LatAm Tech Weekly
#204: Berlin Marathon, News & 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 Monday!
This week’s edition will be a bit shorter — for a good reason. I just finished my second marathon, and after 72 hours in Berlin, I’m already on a flight back to Brazil. We’ll return to our usual format next week.
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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.
Running is, above all, an act of simplicity. All it takes is a pair of shoes, a willing body, and the decision to put one foot in front of the other. Yet within that seemingly simple gesture lies an entire universe of experiences, challenges, and discoveries. It’s rustic and refined at the same time: the hard asphalt beneath your feet contrasts with the sense of freedom only running can bring.
Every run tells a story, and each runner writes theirs to the rhythm of their heartbeat. Cities that often feel chaotic slowly transform into backdrops for achievement. At dawn, when silence still lingers, they welcome us quietly. By sunrise, they pulse with energy. And at night, lit up after long days of work, they remind us there is always room for movement, for care, and for resilience.
The companions we meet along the way are their own chapter. Running side by side is more than sharing a street—it’s about exchanging motivation, smiles, small victories, and even the hard moments. In running, no one grows alone. Every shared insight, from a breathing trick to a race strategy, multiplies because running is collective in spirit, even when the battle is deeply personal.
This Berlin Marathon was exactly that for me—but also one of the toughest experiences I’ve ever had. It turned out to be the hottest Berlin Marathon on record, with relentless sun and temperatures that made every step feel heavier. Despite the city’s famously flat course, I ran at a slower pace than I did in New York. The difference wasn’t fitness—it was the heat, which tested every ounce of resilience I had.
The context made it even more demanding. I trained through one of the busiest stretches of my professional life, switching jobs within Itaú and working long hours. Weeks before the race, I got sick but had no real downtime to recover. I landed in Berlin on Friday, lined up on Sunday, and by Monday I am already on a flight back to Brazil. Against that backdrop, every kilometer felt like defiance—proof that persistence can sometimes matter more than conditions, preparation, or even performance.
Running teaches us to respect the body, listen to its signals, overcome exhaustion, and celebrate discipline. We draw inspiration from great marks, but the real spark comes from every person who chooses to lace up and get out the door, even on the hardest days.
At its core, running transforms the ordinary into extraordinary. It turns crowded avenues into paths of evolution. Every kilometer conquered becomes a source of pride because each step is more than exercise—it’s a life choice.
And yet, after crossing that finish line in Berlin, I couldn’t help but wonder: do I really want to put myself through another marathon again? Right now, I’m not so sure. But then again—runners know how easily that doubt turns into the next “yes.”
General news:
More than half of Brazilian startups (53%) already use AI, with 31% developing new products, according to AWS. The study shows 95% report higher revenue and 96% improved productivity, with gains in customer service, training, and product development. Nearly 29% deploy advanced applications, while 89% expect AI to drive growth and 85% anticipate cost reductions in the coming year. 🇧🇷
BlackRock projects rapid growth for ETFs in Brazil, where they currently represent just 0.57% of the fund industry (R$57.3B in assets). On Sept 15, it listed 29 new global ETFs on B3 via BDRs, bringing its local offering to 181 products. The firm believes Brazil’s ETF market could triple or quadruple in five years, with only 640k investors today. 🇧🇷
RappiPay, Colombia’s fully digital bank, has reached 400,000 clients and expects 600,000 by year-end. It offers savings accounts, time deposits (CDTs), and a credit card in partnership with Davivienda. Led by CEO Paolo Di Marco, RappiPay’s growth reflects strong demand for digital-first banking in Latin America. 🇨🇴
