LatAm Tech Weekly
#206: Birthday Fun, September wrap up, Open AI's announcements, 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! (and happy birthday to me)
“Each birthday is a quiet reminder that time moves, but so do we — growing, shedding, learning, and beginning again.”
I tend to get a bit emotional around my birthday. I’m not the “multiple parties” type — my ideal celebration looks exactly like what I did today: a sunny run, some time by the pool with my family, and singing happy birthday together over a (naturally) yellow cake. The quote above — which is also this week’s Quote of the Week — captures perfectly what birthdays mean to me. Time moves, and we evolve. What matters is that we keep evolving, shaping ourselves into what we truly believe is ideal — and that ideal looks different for everyone. Part of growing up is understanding what that means. People should be different - in their own way. As I always say, “if you’re not constantly changing, you’re not constantly growing.”
So, on my 36th birthday, I want to say thank you — but not to others this time. This one’s to myself: to my priorities, my choices, and even my mistakes, all of which brought me to where I am today — genuinely happy. Here’s to another beautiful year ahead.
P.S.: Picture done with AI (Nano Banana)
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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.
And just like that, it’s October.
We’re in the home stretch — Q4 is officially here. How did September treat you? For me, it absolutely flew by. Between working long hours and running a marathon, I feel like I blinked and the month was gone. But the markets? Oh, they definitely kept us on our toes.
Before we dive into the LatAm tech scoop (of course), here’s my slightly messy-but-curated roundup of how things moved in global markets last month — capital flows, AI drama, IPOs — the works.
Global equity & capital markets in September 2025
Overall tone & flows
Equities had a surprisingly strong month. The S&P 500 gained ~3.53 % in September, pushing its year-to-date return closer to ~13.7 %.
Many equity mutual funds posted double-digit returns (up to ~13 % in some cases), especially international ones.
In fact, global equity funds just experienced their largest inflows in 11 months — ~$49.2B net — as investors leaned into the possibility of U.S. rate cuts and chasing momentum.
Drivers & risks
A key prop in this rally has been AI / tech excitement. Big-cap tech continues to lead, and the narrative of AI as the next frontier is alive and kicking.
But it’s not all smooth sailing: uncertainty abounds. The U.S. government shutdown delayed critical data releases.
And emerging markets remain a bit more fragile; global flows into emerging equity funds were muted, and some money is being steered toward more stable assets.
IPO sentiment & capital markets issuance
After a relatively quiet stretch earlier in the year, IPO activity is showing signs of life again — especially in London (with a late-year flurry) and broader markets picking up.
The bounce in IPOs globally is fueling talk of whether Latin American startups might see renewed appetite for public exits - I HOPE YES!
That said — cautious optimism: many companies still prefer private routes given valuation uncertainty and regulatory/regime risk.
So the “IPO window” might be crackling open, but it’s not a full-throttle blast yet.
Brazil: local markets & venture scene
Stock market & sentiment in Brazil
Brazil’s market has been chopping with a cautious tilt. Global tailwinds are helping, but domestic challenges (inflation, policy uncertainty, and capital cycles) are still weighing.
A noteworthy statistic: while Brazil leads Latin America in number of deep tech startups (952, representing ~72 % of the region’s total), only ~7 % have attracted private investment.
This disconnect—the abundance of tech projects vs. the scarcity of capital in deep tech—is becoming a recurring critique in Brazilian innovation circles.
Venture capital & rounds in Brazil & Mexico
Brazil’s VC rebound continues (after a lull), with more activity in climate, fintech, and hybrid models. Cheers to Kanastra and NG Cash!
On the regional front, Mexico is quietly gaining steam. In Q2 2025, Mexican startups raised $437M (vs. $350M for Brazil), pushing Mexico ahead in dollars raised (for the first time in over a decade).
This suggests that while Brazil still holds structural advantages (market size, local demand, infrastructure), Mexico is emerging as a formidable competitor.
One caveat: many rounds in Brazil remain earlier-stage or hybrid (VC + debt) rather than giant late-stage bets.
On the AI front, this week was all about OpenAI — and it’s no exaggeration to say the company dominated global tech headlines. The biggest story was the confirmation of OpenAI’s new $500 billion valuation, reached through a secondary share sale that allowed employees and early investors to cash out roughly $6.6 billion worth of stock. The deal, led by investors including SoftBank, Thrive Capital, Dragoneer, and MGX, makes OpenAI the most valuable private tech company in the world, surpassing even SpaceX. Beyond the headline number, this marked a broader shift: AI is no longer being valued on future promises alone, but on tangible commercial traction and confidence from institutional capital.
