LatAm Tech Weekly
#207: ChatGPT platform shitft; State of Fintech Q3 2024, deals of the week... and much more!
Weekly writing about what is happening in LatAm tech. By day, I lead the business 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.
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Happy Sunday!
Every week, I try not to open this newsletter talking about AI — and every week, I fail miserably. You know the drill: I read dozens of reports and articles to put this together, and I really do my best to keep things balanced. This time, I thought I had it — PitchBook just released a new edition of one of my favorite series, The State of Fintech. I dove in, ready to talk about how venture and fintech are evolving.
But, of course, my happiness was short-lived. This week, OpenAI rolled out new APIs linked to GPT, along with a brand-new Apps SDK that lets developers build “apps inside ChatGPT.” So… while no research ever goes to waste, I’ll mention the PitchBook report — but let’s be honest, today’s focus has to be on OpenAI’s latest moves.
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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.
The ChatGPT App Store Moment - A new Platform
OpenAI just had what I’d call its App Store moment—and we might look back on this week as one of the most important turning points in the company’s history. The launch of “apps inside ChatGPT” and the new Apps SDK marks a clear shift: ChatGPT is no longer just a reasoning engine; it’s becoming an interface to the internet itself.
You can now say, “Spotify, make me a playlist,” “Expedia, find me a flight,” or “DoorDash, order my usual,” and ChatGPT will coordinate everything inline, blending natural language, APIs, and lightweight interfaces into a seamless conversational flow. It’s a small user change with massive strategic implications — the moment when AI stops being a tool you use, and starts being a platform that connects everything else.
To me, it feels a lot like the early mobile era — when the iPhone first opened its App Store and developers began experimenting with what was possible inside that tiny touchscreen sandbox. We’re at that stage again: today’s ChatGPT apps are clever integrations, not yet full native experiences. But as OpenAI expands its SDK — adding features like persistent memory, richer APIs, and stateful logic — we’ll start seeing true “native ChatGPT apps” designed to live inside conversation.
At that point, ChatGPT will stop feeling like just a product and start acting like an operating system for intelligence — a place where people spend time, transact, and interact with services. Companies like DoorDash, Spotify, and Canva are already building the first wave, much like the early web experiments that paved the way for mobile. Discovery, ranking, monetization, and distribution will inevitably follow.
And the bigger picture? OpenAI isn’t just building smarter models — it’s quietly building the cloud for intelligence. Behind the scenes are massive data centers, custom chips, and orchestration layers optimized not for traditional SaaS workloads, but for reasoning itself. Where AWS built the cloud for compute, OpenAI may be building the cloud for cognition — a new layer of infrastructure that changes what “software” even means.
If that’s where we’re heading, this week’s announcements aren’t just product updates; they’re the early signs of a platform shift. One where the browser, the OS, and the cloud all collapse into a single intelligent interface — and where the next generation of apps will be born directly inside it.
Credits: Clouded Judgment by Jamin Ball (see what am I reading section)
Moving on to The State of Fintech Q3 2025, Fintech funding stayed flat at $10.9 B in Q3 2025, but capital is increasingly concentrated in mega-rounds, which made up 40% of all funding. Deal count fell 9%, yet average and median deal sizes are up 35% YoY, pointing to a “fewer, larger bets” environment that could accelerate consolidation.
AI-powered fintechs captured nearly a quarter of total funding, with five of the top ten deals — including Ramp ($500 M) and AppZen ($180 M) — going to agentic finance platforms. Investors continue to favor mid- and late-stage fintechs, whose share of deals hit 22%, the highest since 2021, while early-stage funding dipped below two-thirds of total activity for the first time in five years.
Exit activity rebounded, with M&A up 19% to 249 deals and 15 IPOs, driven largely by crypto and stablecoin players. Meanwhile, wealth tech remains a standout, raising $4.2 B YTD, nearly doubling 2024 levels, and seeing rapid hiring as AI-enhanced advisory tools reshape digital wealth management.
