LatAm Tech Weekly
#183 - Powered by Nasdaq: BSV is here!, fintech valuations, deals of the week... and much more!
Weekly writing about what is happening in LatAm tech. By day, I work at Itau BBA advising mid-sized technology companies in their next strategic transaction. 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.
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SPECIAL NEWS: After many requests, I’ve decided to launch a Portuguese — and lighter — version of LatAm Tech Weekly! It’s designed for anyone just starting to explore the tech world or who simply prefers to keep up with the latest news in Portuguese. Just a quick reminder: this original version is still going strong — it’s published every Sunday and available on the Nasdaq website.
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Happy Sunday!
I’m writing to you today from the epicenter of global innovation — Silicon Valley. I just landed for the Brazil at Silicon Valley event and couldn’t be more excited. Over the next few days, I’ll be meeting inspiring entrepreneurs, connecting with legendary VC firms, and seeing up close how Brazilians are building, collaborating, and innovating right here in Palo Alto.
First thing I did after arriving? A trail run. One of the things I love most about this region is the unique contrast — and balance — between cutting-edge technology and raw nature. As I crossed the street in front of Google’s offices, I glanced to the other side and saw a wide-open pasture filled with goats. That image stuck with me. During the run, I kept thinking about how deep tech doesn’t have to be at odds with the environment — in fact, the two can (and should) coexist in harmony.
On Wednesday, I head to Miami for the Latin American Technology Forum hosted by Riverwood — a flagship event in the ecosystem and one of the best gatherings of the year. It’s closed to the press, so I’ll only be able to share what I’m actually allowed to. But yes — stay tuned! Next week’s edition will be a special one, packed with highlights from everything I’ve seen and experienced.
Since I’m here, it’s fair to start with a very interesting research spearheaded by Stanford University Graduate School of Business Venture Capital Initiative team. They revealed distinct strategies among leading venture capital firms in backing unicorn startups. The analysis focuses on pre-unicorn investments, particularly distinguishing between early-stage (Series A or earlier) and lead investments (including co-leads).
Key Insights:
Sequoia Capital emerges as a frontrunner, with 134 unicorn investments. Notably, it has led 96 funding rounds and participated early in 112, highlighting its proactive approach in both initiating and supporting ventures from the outset.
SV Angel demonstrates a unique strategy, having been an early investor in 111 unicorns but leading only one round. This aligns with its model of making smaller, early-stage investments without taking lead positions.
Y Combinator has a significant early-stage presence, with 81 early investments compared to 42 lead roles, underscoring its focus on nurturing startups from their inception.
Lightspeed Venture Partners has invested in 78 unicorns, with a strong emphasis on early-stage involvement, participating early in 71 of them.
Insight Partners stands out for leading 65 of its 74 unicorn investments, indicating a preference for taking charge in funding rounds.
These varied approaches illustrate that there's no one-size-fits-all strategy in venture capital; firms tailor their investment philosophies to align with their strengths and market perspectives.
Note: The study considers only investments made before the companies achieved unicorn status. Early-stage is defined as Series A or earlier, and lead investments include co-leads.
Shifting gears — last week I shared Q1 2025 venture figures. While globally one in every five deals went to AI, fintech continues to dominate in Latin America, accounting for nearly 70% of all capital raised. With that in mind, I thought it would be helpful to share PitchBook’s latest Fintech & Payments Public Comp Sheet and Valuation Guide. Although the report focuses on U.S.-listed companies, it still serves as a valuable benchmark for assessing how LatAm fintechs are performing relative to global peers.
Despite a strong start to the year, most publicly listed fintech companies ended Q1 2025 with negative YTD returns. The downturn was largely driven by growing fears of a global trade war, inflationary pressures, and reduced consumer spending, all of which prompted investors to reassess valuations that appeared inflated by the end of 2024. When compared to the S&P 500’s -5% and the Nasdaq’s -10% quarterly returns, top-performing fintech segments included proptech, which posted a median return of 17% thanks to rallies in Better, Latch, and Redfin; medium-growth and legacy fintech, which saw a median return of -2%, bolstered by Fiserv and Jack Henry; and neobanks, brokers, and crypto, with a median return of -3%, driven by Robinhood.
On the flip side, the worst-performing segments were high-growth fintech, with a median return of -22%, dragged down by Ibotta, Alkami Technology, Affirm, and Upstart; high-growth payments, with a median return of -13%, led by declines in Flywire, Bill.com, and Block; and medium-growth and legacy payments, which returned -8%, impacted by REPAY, PaySafe, and Shift4. Market-wide repricing also showed up in valuation multiples: median enterprise value (EV) to trailing 12-month (TTM) sales ratios declined across most segments in Q1. Notably, proptech was the only segment where multiples held steady at 2x, supported by Redfin’s acquisition-driven rally. High-growth names — including Block, AvidXchange, Coinbase, and Bill.com — experienced the sharpest multiple contractions quarter over quarter.