Deals:
Gokei, a Latin American health insurance reimbursement startup, raised US$200K, backed by the Cornershop founders’ fund Buenaonda and several angel investors. Founded in 2023, Gokei will use the funds to expand its platform, launch new solutions, and prepare entry into Colombia and Mexico by 2026. The company also plans to introduce a “treat now, pay later” model in partnership with Examedi, aiming for 300% revenue growth and faster customer acquisition. 🇨🇱🇲🇽🇨🇴
General news:
ServiceNow is reshaping its Brazil strategy under new leadership from Federico Grosso, expanding beyond large enterprises into finance, healthcare, telecom, and mid-market segments. Globally a $10B+ SaaS giant with 2M users, the company has acquired AI-driven startups like Moveworks and Data.World. In Brazil, ServiceNow aims to turn the country into a regional growth hub, seeing AI as a structural shift that redefines processes and interactions. 🇧🇷
Swiss banks PostFinance, Sygnum, and UBS have completed the first-ever payment using tokenized deposits on a public blockchain. Unlike JPMorgan’s closed system, the pilot showed deposits could be exchanged across different banks. Clients used tokens backed by deposits to settle directly on-chain, offering a potential alternative to stablecoins and paving the way for instant, automated business payments. 🇨🇭
Deals:
Chefia raised R$1M (R$900k from Investidores.vc and R$100k from Anjos do Brasil) to scale its “Netflix for Food Service” education platform for restaurant owners. After pivoting from delivery to education, it grew more in one month than in the previous year, reaching 60k entrepreneurs and aiming for 100k. Profitable since breakeven, it plans to use funds for product, marketing, and hires, with a Chefia Bank fintech next on the roadmap. 🇧🇷
Nutrium, a Portuguese corporate nutrition startup, raised €10M in Series A, led by Vesalius Biocapital with Indico, Lince, and Beta Capital. Founded in 2015, Nutrium Care (launched in 2022) has reached 3M people in 90 countries with 350K professionals. Profitable after 400% ARR growth in 2023, it now prepares for U.S. expansion, targeting multinationals and weight-loss programs tied to GLP-1 treatments. 🇵🇹🇺🇸🇧🇷
A5X raised R$200M in a Series C round, bringing its total funding to R$385M since 2023. Set to launch in 2026 as an exchange and clearinghouse competing with B3, A5X is backed by global players including ABN AMRO Clearing, IMC, Jump Trading, Optiver, and XTX Markets. Funds will cover regulatory requirements and operations until breakeven. 🇧🇷
RevisaPrev raised R$3.8M in a round led by Domo VC and Bossa Invest to launch Brazil’s first retirement advance service with a financial institution partner. Founded in 2020, the fintech has already conducted 90k+ free retirement analyses, now serving 10k beneficiaries monthly and targeting 30k by 2025. It is also developing Isa, an AI-powered assistant to support clients throughout retirement. 🇧🇷
Indicium, a Brazilian data and AI company, secured an undisclosed investment from Databricks Ventures, marking Databricks’ first Latin American investment. Already partners in major projects with PepsiCo, Volvo, and Roche, Indicium generated R$32M revenue in 2023 and aims to double annually while expanding abroad. With 40% of revenue from the U.S., it targets flipping that share by 2026, positioning for accelerated growth and a potential IPO. 🇧🇷🇺🇸
Loggi secured R$102M in funding from Finep, Brazil’s innovation agency. The capital will fund AI applications in delivery routing and customer service, as well as expansion of its 1,300 pickup and return points. Serving 22,000 business clients, Loggi aims to reduce costs, support SMEs in e-commerce, and cut CO2 emissions through efficiency. 🇧🇷
Olho do Dono, an agtech from Espírito Santo, raised R$2.2Min a round led by BR Angels, the first deal from its Agro batch. The startup uses 3D cameras and AI to weigh cattle and swine without scales, lowering costs and stress. Active in Brazil, Argentina, Paraguay, and Mexico, it now plans to expand to China and Colombia with a new patented product for 2026. 🇧🇷
General News:
Google has launched the Agent Payments Protocol (AP2), a new standard for AI-powered transactions developed with over 60 partners including Amex, Mastercard, PayPal, Coinbase and Revolut. The protocol defines rules for authentication, authorization, and accountability, ensuring secure and compliant payments across cards, bank transfers, and stablecoins. It marks a major step toward shaping the future of AI-driven commerce. 🇺🇸
Clara and Bitso Business have partnered to launch corporate cards backed by stablecoins. The collaboration allows companies to use stablecoin reserves on Bitso as collateral for Clara’s full payment ecosystem and AI-powered financial tools. The pilot begins in Mexico, with expansion to Colombia planned. Clara becomes the first LatAm platform to enable stablecoin-backed corporate payments, boosting treasury innovation and financial agility. 🇲🇽🇨🇴
Brazil has launched Redata, a special tax regime for datacenters, signed by President Lula to strengthen digital sovereignty and attract investment. The program offers tax breaks on PIS/Pasep, Cofins, IPI, and reduced import duties. Expected to mobilize R$5.2B in budget support by 2026 and up to R$2T in private investment over 10 years, Redata includes ESG requirements on green energy and water use. 🇧🇷
SumUp is considering an IPO valued between US$10B and US$15B, according to the FT. London is the leading option, though New York remains under consideration. Proceeds would fund acquisitions in Europe’s payments sector. Founded in Germany and headquartered in London, SumUp operates in 36 markets with over 4M clients and has been active in Brazil since 2012. 🇬🇧🇩🇪🇧🇷🇺🇸
Conta Simples has launched a global dollar account for Brazilian businesses, targeting creators, infopreneurs, and SMEs. Backed by Airwallex, the account offers prepaid cards, international transfers with a flat US$2 fee, and no IOF tax. Already with 1,000 companies on the waitlist, it could represent 25% of revenue by 2026. The launch taps into the global creator economy, projected at US$480B by 2027. 🇧🇷
The Ibovespa reached a historic high on Sept 17, closing at 146,240 points (+1.51%) after the U.S. Fed cut rates by 0.25% to 4–4.25%. The rally reflected global market momentum, with the dollar trading at R$5.29. Analysts say future direction hinges on decisions by Brazil’s Copom, which will rule on the Selic rate at 15%, its highest in nearly 20 years. 🇧🇷🇺🇸
Brazil’s Government Cloud went live on Sept 7, giving 250+ federal agencies access to locally hosted datacenters operated by Serpro and Dataprev. The initiative strengthens digital sovereignty but experts caution that true independence requires reduced reliance on foreign tech providers. Analysts warn that keeping sensitive health and education data under national control will be critical in the coming five years. 🇧🇷
Deals:
CUB, a Brazilian proptech fintech, raised R$30M in a Series Aled by Alexia Ventures and Upload Ventures. Founded in 2022, CUB integrates billing automation, reconciliation, BI, and credit. It has processed R$600M across 400 projects, cutting delinquency by 50% in 2024. Funds will fuel ERP integrations, credit arm expansion, and national growth. Total capital raised now exceeds R$43M. 🇧🇷
Layers, creator of the Education SuperApp, closed a R$21M pre-Series A led by Canada’s Constellation CSI, valuing the company at R$120M. Serving 9K institutions and 3.5M students, Layers plans M&A moves and expansion into Mexico, Argentina, and Colombia, with revenue goals of R$40M by 2026. 🇧🇷
Grupo Alun, owner of Alura, Fiap and PM3, acquired StartSe, expanding into executive education. Backed by Pátria until now, StartSe is known for business courses and global immersion trips. Founder Júnior Borneli will remain in leadership and join Alun’s board. Grupo Alun expects R$800M in revenue this year, aiming for R$1B by 2026 and 15M students by 2030. 🇧🇷
Bionexo, Brazil’s leading SaaS healthtech, acquired Overmindto strengthen its revenue cycle management portfolio. With clients like Einstein, Fleury, and Hapvida, Bionexo now moves over R$40B annually. The acquisition expands efficiency and predictability for hospitals and insurers, reinforcing its market leadership. 🇧🇷
Arvo, a Brazilian healthtech, raised R$106M in a Series A led by Kaszek and Base10, with Canary and K50. The largest healthtech Series A in Brazil to date, it comes one year after its seed round. Arvo has already processed over R$130B in claims, boosting audit productivity by 25%, and will use funds for infrastructure, products, and team growth. 🇧🇷