General news:
● Brazil’s data center sector is projected to reach US$11.4B in investments by 2026, boosted by new tax incentives under the Redata program. The policy aims to attract global players like Alibaba and Equinix, leveraging Brazil’s clean-energy advantage. Executives say demand surged after the measure, positioning Brazil as a leading global data hub destination. 🇧🇷
● TuTo.IA and ultramarathoner Fernando Guerreiro launched Guerrinha IA, an AI running coach integrated with Strava and WhatsApp. It offers personalized training, real-time feedback, and nutrition guidance for runners of all levels. Plans start at R$197/month with 24/7 digital support. The goal is to make professional coaching accessible through AI and passion for sport. 🇧🇷
● Rio-based deeptech CarbonAir Energy unveiled its first carbon-capture module, capable of removing 1 ton of CO₂ per year while reusing fish-industry waste to produce calcium carbonate and methanol. Its patented biomass-based DAC tech is cheaper and greener than foreign alternatives. The startup plans solar-powered “carbon capture farms” to scale sustainable CO₂ removal in Brazil. 🇧🇷
● Revolut surpassed 2 million personal customers in Portugal, overtaking Santander to become the country’s third-largest bank. The digital lender plans to integrate MB Way and launch instant-access savings accounts with rates up to 2.25%, aiming for market leadership. Globally, Revolut serves 65M users and processes 500M transactions monthly. 🇵🇹
● A ransomware attack that paralyzed several European airports on September 20 exposed vulnerabilities in critical infrastructure worldwide. ZenoX reports over 5,500 ransomware victims in 2025—the highest on record. Brazil alone faced 314.8B cyberattack attempts in six months, underscoring urgent resilience gaps as digitalization outpaces cybersecurity readiness. 🇪🇺
● Brazil’s Open Finance ecosystem gained three new Payment Initiation (ITP) fintechs—Klavi, Trio, and WePayOut. Certified to operate via Pix, they enable seamless e-commerce and app payments without copy-paste steps. With 57 ITPs now approved, Pix-initiated transactions reached a record R$8.3B in 2024, over 5× higher YoY. 🇧🇷
● Finity, a global treasury management platform, surpassed US$1T in processed transactions, consolidating its role in Latin America’s financial infrastructure. Trusted by 100+ companies, it centralizes multi-currency payments and reconciliation through API-first technology. Operating across the Americas, Europe, and China, Finity now plans to expand real-time cross-border payments in 2025. 🌎
● Rappi asked Brazil’s antitrust watchdog Cade to join China’s Keeta case against rival 99Food, accused of enforcing exclusivity clauses on restaurants. The Colombian app argues these practices mirror those once used by iFood and risk creating a harmful duopoly in Brazil’s food delivery market, hurting competition and consumer choice. 🇧🇷
● Jeff Bezos described today’s AI boom as an “industrial bubble” — but a productive one. Big Techs are expected to spend over US$400B in AI capex this year, potentially reaching US$3T by 2030. While Bezos argues this wave will deliver real progress, analysts warn of a debt-fueled arms race testing valuations and global energy capacity. 🇺🇸
Deals:
● CRM and marketing software company Syonet acquired Campos Dealer, Brazil’s leading agri-dealership platform, expanding its client base to 4,200 stores and boosting market share to 50%+. Backed by Atlante Capital, Syonet projects 50% revenue growth in 2025 and plans additional acquisitions to consolidate Brazil’s martech and dealership-tech ecosystem. 🇧🇷
General news:
● Brazil’s QuintoAndar is entering a new growth phase, driven by AI, efficiency, and talent development. Its generative AI search feature boosted home visits by 174% and buy/sell conversions by 6%. With 3,500 employees—including 800 in tech across four countries—the company is expanding in Mexico and Argentina, aiming to make housing simpler and smarter across Latin America. 🇧🇷
● At DevDay 2025, OpenAI unveiled interactive apps inside ChatGPT, transforming it into a true “super app.” Users can now access services like Booking.com, Spotify, Figma, and Coursera directly in-chat. With 800M weekly users and a $500B valuation, OpenAI aims to make ChatGPT the central hub for productivity, learning, and creativity. 🇺🇸
● OranjeBTC debuted on Brazil’s B3 via a reverse IPO, becoming Latin America’s largest Bitcoin treasury company with 3,675 BTC (≈R$2B). Backed by investors like the Winklevoss twins and Adam Back, it plans to mirror MicroStrategy’s accumulation strategy, marking a milestone for Bitcoin-native corporate models in Brazil. 🇧🇷