General news:
Latin American startups raised $1.15B in Q1 2025 across 147 deals — a 67% drop from Q4 and 37% YoY. Despite the slowdown, median deal size grew 13% regionally, with Brazil reaching $2.1M. Fintechs led the way, securing 52% of equity funding, followed by energy and cleantech. 🇧🇷🇲🇽
Brazilian banks plan to invest R$47.8B in technology in 2025, up 13% from last year and 58% over the past five years. Priorities include AI, big data, analytics, and cloud migration, with growth rates above 60%. Adoption of GenAI is advancing, with 80% of banks reporting efficiency gains. Investments in Pix and Open Finance are also set to rise. 🇧🇷
Argentina’s peso depreciated by 17% after the central bank ended the crawling peg and expanded its trading band. A new $20B deal with the IMF — with $12B disbursed upfront — aims to stabilize the currency and rebuild reserves. The market response was broadly positive, though agricultural exports remain weak. 🇦🇷
Javier Milei eliminated Argentina’s capital controls and introduced a new FX band system, backed by a $44B support package from the IMF, World Bank, IDB, and China. The move spurred a 5% rally in Argentine bonds and optimism across local markets, despite lingering inflation risks. 🇦🇷
Brazil’s Central Bank outlined its 2025 priorities, including the use of Pix as collateral for loans, expansion of credit portability for SMEs, digital promissory notes, and new Open Finance features. Pix Parcelado and a boost in real estate credit access are also in the works. 🇧🇷
TikTok is expanding its entrepreneurship program to Peru and Colombia, offering mentorship, digital marketing training, and seed capital of up to $25,000. Applications are open until July 1. The program follows successful rollouts in Mexico. 🇵🇪🇨🇴
Pix 2.0 is a top priority for Brazil’s Central Bank in 2025. Upcoming features include automatic payments (June), Pix refunds (October), and installment Pix (September). The roadmap also includes better QR code integration and tighter alignment with Open Finance. 🇧🇷
Brazilian neobank Inter partnered with Argentina’s Banco Industrial to launch its Global Investment Account — a fully digital platform offering U.S.-based accounts for savings, payments, and investments. 🇧🇷🇦🇷
Deals:
Mexico’s Plata Card became Latin America’s newest unicorn after raising $160M in a Series A round. 🇲🇽
Neotrust raised R$20M from Pedro Chiamulera to support its shift from data provider to strategic consumer insights partner, with a focus on AI-powered platforms. 🇧🇷
BBVA Spark and Finaktiva closed a COP$40 billion (~US$10M) deal to improve SME lending and financial inclusion in Colombia. 🇨🇴
General news:
After selling Sinqia for R$2.5B, Bernardo Gomes is back with BrightBrains — a mental healthtech focused on non-invasive neuromodulation. Inspired by his own diagnosis with a rare neurological disorder, Gomes aims to build a billion-reais company in five years. The model combines clinics, proprietary tech protocols, and a neuroscience institute, with treatments targeting depression, anxiety, chronic pain, and performance enhancement. The company is already eyeing an IPO by 2028, boasting 50%+ EBITDA margins and high scalability. 🇧🇷
Z.ro Bank, a Brazilian techfin focused on B2B services, has appointed Rafael Lavezzo to lead its international expansion, starting with Argentina, Chile, and Peru. With prior experience at Zoop and Nuvei, Lavezzo will help localize Z.ro Bank’s offerings abroad. The company, which processed R$45B in transactions in two years, aims to grow revenue by 50% by 2026. 🇧🇷
Mexican neobank Finsus partnered with the Conspiradores de Querétaro baseball team to launch a co-branded debit card and app. Fans can access digital financial tools — including payments, savings, and investments — while enjoying exclusive game-day perks. The campaign targets 100K+ fans in 2025 and combines sports and fintech to promote financial inclusion. 🇲🇽
Méliuz is proposing to expand its bitcoin allocation strategy, aiming to make the cryptocurrency its primary treasury reserve. In 2025, the company acquired 45.72 bitcoins (~$4.1M) and formed a strategic committee to oversee its crypto holdings. Shareholders will vote on the plan on May 6. 🇧🇷
