
Ask for an Intro: Click here
Overview
Startup Description: Raio FX provides international payment solutions for importers and exporters, delivering faster cross-border transfers, better rates, and zero bureaucracy.
Industry: Fintech
Team Size: 2
Time in Stealth: 1 year, 10 months
Founder Profile
Andrés García de Vinuesa Mancera – Founder - CEO at Raio FX
Founder Highlights: Serial Founder
Previous Experience: ex-Country Manager at Koywe, ex-Country Head - Partnerships at acasa | YC ‘22, ex-Sales Director at Wupplier, ex-Lead Project Manager at Wupplier, Bachelor’s in Industrial Engineering from Universidad Iberoamericana, Ciudad de México.
Headquarters: Mexico
Ask for an Intro: Click here
General news:
NYSE plans to launch a digital exchange for tokenized securities enabling 24/7 trading, instant on-chain settlement and stablecoin-funded transactions, pending regulatory approval. The platform will support both tokenized traditional securities and natively digital assets while preserving economic and governance rights, signaling a shift toward always-on, blockchain-based market infrastructure. 🇺🇸
Sumsub partners with Belo to support its expansion in Brazil and Latin America providing AI-based KYC and AML tools to scale onboarding for the Argentine fintech. Belo, which launched in Brazil in November 2025, will use Sumsub’s regional coverage to meet local regulations while maintaining fast, low-friction user verification. 🇦🇷
The “Magnificent Seven” diverge in 2025 as AI spending reshapes returns with only Alphabet and Nvidia outperforming the S&P 500, while Apple lags due to lower AI investment. Amazon, Microsoft and Meta continue heavy bets on data centers and models with uneven results, prompting investors to diversify exposure beyond mega-cap tech. 🇺🇸
Revolut applies for a full banking license in Peru advancing its Latin American expansion to compete in a highly concentrated market. The fintech plans to localize products such as remittances and multi-currency accounts, targeting a country where the top four banks control over 80% of lending. 🇵🇪
Deals:
UY3 raises US$37.2M from Vinci Compass to scale credit infrastructure in Brazil strengthening its digital rails that connect fintechs and loan originators to capital markets. The platform processed more than US$2.79B in transactions in 2025, reinforcing its role as a core layer of Brazil’s lending ecosystem. 🇧🇷
DGenny raises R$2M from ABSeed to expand its AI-powered purchasing agent which automates B2B supplier negotiations via WhatsApp. Launched in late 2024, the startup plans to scale from 30 to 150 construction clients by year-end, riding the WhatsApp-first, AI-native commerce trend. 🇧🇷
General news:
Healthtechs overtake fintechs as Brazil’s second-largest startup vertical according to Abstartups’ 2025 report, reaching 9.4% of mapped startups as healthcare challenges drive innovation. While SaaS remains the dominant model and regional decentralization advances slowly, the ecosystem is still highly concentrated in São Paulo and marked by persistent gender and racial imbalances. 🇧🇷
Ethos Technologies advances its U.S. IPO filing targeting a US$1.3B valuation as the insurtech looks to raise up to US$210.5M on Nasdaq under the ticker LIFE. Backed by Sequoia, SoftBank and Accel, Ethos reported 55% revenue growth in 1H25, benefiting from renewed appetite for tech listings. 🇺🇸
Runflow scales AI agents as an enterprise operating system after spinning out of edtech IFTL and reaching R$300K in monthly recurring revenue in 2025. The startup targets R$1M in MRR by 2026, focusing on governance, observability and control of AI agents across enterprise workflows. 🇧🇷
Mastercard suspends Will Bank cards amid settlement and regulatory issues after the digital bank entered a temporary special administration regime imposed by Brazil’s Central Bank. The suspension reflects heightened scrutiny of compliance and settlement obligations as Will Bank awaits a potential sale under the RAET framework. 🇧🇷
Deals:
Pomelo raises US$55M Series C to expand payments infrastructure in a round co-led by Kaszek and Insight Partners. The API-first platform serves more than 150 enterprise clients and plans to scale card issuing, tokenization, stablecoin-native products and AI-driven chargeback management globally. 🌎