● AWS selected three Brazilian startups—AI Cube, Dharma AI, and Forlex—for its global Generative AI Accelerator, offering up to US$1M in credits and expert mentorship. The program includes 40 companies worldwide building frontier AI solutions, underscoring Brazil’s growing strength in generative AI innovation. 🇧🇷☁️
● Stablecoins could reach up to US$4T in circulation by 2030, according to Citi’s “Stablecoins 2030” report. Growth will be driven by e-commerce, offshore dollar demand, and regulatory clarity. The bank expects tokenized bank deposits to dominate, with US$100–140T in annual transactions by decade’s end. 🌍
Deals:
● Claro is in advanced talks to acquire Desktop, São Paulo’s leading independent fiber provider, in a deal valued at R$1.15B. Controlled by HIG Capital, Desktop could be taken private if the sale closes, marking the first major ISP acquisition by a top-three telecom in Brazil. 🇧🇷
● Argentinian fintech Takenos raised a US$5M round co-led by U.S. funds Variant and Lattice, their first investment in a Latin American crypto startup. Takenos offers a multi-currency wallet for cross-border payments, savings, and remittances, processing over US$500M to date. 🇦🇷
● Chilean fintech Creditú raised a US$6M Series A led by B3’s L4 Venture Builder and Alive Venture to expand in Brazil. Focused on housing inclusion, Creditú offers entry loans for families in the Minha Casa Minha Vida program and aims to reach 50,000 families across LatAm by 2030. 🇨🇱
● UK-based Rezolve AI acquired Brazilian fintech Smartpay, which processed US$1B in the past year. The acquisition supports Rezolve’s partnership with Tether to integrate crypto assets (USDT, BTC, ETH) into retail payments. Smartpay founder Rocelo Lopes will head Rezolve’s Digital Currency Initiative. 🇬🇧🇧🇷
General News:
● Stablecoins could drive an additional US$1.4T demand for U.S. dollars by 2027. With 99% of supply pegged to USD, their growth strengthens the dollar’s global dominance. The market, now worth US$260B, could reach US$2T as countries accelerate their own fiat-backed tokens, from Brazil’s BRZ to Europe’s upcoming euro stablecoin. 🇺🇸
● At SuiteWorld 2025, Oracle NetSuite unveiled NetSuite Next, an AI-native ERP built on Oracle Cloud Infrastructure and powered by Ask Oracle. “It’s not a copilot—it’s the jet engine,” said founder Evan Goldberg. The system transforms ERP into an autonomous decision platform, launching first in the U.S., Brazil, and select LatAm markets. 🇺🇸
● Oracle NetSuite also announced the opening of its first two data centers in Brazil, located in São Paulo and Vinhedo. The expansion improves performance, data residency, and AI delivery while strengthening Oracle’s footprint in Latin America. It marks a key milestone in the company’s regional growth strategy. 🇧🇷
● Brazil’s new FGTS birthday-withdrawal loan rules, effective Nov 1, are facing backlash from banks and fintechs. The revised policy limits advances to R$500 per withdrawal, restricts borrowers to one operation per year, and adds a 90-day waiting period. The government cites worker protection, while critics warn the changes will choke off affordable credit access for millions. 🇧🇷
● Digital wallets have become the great equalizer in U.S. cross-border payments, now used by 63% of consumers across all ages and incomes, according to PYMNTS. Once seen as tools for tech-savvy youth, they’re now mainstream financial infrastructure. Yet SMB adoption still lags at 48%, leaving room for growth as speed and inclusion drive the next payments wave. 🇺🇸
● Colombia launched Bre-B, its national instant payments system, developed with support from EBANX and inspired by Pix. Bre-B enables real-time transfers, QR payments, and interoperable wallets, already counting 30M users and 80M payment keys. Backed by MOVii, the system marks a major step in Latin America’s digital finance expansion. 🇨🇴
● Elo completed a full migration to a multicloud architecture across Microsoft Azure and AWS, boosting scalability, efficiency, and resilience in payment processing. The platform now auto-scales, self-recovers, and cuts incident costs by up to 18×, reinforcing Elo’s position as a hub for cards, Pix, wallets, and crypto transactions. 🇧🇷
Deals:
● Paytech Akua raised an US$8.5M seed round, bringing total funding to US$13M to scale its Acquiring-as-a-Service model across Latin America. Backed by Flourish Ventures, Cathay Latam, and Atlântico, Akua processes 50M+ daily transactions and plans to enter Brazil in 2026 with an AI-driven platform that cuts client costs by up to 60%. 🇲🇽