General news:
Itaú Unibanco’s digital transformationis recasting the bank as a tech powerhouse: 17k tech staff, ~70% of systems modernized, AI-driven hyperpersonalization, faster product launches, and cost cuts. Plans include shifting 75% of clients to digital in 3 years and doubling the credit portfolio in 5; shares are up 38% YTD. 🇧🇷
Company Hero and Deel announced a strategic partnership to offer Brazilian contractors benefits (health plans, life insurance, asset coverage). With international hiring of Brazilians up 53% in 2024, contractors can activate health plans in one day vs. the usual 90, helping global firms attract and retain talent. 🇧🇷🇺🇸
Wallbit is expanding into Colombia, bringing U.S. dollar accounts, Visa cards, and investments; the YC-backed Argentine fintech serves 100k users across 21 countries with US$20M+ in deposits and targets 10k Colombian clients by year-end, 100k active users in LatAm by 2026, and US$100M AUM. 🇨🇴🇦🇷
The WTO’s 2025 World Trade Report projects AI could lift global trade by 34–37% and world GDP by up to 13% by 2040 if structural barriers are addressed, especially in low-income economies—while urging investment in skills, safety nets, and lower tariffs on key inputs like semiconductors. 🌍
Huawei unveiled its eKit 4+10+N SME Intelligence solutions to accelerate AI adoption for small and midsize businesses, bundling four scenarios, 10 integrated solutions, and 26 new products (routers, IdeaHub devices) designed to be simple, scalable, and secure. 🇨🇳
Microsoft will invest $4B in a second Wisconsin data center, opening in 2027 after a $3.3B facility debuts in 2026; the first site will host hundreds of thousands of Nvidia GB200 chips, with both projects emphasizing renewable energy, efficient cooling, and community pricing. 🇺🇸
PagBank set ambitious 2025–2029 targets, aiming to grow its credit book 6× (R$3.9B → R$25B), diversify products, boost cross-sell, and distribute R$5.5B+ in dividends by 2026 while testing private payroll loans and Pix installments. 🇧🇷
JPMorgan states that small and mid caps could outperform large caps by 30–60% over the next three years, citing improved fundamentals, record valuation discounts, and lower tariff exposure; it’s overweight LatAm, Japan, and parts of Europe, neutral U.S., underweight Asia ex-Japan. 🇺🇸
Deals:
Henry has acquired Argentina’s apx.school, integrating its AI-native academy and team to accelerate Henry’s own AI agents and deploy them in corporate training, strengthening its enterprise AI adoption offering. 🇦🇷
Jack Altman raised $275M for Alt Capital II in a week, more than doubling Fund I (2024); the fund will lead more Series A rounds in enterprise AI, with LPs including the University of Michigan and TrueBridge—well ahead of the 15.3-month VC fundraising average. 🇺🇸
Box 24×7 raised R$1.1M in pre-seed funding, led by Anjos do Brasil and partners, to scale its one-hour delivery rentals app; monthly rentals tripled to 900, with funds earmarked for marketing and expansion beyond São Paulo, targeting breakeven in 2025. 🇧🇷
Sympla acquired Gandaya, adding a Gen Z-focused ticketing startup to bolster leadership in Brazil; Gandaya targets R$150M GMV in 2026, while Sympla processed nearly R$3B over the past year. 🇧🇷
Nvidia will invest $5B in Intel, taking ~4% post-issuance and collaborating on hybrid CPU/GPU chips for PCs and data centers; the move strengthens competition vs. AMD and could leverage Intel’s foundry services. 🇺🇸
Joinin secured its first outside investment from U.S.-based Parceiro Ventures (undisclosed amount) to scale its “app da firma” HR platform used by WEG, Tramontina, and Unimed, as revenue doubles annually across 15+ countries. 🇧🇷🇺🇸
Klar acquired Bineo, Banorte’s digital bank, gaining a banking license to expand regulated accounts, cards, loans, and savings products—after Banorte’s US$170M Bineo launch struggled to reach profitability. 🇲🇽
General news:
Forlex, formerly Intelijus, rebranded to drive its legal AI platform global. Now the official AI partner of the OAB serving 1.5M lawyers, it is piloting with Ambev in the Netherlands and Qatar Airways in the UK. Its digital assistant LIVIA is trained on local laws using a proprietary LLM for data security. Backed by Vinci Ventures, Forlex grew 500% in 2024 and is preparing a new funding round for international expansion. 🇧🇷🇳🇱🇶🇦🇬🇧