Mercado Pago launched a new stablecoin, Meli Dólar, in Chile, pegged to the U.S. dollar. Developed with Ripio, it allows users to save and invest directly in the app. Meli+ subscribers also earn cashback in Meli Dólar. The feature is already live in Brazil and Mexico. 🇨🇱
Beyond Technology ended 2024 with 35% revenue growth and is accelerating expansion across Latin America. The Mexico-based firm has delivered 280 digital transformation projects in 80 countries and is focused on scaling its operations in key markets, including EMEA and Asia. 🇲🇽
The rise of Pix has made account-to-account (A2A) payments the leading method in Brazil, growing nearly 30x to $35B since launch. By 2030, A2A volumes are expected to hit $86B. While credit cards still accounted for 38% of payment volume in 2024, Pix adoption continues to grow across both online and offline commerce. 🇧🇷
Deals:
Onfly raised R$240M in a Series B led by Tidemark — its first investment in Latin America. The funds will fuel tech development and expansion into Colombia, Chile, and Argentina. M&A opportunities are also on the table. 🇧🇷
Chilean RegTech startup AdmiralONE raised $462K in angel funding, acquired two local startups, and brought on Daniel Vargas as co-founder and CTO. The new capital will enhance its AI-driven compliance automation platform. 🇨🇱
General News:
Figma filed confidentially for a U.S. IPO, 16 months after its $20B sale to Adobe fell through under regulatory scrutiny. The cloud-based design platform allowed secondary share sales at a $12.5B valuation last year and now seeks a fresh start on public markets. 🇺🇸
Brazil’s GDP could grow up to 0.6 percentage points in 2025 due to increased use of private payroll-deductible loans. The expected R$70B injection would stimulate consumption and debt restructuring. 🇧🇷
Nuvemshop appointed Marco Inglesi (ex-Nubank, Bank of America) as Director of Financial Planning and Matheus Machado to lead events like the upcoming D2C Summit. The e-commerce platform powers over 150K stores in Latin America. 🇧🇷
Lastro saw a 60% boost in real estate conversion rates after integrating AWS's generative AI tools. It doubled its client base and hit 1M+ WhatsApp interactions, planning to 10x customer growth in 2025. 🇧🇷
Webull completed its SPAC merger with SK Growth and is now trading on the Nasdaq under the ticker "BULL." The fintech, with over 23M global users, plans to expand in emerging markets. 🇺🇸
Pismo appointed Vishal Dalal as global CEO, succeeding co-founder Ricardo Josua, who now serves as advisor. Under Visa’s ownership, Pismo processed $220B in transactions in 2023. 🇧🇷
OpenAI is exploring launching a social network to rival X and Instagram. Still in early stages, the project may integrate with ChatGPT or operate independently. 🇺🇸
Abstartups appointed Cláudia Schulz as CEO. She aims to align innovation with social impact, expanding the association’s reach beyond tech circles. 🇧🇷
Nexoos has regained its independence after repurchasing its tech and brand from Ame Digital. Now focused on CaaS (Credit as a Service), the fintech is reporting fivefold revenue growth. 🇧🇷
Deals:
Mevo acquired Receita Digital to scale its digital prescription capabilities. The move follows Mevo’s R$140M Series B, backed by Matrix and Prosus Ventures. 🇧🇷
Omni raised R$22M in its fourth round in two years to grow its prescription drug insurance plan. Investors include Enseada, Isa Tanure, and Renato Carvalho (Novartis). 🇧🇷
Belvo secured a $15M round led by Quona Capital and Kaszek to expand its Open Finance platform, AI features, and payments in Brazil and Mexico. 🇧🇷🇲🇽
Coodex, founded by ex-IBM engineers, raised $5.5M from i2L Capital to bring AI to industrial sectors. The startup is expanding to the U.S., Europe, and the Middle East. 🇧🇷
General news:
Diego Barreto, iFood’s CEO, has taken on a new role overseeing Latin America for Prosus, aiming to accelerate the group's fintech and delivery ecosystem.