● Elon Musk’s xAI is raising up to US$20B in a new round led by Valor Capital, doubling earlier projections. The SPV-backed deal will finance Nvidia chips for xAI’s Colossus 2 data center, with Nvidia contributing US$2B in equity and Apollo and Diameter providing US$12.5B in debt. The chips themselves serve as collateral, pioneering a new model for AI infrastructure financing. 🇺🇸
● Brazilian healthtech LimbX raised R$500K in a round led by Unimed VTRP and DOMO.VC’s FIP Anjo fund to advance its bionic prosthesis development and regulatory approval with Anvisa. Founded in 2023, LimbX aims to cut prosthesis costs by 90% (from R$150K to under R$15K) and reach 100 patients in its first commercial year. 🇧🇷
● SoftBank will acquire ABB’s robotics division for US$5.4B, marking a major step in its “Physical AI” strategy. Founder Masayoshi Son said the move merges world-class robotics with superintelligent AI—10,000× smarter than humans. The acquisition expands SoftBank’s AI ecosystem alongside its stakes in Arm and OpenAI. 🇯🇵
● Eduardo Petrelli (founder of James Delivery and Mercado Diferente) launched Agent.Shop to turn WhatsApp into a conversational commerce channel, backed by Maya, Caravela, and Mira Capital with a R$5.5M round. The platform enables chat-based sales with 7× higher conversion and 10× ROI, aiming to lead the rise of “agentic commerce” by 2026. 🇧🇷
● BNDES and China’s CEXIM will create a Brazil-China investment fund, targeting up to US$1B for green energy, infrastructure, bioeconomy, and AI projects. CEXIM will invest US$600M and BNDES US$400M, with operations mainly in Brazilian reais to foster sustainable bilateral development. 🇧🇷🇨🇳
General news:
● Brazil’s Congress rejected Provisional Measure 1.303/2025, which sought to increase taxes on financial investments and crypto assets. The decision, welcomed by ABcripto, keeps gains under R$35K tax-free and blocks an 18% staking tax, preserving Brazil’s innovation climate and encouraging regulatory dialogue. 🇧🇷
● Talks between Brazil’s Foreign Minister Mauro Vieira and U.S. Secretary of State Marco Rubio reignited hopes of ending Trump-era tariffs on Brazilian goods. This marks the first concrete diplomatic step under the new U.S. cabinet and could restore competitiveness in sectors like steel, aluminum, and agriculture. 🇧🇷🇺🇸
● Nvidia CEO Jensen Huang warned that the U.S. is no longer far ahead in the AI race, citing China’s lead in open-source models, rapid adoption, and chip innovation driven by Huawei and startups. He noted China now holds 50% of AI researchers and 30% of the tech market. 🇺🇸🇨🇳
● The expiration of Brazil’s Provisional Measure 1.303 reignited debate on fintech and crypto taxation. While fintechs celebrate temporary relief, the government plans new tax measures, arguing nonbank financial firms already face higher effective rates than traditional banks. 🇧🇷
Deals:
● Reflection AI, founded by former DeepMind researchers, raised $2B to develop “open intelligence.” Backed by Nvidia, 1789 Capital, Eric Schmidt, Citi, Lightspeed, and Sequoia, the startup is now valued at $8B. 🇺🇸
● Pagaleve raised R$160M in equity + FIDC funding led by OIF Ventures, with Sun Hung Kai & Co, Credit Saison, and Endeavor Catalyst. The fintech processes R$3B annually, growing 6× in revenue with 2% default rates on its AI-native BNPL via Pix model. 🇧🇷
● Lemon raised a $20M Series B co-led by F-Prime and ParaFi to expand into Colombia, launching a dual fiat-crypto wallet and VISA card with Bitcoin cashback. 🇦🇷🇨🇴
● Loocal Delivery secured R$1.2M via EqSeed to fund “Liga Delivery,” an ecosystem combining education and tech for food entrepreneurs. 🇧🇷
General news:
● iFood launched its proprietary Large Commercial Model (LCM), built on 14 years of data to power hyper-personalized food and e-commerce experiences. The model reduces AI costs by 60×, increases app conversions 4×, and powers Ailo, an AI agent helping users choose meals via chat. 🇧🇷
● China’s Meituan officially entered Brazil’s food delivery market with Keeta, launching in Santos and São Vicente. Backed by a R$5.6B investment over five years, Keeta already has 700 restaurants and 2,000 couriers as it seeks to challenge iFood through localized strategy and smart tech. 🇨🇳🇧🇷
● China’s Ant Group, backed by Jack Ma, entered the global AI race with Ling-1T, a trillion-parameter model designed to rival OpenAI’s GPT-5 and DeepSeek. Excelling in logic, coding, and math, it introduces new safety controls and is fully open-sourced to promote global AI collaboration. 🇨🇳
● Chile, Argentina, and Brazil now lead deep tech investment in Latin America, according to the Deep Tech Radar LATAM 2025 by Emerge and Cubo Itaú. Chile tops the region with $607M, driven by NotCo, PhageLab, and Botanical Solution, followed by Argentina ($486M) and Brazil ($216M). 🇨🇱🇦🇷🇧🇷
