LatAm Tech Weekly
235: Global M&A figures, Anthropic's potential round, 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. And obviously, always running!
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Happy Sunday!
This week I watched The Devil Wears Prada 2 — and I have to say, I loved it. The original is one of my all-time favorites, so getting to revisit that world felt both nostalgic and surprisingly relevant. And, as always seems to happen these days, the moment I left the theater my phone somehow knew. My Instagram feed quickly filled with related content, and one post in particular caught my attention. It came from The Female Quotient — an account I really enjoy following for its thoughtful content around leadership, gender equity, and career growth.
They shared a clip of Meryl Streep in an interview reflecting on the first Devil Wears Prada. She tells the story of when she was first approached for the role. At the time, she was 56 — and she immediately knew the film would be a success. More importantly, she knew she was the right person for it. In her words, they needed her.
So when the offer came, she simply said: “I want double.”
And the producer — without hesitation — said yes.
What struck me most wasn’t the negotiation itself, but what she said afterward: that it took her 56 years to feel comfortable asking for what she knew she deserved. Not because she didn’t recognize her value — but because owning it, and actually demanding it, are two very different things.
I found that incredibly powerful. Knowing your worth is important. But being willing to act on it — to choose the right environments, to speak up when something doesn’t feel aligned, and to walk away when necessary — that’s what truly defines it. We all deserve to be in places where our value is recognized — not occasionally, but consistently. And if that’s not the case, the responsibility is also ours to question it, challenge it, and, if needed, change it.
Hopefully, it doesn’t take us 56 years to get there.
Moving on to some tech and VC-related news — this week, PitchBook released its Q1 2026 Global M&A Report, and the headline number is hard to ignore.
Global M&A activity reached a historic milestone, with total deal value hitting $1.6 trillion in Q1 — a new quarterly record, up 50.6% year over year and 8.8% sequentially, across nearly 13,900 transactions. This surge comes despite a backdrop of geopolitical tension, trade uncertainty, and increasing disruption from AI — which makes the strength of the market even more notable.
North America once again dominated the landscape, accounting for over $1 trillion in deal value, an all-time high and a significant increase both quarter over quarter and year over year. That said, the numbers were heavily skewed by a single transaction: the $250 billion related-party acquisition of xAI by SpaceX, which alone reshaped the IT sector totals and highlights how concentrated the market has become around mega-deals.
Beyond that, a few structural themes stood out. Financial services consolidation remained active, alongside continued carve-outs and strong sponsor participation. Private equity continues to play a central role, accounting for roughly 40% of global deal volume and 50% of total value, with notable transactions including large take-privates and secondary buyouts across sectors.
Valuations also tell an important story — and reinforce how selective the market has become. The global median EV/EBITDA multiple expanded to 10.7x on a trailing twelve-month basis, the highest level since 2021 and above pre-pandemic averages. Corporate-led transactions averaged 9.8x, marking a sharp increase versus 2024, while private equity deals remained elevated at 12.6x. The dispersion becomes even clearer when looking at deal size: transactions above $5 billion traded at around 13.9x, while deals below $100 million were closer to ~8x, highlighting a significant premium for scale, quality, and perceived resilience.
The takeaway is fairly clear: M&A is back — but in a very specific way. Capital is flowing toward larger, high-quality assets at premium valuations, with increasing concentration at the top end, while smaller transactions continue to lag behind.