Brazil’s Central Bank opened Public Consultation No. 124/2025 on rules for international transfers (eFX), requiring only licensed institutions to operate. Unlicensed players must register as Payment Institutions, transactions are capped at US$10K, and monthly reporting is mandatory. The consultation runs until Nov 2. 🇧🇷
Brazil’s Central Bank issued Resolution No. 503 creating exceptions to the R$15K Pix cap, exempting accredited IT providers, Treasury payments, and the FGTS Digital system. Temporary waivers of up to 90 days may also be granted while compliance measures are completed. 🇧🇷
Argentina’s Economy Minister Luis Caputo reaffirmed commitment to the government’s economic program after the Central Bank sold US$432M in two days to defend the peso. With net reserves at US$6B and country risk at a one-year high, Caputo insists surpluses and IMF backing ensure sustainability. 🇦🇷
Bemobi is expanding its digital payments solutions beyond telecom and energy into utilities, education, and health. Clients like Sabesp use its WhatsApp payments platform. In Q2, revenue grew 19% to R$175.1M and EBITDA rose 24% to R$59.9M, with shares up 67% YTD. 🇧🇷
China’s DeepSeek disclosed its R1 AI model was trained for just US$294K in 80 hours on 512 Nvidia H800 chips, far cheaper than U.S. rivals. It admitted using OpenAI outputs in training, sparking debate on model distillation and raising concerns over disruptive cost competition in AI. 🇨🇳
PwC Brasil projects a slowdown in financial sector M&A after a 41.5% YoY surge from January–July (75 deals vs. 53 in 2024). Banks and capital markets represented 68% of deals, insurance 20%, and asset management 12%. Local buyers led 42% of transactions. Activity is expected to stabilize amid high rates and regulatory changes. 🇧🇷
WhatsApp launched a startup hub in Brazil to connect entrepreneurs building on conversational AI. From 200 applicants, 100 startups were selected across sales, financial services, education, real estate, and transport. No funding is offered, but participants gain access to product insights and early testing. 🇧🇷
Deals:
InFleet, a Bahia-based fleet management startup, raised R$40M in Series A
led by Canary, Indicator, and Citrino Ventures. Funds will advance its AI-powered “Intelligent Copilot” for driver monitoring and data insights, and support Latin America expansion. Tracking 40k vehicles today, InFleet grows 120% annually and has raised R$58M to date. 🇧🇷
BRAINR, a Portuguese food industry software startup, closed a seed round of up to €11M led by C2 Capital Partners—the largest ever in Portugal. Already managing 25% of the country’s meat output, its AI-powered platform will expand to seafood, bakery, and beverages while driving international growth. 🇵🇹
Mercado Pago acquired 100% of Nikos DTVM, its investment distribution partner since 2022, pending Central Bank approval. Nikos’ team will join Mercado Pago, strengthening investment product distribution and operational flexibility across Latin America. 🇧🇷
B3 agreed to acquire CRDC for R$15M, with an option to purchase the remaining stake from 2030. CRDC centralizes receivables data for SMEs, and the deal supports B3’s diversification into credit infrastructure. 🇧🇷
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!
Fintouch 2025
Date: September 23, 2025
Location: São Paulo, Brazil – Rebouças Convention Center
Description: Hosted by ABFintechs (Brazilian Fintech Association), Fintouch 2025 fosters discussions on the biggest challenges and opportunities for fintechs. The agenda will highlight innovation, regulation, business models, and financial technology trends, aiming to provide insights and inspiration for industry leaders, entrepreneurs, and innovators shaping the future of finance in Latin America.
Gartner CIO & IT Executive Conference 2025
Date: September 22–24, 2025
Location: São Paulo, SP
Description: A gathering of CIOs and IT leaders to discuss digital transformation, organizational leadership, and innovation strategies across industries.
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 infoWeb 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
“Run into your unknown.” Becs Gentry