● Dubai is emerging as one of the world’s top innovation hubs beyond luxury and skyscrapers. With agile regulation and world-class infrastructure, its 2024 GDP reached $120B, and the emirate now targets 30 new unicorns and $27B in annual digital GDP by 2033. 🇦🇪
● Day two of the Siará Tech Summit 2025 marked a milestone for Ceará’s innovation ecosystem with the creation of the State Innovation Committee and Ceará Innovation Habitats Platform. The initiative unites 35 institutions to boost collaboration between government, academia, and industry. 🇧🇷
● The U.S. announced a $20B rescue package for Argentina to stabilize its economy amid 280% inflation and a collapsing peso. The plan includes Treasury purchases of Argentine currency and IMF-backed guarantees—providing short-term relief but not addressing structural deficits. 🇺🇸🇦🇷
●Chilean startup Datawalt unveiled Waltibot, an AI “super analyst” that transforms raw data into actionable decisions. Used across banking, retail, and logistics, it automates insights, anomaly detection, and recommendations to democratize advanced analytics. 🇨🇱
Deals:
● Mercado Livre entered Brazil’s pharma sector by acquiring a Memed pharmacy, sparking regulatory debate. The move tests operational viability as the company aims to enable third-party medicine sales through its marketplace, pending Anvisa’s rule update. 🇧🇷🇦🇷
● OpenAI and Argentina’s Sur Energy signed an LOI to develop Stargate Argentina, a $25B, 500-MW data center under the country’s RIGI tax program. It will be OpenAI’s first major infrastructure project in Latin America. 🇦🇷🇺🇸
You will see below an updated list of events. If I forgot your event, and you want to include it - please sure to send those my way asap!
Digitalks Expo 2025
Date: October 14–15, 2025
Location: Expo Center Norte, São Paulo, Brazil
Description: Focused on digital business, Digitalks Expo serves as a strategic meeting point for executives, marketers, entrepreneurs, and investors exploring trends and innovations. Over two days, the event will offer more than 120 hours of content across eight stages, featuring 180 speakers discussing topics such as AI & Robotics, Marketing, Enterprise Tech, Fintech, Innovation, Startups, and Cybersecurity.
More infoDreamforce 2025
Date: October 14–16, 2025
Location: San Francisco, CA, USA – hybrid format with online access via Salesforce+
Description: Dreamforce is Salesforce’s global conference showcasing the latest in CRM, digital transformation, and enterprise innovation. The event offers technical sessions, product showcases, and talks by industry leaders on AI, analytics, productivity, sustainability, and customer relationships, attracting developers, clients, and business partners worldwide.
More infoREC’n’Play 2025
Date: October 15–18, 2025
Location: Recife, Brazil – Historic Downtown District
Description: REC’n’Play is a free festival blending technology, culture, and innovation, transforming Recife’s historic center into a celebration of knowledge. The event includes lectures, workshops, debates, and concerts, bringing together startups, investors, and professionals to exchange ideas, create business opportunities, and enjoy cultural experiences in a vibrant urban setting.
More infoMoney 20/20 USA 2025
Date: October 26–29, 2025
Location: Las Vegas, NV
Description: One of the world’s leading fintech and payments conferences, Money 20/20 gathers global leaders across banking, payments, tech, and startups to explore the future of money and financial services.
More infoBloomberg Línea Summit 2025
Date: October 27, 2025
Location: W Hotel, São Paulo, Brazil
Description: For the fourth consecutive year, Bloomberg Línea brings together CEOs, C-level executives, investors, economists, and analysts from leading national and global companies to discuss future economic trends. The summit offers high-level insights and a unique environment for strategic networking and debate on the years ahead.
Web Summit Lisbon 2025
Date: November 10–13, 2025
Location: Lisbon, Portugal
Description: One of the world’s most influential tech conferences, Web Summit Lisbon connects 70,000+ attendees from startups, enterprises, and media to discuss trends shaping the tech industry.
More infoBrazil Tech Summit 2025
Date: December 9, 2025
Location: São Paulo, SP
Description: Part of the Global Startup Ecosystem Series, Brazil Tech Summit brings together entrepreneurs, government leaders, and investors to foster tech-driven innovation across Latin America.
More info
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