Chinese e-commerce giants Shein and Temu will raise prices in the U.S. starting April 25 due to new tariffs introduced by Trump. As tax exemptions for low-cost imports end, both companies may ramp up their focus on markets like Brazil. 🇨🇳🇺🇸🇧🇷
Revolut is rolling out a suite of new products in Brazil, including premium debit cards, youth accounts, and high-yield savings. A credit card is also being piloted. CEO Glauber Mota says it’s just the beginning of their local expansion. 🇧🇷
Adyen is enhancing Pix capabilities via Open Finance, including its new JSR tool and upcoming Pix Automático feature. The company also launched an AI product, Uplift, which boosts conversion and fraud prevention. 🇧🇷
Honey Island, the VC firm backed by EBANX founders, celebrates 5 M&As and prepares for 2 more. With R$30M left to deploy, it’s focused on AI-based insurtech and regulation-driven SaaS. 🇧🇷
Visa is betting on AI in Latin America with autonomous payment agents, expanded digital acceptance, and $11B in security investments over five years. 🇺🇸🌎
Didi, parent of 99, will invest R$1B in Brazil and relaunch 99Food by June. The company aims to compete with iFood, support restaurants, and expand into personal finance. 🇧🇷
As digital fraud surges in Brazil, companies are adopting AI voice biometrics like Minds Digital’s FraudShield to detect scams in real time and enhance customer protection. 🇧🇷
Superlógica hit R$2.3B in guaranteed condo payments with its “Inadimplência Zero” program, which covers late payments and improves cash flow for 200K residential units. 🇧🇷
Dock is entering credit markets after acquiring DM’s dormant SCD license, pending regulatory approval. The move expands Dock’s BaaS capabilities. 🇧🇷
Deals:
Toku raised $48M in a Series A round led by Oak HC/FT. The Chilean fintech plans to grow 10x in Brazil by expanding its payment management platform. 🇨🇱🇧🇷
Achilles acquired LatAm-based InfoControl to boost its global risk management platform with AI-powered compliance automation. 🇧🇷🌎
Altis, a fintech launched by former Kavak, Mercado Livre, and Creditas execs, raised R$15M led by Latitud and Magma to offer credit infrastructure to auto dealerships. 🇧🇷
General news:
NotCo is launching NotCo Tech, a B2B division offering AI-powered food product development for companies seeking healthier, sustainable, and regulation-compliant solutions. Powered by Giuseppe, the platform can cut R&D time by up to 10x. Initial innovations include pet snacks, reformulated chocolates, and caffeinated popcorn. Expansion plans span North America, Europe, and Latin America. 🇨🇱🌎
A holiday-shortened week in Brazil coincided with the IMF and World Bank Spring Meetings in Washington. While Minister Haddad skipped the event, Brazil’s Central Bank took the lead. Fiscal debates continue at home amid discussions on global inflation and trade policy shifts. 🇧🇷🌎
I have asked you again on LinkedIn what tech events do you suggest for this year, here is a selection of your responses curated by me for the first half of the year. If you want to see the full list click here.
On the events front, I had the pleasure of speaking at South Summit last week alongside my co-writer in the Next Big Thing Latam, Lucas Abreu. We discussed key trends such as AI and what is happening in the Creator Economy.
Brazil at Silicon Valley
Date: April 21-23
Location: Sunnyvale, California
Overview: Brazil at Silicon Valley is an annual conference organized by Brazilian students from Stanford and Berkeley universities, with the aim of connecting the most influential Brazilian leaders and Silicon Valley. Held in California, the event brings together entrepreneurs, investors and academics to discuss the future of innovation and development in Brazil, addressing topics such as technology, sustainability and digital transformation, promoting dialogue between the Brazilian ecosystem and global trends.
INVITE ONLY
Latin American Forum by Riverwood
Dates: April 24-25
Location: Miami
Description: off the record gathering with the main stakeholders, founders, and service providers of the tech ecosystem in Latin America, organized by Riverwood.
INVITE ONLY
Web Summit Rio
Date: April 27-30
Location: Rio de Janeiro, Brazil
Web Summit Rio is the Brazilian edition of one of the largest global technology and innovation events, known for bringing together startups, investors, company leaders and sector enthusiasts. With a program that includes lectures from renowned experts, panels on emerging trends and networking opportunities, Web Summit Rio has established itself as a strategic space to boost ideas, promote partnerships and connect the global innovation ecosystem.
Itau BBA Fifth Annual Tech Summit
Date: May 13
Location: New York
Description: An afternoon in New York with the main founders & funders of LatAm with panels and 1:1 sessions.
INVITE ONLY
APIX
Date: May 15
Location: São Paulo
Description: Over the last decade, APIX has become one of the most anticipated global events focused on APIs and Integrations and its role on business strategies. A dynamic day filled with knowledge sharing and networking for professionals seeking new connections, global trends, partnership opportunities, and valuable technical and business insights regarding Open Finance, Partner Ecosystems, Legacy Modernization and Digital Experiences.
MORE INFO SOON!!!
VTEX Day
Date: June 2-3
Location: São Paulo
Description: Considered one of the largest digital commerce events in the world, VTEX Day brings together big names in retail, including customers, suppliers and influencers, in an environment dedicated to innovation and knowledge. The event is an opportunity to explore solutions, discuss trends, strengthen connections and gain valuable insights to boost business.
FEBRABAN Tech
Date: June 10-12
Location: São Paulo
Description: FEBRABAN Tech is a fundamental event for the financial sector, bringing together banks, fintechs, financial institutions and experts to debate the innovations that are shaping the future of the market. Held annually by the Brazilian Federation of Banks (FEBRABAN), the event reached a record of 55 thousand visitors in 2024.
Others: Canary Summit 2025, H4Results 2025, 16 events by StartSe, DeepTech Days (March), Argentina Tech Week (May)
Random hip hop during my runs :)
“You can spend minutes, hours, days, weeks, or even months overanalyzing a situation… or you can just leave the pieces on the floor and move on.” — Tupac Shakur
Excellent! Thanks for your post! Best regards from Brazil