Uma Penca raises R$4.5M in its first funding round to scale its print-on-demand platform backed by Grupo Chico Rei. With over 25,000 stores and 60,000 orders shipped, the company operates an inventory-free model focused on creators and small businesses. 🇧🇷
Emergent raises US$70M Series B just months after its Series A led by Khosla Ventures and SoftBank Vision Fund 2, reaching US$50M in ARR in seven months. The AI software creation platform plans to expand into Brazil, Argentina and Chile, targeting entrepreneurs and small businesses. 🇺🇸
PicPay moves closer to its Nasdaq IPO with pricing targeted for January 28 potentially raising up to US$434.3M at a valuation of up to US$2.6B. The fully primary offering includes anchor support from Bicycle Asset Management, while J&F retains control through dual-class shares. 🇧🇷
CashU raises R$120M via a credit receivables investment fund (FIDC) to scale its AI-driven B2B credit infrastructure. The fintech uses alternative data and machine learning to finance SMEs embedded in industrial supply chains, improving approval rates and risk outcomes. 🇧🇷
General news:
Brazil’s antitrust authority suspends Meta’s new WhatsApp Business rules easing pressure on third-party AI assistants such as Zapia, which operates inside WhatsApp and has around 6 million users, as the proposed 2026 policy would restrict external AIs to basic customer support and raise concerns over competition and platform power in AI services. 🇧🇷
FGC may call R$30B in advance contributions after Banco Master losses as Brazil’s deposit insurance fund seeks to rebuild liquidity after deploying roughly R$47B to reimburse investors, with large banks likely facing phased cash calls rather than an immediate full recapitalization. 🇧🇷
Cibest launches Zaswin to enable U.S.–Colombia remittances via WhatsApp allowing users to send money directly to Bancolombia accounts and Nequi wallets without additional apps, using a virtual assistant and secure payment links amid remittance flows to Colombia surpassing US$11.9B in 2025. 🇨🇴
Sólides surpasses R$500M in revenue and reaches breakeven growing 61% year over year in 2025 through fully organic expansion, as the Warburg Pincus-backed HR software company targets 50% growth in 2026 driven by new products, WhatsApp-based solutions and selective acquisitions. 🇧🇷
Deals:
Fracttal raises US$35M led by Riverwood Capital to accelerate expansion across Latin America and core markets including Brazil, Mexico, Spain and France, while scaling AI, agent-based systems and IoT and pursuing acquisitions to reinforce its global intelligent maintenance platform. 🇪🇸
Nagro raises R$50M Series B led by Rabo Partnerships with participation from Itaú Ventures to scale AI-driven agribusiness credit for small and mid-sized farmers, as the company and its AgRisk platform surpass 1,400 producers and more than 3 million risk assessments. 🇧🇷
xAI raises US$20B at a US$230B valuation backed by investors including Nvidia and Cisco, reinforcing confidence in its physical AI strategy powering Tesla’s robotaxis and humanoid robots despite high capital intensity and ongoing losses. 🇺🇸
General news:
NG.CASH appoints ex-Google executive as CHRO as Brian Zaki joins to lead people strategy following the fintech’s Series B, with a mandate to scale the team from roughly 80 to more than 120 employees in 2026 and strengthen culture as the platform serving millions of Gen Z users enters its next growth phase. 🇧🇷
Caf rebrands as Certta to signal shift beyond antifraud repositioning itself as an intelligent verification and trust infrastructure platform combining biometrics, document analysis, MFA and AI-driven risk orchestration, as the company prepares for a new expansion cycle across Latin America in 2026. 🇧🇷
Deals:
Brex agrees to be acquired by Capital One for US$5.15B in a cash-and-stock deal that accelerates Capital One’s push into corporate payments and expense management, while giving Brex scale, balance-sheet strength and distribution after a down-round exit from its prior US$12B+ valuation, with closing expected in mid-2026 pending approvals. 🇺🇸