The other major development was the launch of Sora 2, OpenAI’s new generation of its AI video-generation platform. The updated version introduced significantly higher video quality, longer clip generation, and more realistic physics — essentially narrowing the gap between synthetic and real footage. But the launch also reignited intense debate over intellectual property and content safety…. Following criticism from creators and studios, OpenAI announced a new policy framework giving rights holders more granular control over how their IP is used in Sora 2, along with a forthcoming revenue-sharing model for creators whose works contribute to the system. The company’s attempt to balance innovation and copyright responsibility represents one of the clearest signs yet that generative AI is colliding head-on with established creative industries.
On the product side, OpenAI rolled out Instant Checkout in ChatGPT through a partnership with Stripe, enabling users to shop and complete transactions directly within the chat interface — another step toward transforming ChatGPT into a multifunctional platform rather than a standalone chatbot.
In short, it was a week that highlighted OpenAI’s power across every front — financial, technological, and geopolitical. The valuation spike cements its dominance, the Sora 2 release shows how quickly the product frontier is advancing, and the infrastructure push signals how far AI has moved from the lab to the real economy.
General news:
● A new Itaú Empresas–FGV study highlights that consultative banking boosts SME survival rates by 30% after five years. Supported firms are also 70% more likely to export, and every R$1 in credit generated R$1.56 for Brazil’s GDP over five years, creating 6 million jobs. Cadu Peyser, Head of Strategy for SME’s at Itau, highlighted the Bank’s offering strategy: offer a excellent solution that, above all, helps companies grow. 🇧🇷
● DeepSeek is back in the spotlight with the launch of its experimental model DeepSeek-V3.2-Exp, featuring new Sparse Attention tech for faster long-context processing. The company also cut API prices by over 50% to attract developers. It’s DeepSeek’s most significant release since the V3 and R1 models that shook Big Tech earlier this year, drawing attention from rivals like Alibaba’s Qwen and OpenAI. 🇨🇳
● Swift announced at Sibos that it is building a blockchain-based infrastructure for 24/7 real-time cross-border payments with 30+ banks including Bradesco, Itaú Unibanco and Banorte. Developed with Consensys on Ethereum, the prototype aims for full interoperability with legacy systems as Swift handles validation and smart-contract rules, potentially reshaping global payments networks. 🌍
● Colombian payment platform Wompi launched “Click to Pay” and on-site card checkout for Shopify merchants, helping reduce cart abandonment by up to 50%. Wompi processed 66M+ transactions in 2025 and now serves 33K+ merchants nationwide. The upgrades allow faster, safer transactions with saved-card one-click purchases across Wompi’s network. 🇨🇴
● Brazil’s Central Bank and CMN announced stricter Pix rules effective Oct 13, with full compliance by Jan 2026. The changes raise the minimum net worth for participants to R$5M, extend re-entry bans for excluded firms to 60 months, expand fraud-related blocks to businesses, and allow transaction-limit settings based on client risk. 🇧🇷
● Nubank is targeting teenagers with a new credit card for 16- and 17-year-olds tied to savings in “caixinhas”. The digital bank also hired ex-Coinbase and Cash App executive Michael Rihani to lead its crypto arm, which already has 6.6 M users. 🇧🇷
Deals:
● Brazilian proptech CredAluga raised a R$60M Series A led by Provence Partners—just months after its R$22M seed round. Having grown 200% in the past year and partnering with 1,300 real-estate agencies, the company plans AI-driven contract-verification tools and to expand its rental-guarantee fund toward R$1B AUM by 2027. 🇧🇷
● Investor **Theo Braga acquired a stake in TISA, a Ceará-based real-estate intelligence platform that leverages AI to streamline property operations. Founder Felipe Monteiro remains CEO as the partnership aims to accelerate TISA’s growth in Brazil’s digital-real-estate market. 🇧🇷
General news:
● Gron Partners launches as a venture partner focused on energy and sustainability, aiming to back startups driving decarbonization, digitalization, decentralization, and democratization of energy. Born from the Energy Summit movement, it partners with MIT Technology Review and MIT REAP to connect startups, corporates, and policymakers. Gron plans to invest R$30M in up to 15 ventures by 2028, targeting a combined R$250M in revenue, positioning Brazil to leverage its clean-energy edge for global leadership. 🇧🇷
● At EmTech Brasil, experts highlighted Brazil’s unique advantage in powering the AI era: 90% of its electricity comes from clean sources versus the 30% global average. As US data centers face energy shortages, Brazil emerges as the only major nation with abundant green power at scale, supported by tax incentives and new infrastructure in Rio and Ceará—potentially attracting billions in investment and reshaping Brazil’s digital economy. 🇧🇷