General news:
• DeepSeek launched its V4 model optimized for Huawei chips, introducing a hybrid attention architecture, 1M-token context window and mixture-of-experts design to improve efficiency and reduce costs. The move reinforces China’s push for AI sovereignty by reducing reliance on U.S. infrastructure while intensifying global competition through lower pricing. 🇨🇳
• China blocked Meta’s planned $2B+ acquisition of Manus, reversing the deal amid concerns over talent and IP transfer. The decision highlights growing geopolitical fragmentation in AI and tighter control over strategic technologies. 🇨🇳
• Meta is exploring space-based solar energy for AI infrastructure, securing a deal for up to 1GW of orbital power generation to support data centers. The initiative reflects rising energy constraints and the search for scalable solutions to sustain compute growth. 🇺🇸
• Shopee partnered with 123Seguro and Meu Pet Club to launch a pet assistance subscription service, embedding insurance-like offerings directly into its marketplace. The move taps into Brazil’s R$75B pet market and reflects the convergence of e-commerce, insurance and embedded services. 🇧🇷
• Z.ro Bank is exiting retail operations to focus on B2B, repositioning as a financial infrastructure provider for cross-border payments. The company is targeting a $1T market opportunity by 2030 while expanding across Latin America. 🌎
• Colombia is enforcing Open Finance under Decree 0368 of 2026, requiring standardized API-based data sharing across institutions. The regulation accelerates financial system transformation and increases competitive pressure on banks and fintechs. 🇨🇴
• OpenAI and Microsoft restructured their partnership, moving from exclusivity to a multi-cloud strategy while maintaining Azure as the primary platform. The shift expands OpenAI’s distribution and intensifies competition across cloud and AI providers. 🇺🇸
Deals:
• Segura raised R$45M in a seed round co-led by a16z and Kaszek to scale its AI-driven insurance infrastructure focused on brokers. The platform uses WhatsApp-based agents to streamline policy management and aims to onboard 10,000 brokers. 🇧🇷
• Hero Seguros raised $7M in its first funding round to expand across Latin America and diversify beyond travel insurance. The company operates under an MGA model and is scaling its digital distribution platform. 🇧🇷
General news:
• NeuronUP is accelerating its expansion in Brazil as part of a strategy to double global revenue in 2026 after reaching €3M in 2025. The AI-powered cognitive health platform operates in 75 countries and is scaling beyond major cities to capture growing demand driven by aging populations. 🇧🇷
• Hiker Ventures is raising a second R$100M fund to invest in 15–20 companies across tech and traditional sectors. The strategy combines venture capital with structured finance and M&A support. 🇧🇷
Deals:
• Receita Previsível acquired Meetz’s prospecting client portfolio, including over 200 clients, to strengthen its ecosystem strategy and expand into full-stack revenue solutions. The transaction reinforces its outsourced prospecting vertical while integrating previous acquisitions. 🇧🇷
• Match Group announced a $100M investment in Sniffies, a location-based dating platform focused on real-time interactions, as it expands beyond swipe-based models. With around 3M monthly users, the move reflects a shift toward more contextual experiences and diversification amid slowing growth in core apps like Tinder. 🌎
• Tamborine raised $100K from Koinz Capital to scale its cloud-native payment processing infrastructure. The platform aims to replace legacy systems with a modular architecture for faster and lower-cost integrations. 🇧🇷
• Kleva raised $1.55M in a seed round led by Wollef Ventures to scale its AI agents for debt collection. The platform improves recovery rates by 25% and reduces operational costs by up to 70% for financial institutions. 🇲🇽
General news:
• Concerns are emerging around the sustainability of the AI “infinite money loop” as OpenAI’s growth trajectory tests a model where infrastructure providers fund AI labs in exchange for long-term compute commitments. Despite reaching $25B in ARR, the company faces pressure to meet over $1.15T in future obligations, raising risks for the broader AI infrastructure ecosystem. 🌎
• Amazon reported Q1 2026 results above expectations with revenue reaching $181.5B (+17% YoY) and AWS growing 28%. Strong AI-driven demand continues to scale infrastructure, although rising capex is pressuring free cash flow. 🇺🇸
• Meta reported Q1 2026 results well above expectations, with revenue reaching $56.3B (+33% YoY) and net income of $26.8B. The company raised its capex outlook to up to $145B, reinforcing aggressive investment in AI infrastructure. 🇺🇸
• Alphabet investors are pushing for stronger AI oversight amid concerns over surveillance, military use and regulatory exposure. The pressure highlights growing tension between AI monetization and governance. 🇺🇸
• Banco Plata expanded its cash-in network in Mexico by integrating with over 24,000 OXXO stores, enabling real-time cash payments. The move strengthens financial inclusion and accelerates distribution in a cash-heavy market. 🇲🇽
Deals:
• Belo raised $14M in a Series A led by Tether to expand its crypto-based cross-border payments platform across Latin America. The company is scaling B2B solutions and targeting rapid user growth in key markets. 🇦🇷
• Elevify raised $1.35M in a seed round to scale its global edtech platform. The company is expanding across 140 countries and plans to reach 20M monthly users by 2027. 🇧🇷
• Anthropic is seeing strong demand for a new $40B–$50B funding round at a potential $850B–$900B valuation. The surge reflects rapid revenue growth and investor competition for exposure to frontier AI labs ahead of a potential IPO. 🇺🇸
General news:
• Belvo and Plata are partnering to expand credit access in Mexico by leveraging Open Finance and employment data for real-time underwriting. The model reduces approval times from days to minutes while improving risk assessment and financial inclusion in a market where less than 35% of adults have credit cards. 🇲🇽
• Banco Digio temporarily suspended services linked to Uber Conta after detecting atypical activity in its infrastructure. While no funds or data were compromised, the incident highlights operational risks in embedded finance ecosystems. 🇧🇷
• The EU–Mercosur agreement is expected to unlock a $22T market, expanding export opportunities for Brazilian companies through tariff reductions. However, execution will depend on supply chain adaptation and competitiveness versus regional production hubs like Paraguay. 🌎
• Google Cloud surpassed $20B in quarterly revenue, growing 63% YoY driven by AI demand, with generative AI products expanding nearly 800% annually. The company is reinforcing its position with large enterprise contracts and scaling token usage across its ecosystem. 🇺🇸
Deals:
• Hyperus raised a new funding round led by Fiemg Anjos to scale its AI-driven industrial monitoring platform. The company serves major clients like Gerdau and ArcelorMittal and is expanding across Latin America. 🇧🇷
• Logiez raised R$500K from WOW and Ventiur to simplify cross-border trade for SMEs. The platform integrates logistics, compliance and tracking into a unified interface targeting underserved segments. 🇧🇷
• Agrorobótica raised R$10.8M in a seed round led by VOX Capital to scale its AI-powered soil analysis platform. The technology reduces diagnostics from days to seconds and supports productivity and carbon market strategies. 🇧🇷
• Ebury raised £550M in a round led by Centerbridge to expand its global fintech platform. Backed by Santander, the company is scaling cross-border payments and FX solutions across 30 markets. 🇬🇧
• BAT’s venture arm Btomorrow is allocating capital to Brazil, planning new investments with checks in the tens of millions of reais. The strategy focuses on consumer innovation and fintech as part of diversification efforts. 🇧🇷
General news:
• Brazilian fintechs are accelerating their push into the private payroll-deducted loan (e-consignado) market, as new regulation expands access for formally employed workers, opening a large new credit vertical and intensifying competition across banks and digital lenders. 🇧🇷
Deals:
• Brazilian startup PX Data raised $2.9M in a later-stage VC round to scale its AI and automation platform focused on transforming operational data into actionable business insights. 🇧🇷
• Crypto and cross-border payments fintech Belo raised a $14M Series A with participation from Tether to expand operations in Brazil and Latin America, reinforcing the growing role of stablecoins in regional financial infrastructure. 🇧🇷
On the AI front, one of the most striking developments this week was reports that Anthropic is weighing a new funding round at a valuation exceeding $900 billion — a number that would place it among the most valuable private companies in the world and potentially ahead of OpenAI.
The context behind this is just as important as the headline. Anthropic raised $30 billion at a ~$380 billion valuation as recently as February, meaning the current discussions imply a more than 2x step-up in just a few months. The company has reportedly received multiple preemptive offers to raise up to ~$50 billion at valuations ranging from $850 billion to $900 billion, reflecting intense investor demand.
This surge is being driven by a combination of factors:
Explosive revenue growth, with Anthropic reaching roughly $30 billion in annualized revenue, up sharply from the prior year
Strategic backing from hyperscalers, including Google (up to $40B) and Amazon (up to $25B), alongside massive compute commitments
Strong enterprise traction, particularly in coding and agent-based AI products
At the same time, secondary markets have already been signaling even higher expectations, with some transactions and bids reportedly implying $1 trillion+ valuations, underscoring the level of FOMO among investors.
The bigger takeaway is not just the number itself, but what it represents. Capital in AI is increasingly front-loaded and concentrated, with investors racing to secure exposure to a small number of perceived “category winners.” But it also raises the obvious question: are valuations reflecting fundamentals — or momentum?
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“Knowing what you value changes what you tolerate.” — Meryl Streep