Netflix’s US$82.7B bid for Warner Bros. Discovery reaches the U.S. Senate as lawmakers scrutinize competition and media concentration risks tied to a potential streaming giant with more than 400M subscribers, amid heightened regulatory attention in the U.S. and Europe and a revised all-cash offer from Netflix. 🇺🇸
PayPal agrees to acquire AI commerce startup Cymbio to deepen its push into agentic e-commerce, integrating Cymbio’s technology into Store Sync to help AI assistants discover catalogs and route orders while merchants retain control of transactions and customer relationships. 🇺🇸
Banco Macro and Telecom Argentina acquire 50% of Personal Pay for US$75M creating a bank-backed fintech platform that combines Telecom’s digital reach with Banco Macro’s funding and regulatory expertise to expand credit and financial services to a younger, digitally native user base. 🇦🇷
Aleve LegalTech Ventures launches R$60M fund focused on legaltech leveraging its venture builder model and experience creating 17 startups to back AI-driven solutions for law firms and courts, combining capital, operational support and access to a deep legal ecosystem. 🇧🇷
BitGo shares jump 2.7% in NYSE debut after pricing its IPO at US$18 and raising US$212.8M, signaling continued investor appetite for crypto infrastructure as the custody and security provider reaches a valuation of about US$2.1B. 🇺🇸
General news:
Itaú opens Espaço Uniclass as a relationship and experience lab rather than a traditional branch, combining financial education, events and advisory services to complement digital channels that already handle more than 75% of transactions, with expansion dependent on insights from the São Paulo pilot. 🇧🇷
GestãoDS beats 2025 targets after putting AI at the core of its healthtech platform projecting R$23.7M in revenue for 2026, up 42%, as AI-driven features such as automated patient summaries and exam data structuring boost data quality, user growth and upgrades, pushing the company toward a “service as software” model. 🇧🇷
CMN approves new rules expanding FGC’s role after recent bank liquidations strengthening the deposit guarantee framework by accelerating reimbursements, allowing coverage of legal and investigative costs, and increasing transparency on insured balances to reduce systemic risk following cases involving Banco Master and Will Bank. 🇧🇷
Deals:
Fiemg Anjos makes first investment backing industrial software startup Oppem committing R$350K to the Belo Horizonte–based indtech in its first structured fundraising round, as the angel group leverages investors who are also potential customers and plans at least three additional deals in 2026. 🇧🇷
Juspay raises US$50M Series D at a US$1.2B valuation led by WestBridge Capital to fund global expansion and AI investments, combining primary and secondary capital as the payments fintech scales across Latin America, Europe and beyond, with Brazil positioned as a key market for Pix and open-source payments orchestration. 🇮🇳
ByteDance finalizes U.S.-controlled TikTok joint venture to avoid ban creating TikTok USDS Joint Venture LLC to keep the platform operating in the U.S., with U.S. and international investors holding 80.1% and ByteDance retaining 19.9%, backed by Oracle, Silver Lake and Abu Dhabi–based MGX, under a structure approved by both U.S. and Chinese governments that moves data, content and algorithms to Oracle’s U.S. cloud while complying with the 2024 divestment law. 🇺🇸
OpenAI has announced that it will begin testing advertisements inside ChatGPT in 2026, starting with users in the United States on the Free tier and the new ChatGPT Go ($8/mo) subscription. These ads will appear at the bottom of conversations when they’re relevant to what you’re discussing, but they won’t influence the AI’s answers — the model’s responses remain independent and focused on usefulness.
A few key points about how this works:
• Clearly labeled and separate: Ads are displayed in their own section below the chatbot’s response, and are clearly marked as “sponsored,” so you always know what is an ad versus the AI’s answer.
• Contextual and relevant: They are expected to be tied to the content of the conversation (e.g., a travel question might show travel-related sponsored suggestions).
• Privacy rules: OpenAI says it will not sell your chat data to advertisers, and users can turn off personalization if they don’t want contextual ads.
• Not for all users yet: Ads won’t be shown to accounts identified as under 18 or during chats on sensitive subjects like health or politics.
This move reflects a shift toward a hybrid approach to monetization — combining paid subscriptions with ad-supported access — so the free experience can remain available to more people while still supporting the infrastructure costs of running large-scale AI.
AI Day São Paulo 2026
Date: January 27–28, 2026
Location: WTC Sheraton, São Paulo, Brazil
Description:AI Day São Paulo brings together developers and researchers for hands-on training, expert-led sessions, and practical AI applications focused on real-world use cases across industries.
More infoWeb Summit Qatar 2026
Date: February 1–4, 2026
Location: Doha, Qatar
Description: Web Summit Qatar connects startups, investors, and global leaders to discuss innovation, entrepreneurship, and emerging technologies in the region.
More infoMobile World Congress (MWC) 2026
Date: March 2–5, 2026
Location: Barcelona, Spain
Description: A leading global event focused on connectivity and mobile technologies, bringing together device makers, operators, and digital innovators.
More infoSouth by Southwest (SXSW) 2026
Date: March 12–18, 2026
Location: Austin, TX, USA
Description: The world’s most influential festival blending technology, culture, innovation, and entertainment through talks, workshops, and immersive experiences.
More infoSmart City Expo Curitiba 2026
Date: March 25–27, 2026
Location: Curitiba, Brazil
Description: A major smart cities event focused on sustainable urban development, digital transformation, and innovative public solutions.
More infoSouth Summit Brazil 2026
Date: March 25–27, 2026
Location: Porto Alegre, Brazil
Description: A global innovation platform connecting startups, corporations, and investors to foster entrepreneurship and scalable business growth.
More infoBrazil at Silicon Valley 2026
Date: April 6–8, 2026
Location: Sunnyvale, CA, USA
Description: A conference connecting Brazilian leaders and entrepreneurs with Silicon Valley to promote innovation, investment, and cross-border business.
More infoVTEX Day 2026
Date: April 16–17, 2026
Location: São Paulo, Brazil
Description: One of the world’s largest digital commerce events, bringing together global retail leaders, brands, and technology innovators.
More infoGramado Summit 2026
Date: May 6–8, 2026
Location: Gramado, Brazil
Description: A technology and innovation festival combining business, strategy, marketing, and public-sector innovation discussions.
More infoRIO2C 2026
Date: May 26–June 1, 2026
Location: Rio de Janeiro, Brazil
Description: A creativity-driven event connecting technology, media, audiovisual, music, sustainability, and entrepreneurship.
More infoSouth Summit Madrid 2026
Date: June 3–5, 2026
Location: Madrid, Spain
Description: A global innovation conference connecting startups seeking scale with investors and corporations looking for new opportunities.
More infoWeb Summit Rio 2026
Date: June 8–11, 2026
Location: Rio de Janeiro, Brazil
Description: Part of the Web Summit global series, the event connects startups, investors, and tech leaders across Latin America.
More infoLondon Tech Week 2026
Date: June 8–12, 2026
Location: London, UK
Description: A five-day event bringing together founders, investors, and global leaders to discuss technology’s impact on society and business.
More infoFebraban Tech 2026
Date: June 24–26, 2026
Location: São Paulo, Brazil
Description: One of the main financial technology and innovation events for the banking and financial services sector in Latin America.
More info
Como os ambientes conversacionais e o agentic commerce poderão redefinir o consumo - Por Davi Faleiros (Diretor de Corporate Finance e Meios de Pagamento do Itaú BBA) - PT only
“For quality of life, it’s better to err on the side of being an optimist and wrong than a pessimist and right.” — Elon Musk, during his Davos 2026 appearance