● SF Tech Week, part of a16z’s global decentralized tech conference, takes over San Francisco Oct 6–12 with AI in the spotlight and Latin American founders stepping up. Legaltech Jumpstart leads the Caravana LatAm, offering curated events, networking, and a special Global Ambitions session with Latitud and Reach Capital to help LatAm founders expand globally. 🌎
● Revolut surpassed 65M customers—4× more than five years ago—boosting revenue from £220M in 2020 to £3.1B in 2024 with net margin rising to 26%. Now active in 40 countries, the UK fintech plans to reach 70 markets by 2030 using its scalable cloud-based platform. Valued at $75B, Revolut sees LatAm as key to its global expansion. 🇬🇧/🌎
● Brazil’s Central Bank introduced a new “dispute button” in banking apps for suspicious Pix transfers. The feature speeds fraud response by instantly notifying the recipient’s bank to freeze available funds, giving both banks seven days to review and up to 11 days to refund if confirmed as fraud. 🇧🇷
● Digital channels dominated Brazil’s 208.2B banking transactions last year, with mobile banking accounting for 75% (155B). WhatsApp, used by 147M Brazilians, is emerging as a “new branch” enabling Pix, transfers, and account access inside chats. Transactions via messaging apps surged 76% YoY to 125.2M in 2023, fueling digital banks’ rise but raising fraud and data-security concerns. 🇧🇷
Deals:
● Brazil’s AI proptech Lastro raised an R$85M Series A led by Prosus Ventures with participation from FJ Labs, Endeavor Scale-Up, Canary, QED, and 1Sharpe. The round will scale its WhatsApp-based virtual assistant Lais, which cuts response times from 6 hours to 15 seconds and boosts visit-to-sale conversions by up to 60%. 🇧🇷
● Swedish AI startup Lovable hit unicorn status with a $200M Series A led by Accel at a $2.2B valuation. Brazil is its second-largest market after the US, with 500K+ active users and 100K+ projects built on its platform. Lovable now targets large Brazilian enterprises to drive growth in design, product, and internal software development. 🇸🇪/🇧🇷
● Brazilian fintech Neon raised a R$720M Series E in July and reported two consecutive profitable quarters after years of losses. H1 2025 revenue grew 64% YoY to R$1.7B while losses shrank 87% to R$35M. Backed by BBVA, IFC, DEG, and GA, Neon is rebranding under “Pra Você Viver no Azul” to signal a new growth phase with products like automatic Pix, Apple Pay, Open Finance tools, and AI-powered services. 🇧🇷
● Colombian fintech Bold acquired VendeMás from Niubiz to enter Peru, expanding its mission of financial inclusion. Bold’s card payment solutions enable SMEs to accept domestic and international credit/debit cards, including contactless and chip transactions, positioning it as a key player in Peru’s payments ecosystem. 🇨🇴/🇵🇪
● Brazilian fintech Zippi raised R$80M in a new FIDC issuance backed by Itaú BBA, Bradesco Asset, Verde Asset, and Valora—doubling the fund to R$160M. The capital will drive customer growth and expand credit limits after Zippi processed R$4.5B in 2024 and hit breakeven, aiming to double again in 2025. 🇧🇷
● Uruguayan startup metaBIX Biotech raised $1M+ in seed funding backed by AIR Capital, Danta Fund, The Board Perú, and Angel Hub. Its AI-powered platform analyzes farm air samples to predict emerging pathogens in pigs and poultry. Already operating in Brazil, India, and the US, metaBIX plans expansion to Mexico and further US markets. 🇺🇾
● Quero Educação, known for Quero Bolsa, completed a major restructuring to become Qeevo, buying out founders, ex-C-levels, and early investors. GP Investments and Iporanga Ventures remain key shareholders as the company shifts from an edtech focused on college discounts to an “aspiration-tech” platform blending courses, communities, and partner offers. 🇧🇷
● Brazilian startup WorkAI raised $1M from M2 Digital to scale its AI-powered WhatsApp virtual assistant that automates patient scheduling and follow-ups. Founded in 2024, WorkAI grows 30–40% monthly and aims to expand into healthcare, education, and financial services. 🇧🇷
● AI startup Luzid, founded by Stanford grads Matheus Dias (Brazil) and Andres Carranza (Colombia), raised a $2.8M pre-seed led by NXTP with Oceans Ventures, Quiet Capital, and angels including ex-Nubank CTO Vitor Olivier. Luzid integrates AI agents into SAP and Salesforce implementations, already serving six clients and targeting $2M ARR in 2025. 🇧🇷/🇨🇴/🇺🇸
General News:
● Google for Startups is relocating from its Paraíso hub in São Paulo to join Google’s new AI-focused Engineering Center at the historic Adriano Marchini building in the IPT complex near USP, set to open in 2026. The move shifts focus to support AI-first startups and deepen ties with academia. Since launch, the program has accelerated 470 startups, created 48k jobs, and driven over US$13 B in funding. The new center will also emphasize security, privacy, sustainability, and innovation in AI-powered products. 🇧🇷
● TCS and Insper launched the AI-Powered Research & Innovation Center in São Paulo’s Vila Olímpia with a R$50 M investment to drive research in AI, robotics, and cybersecurity for Brazil and LatAm. The hub will host up to six startups, linking them with universities and global partners to convert cutting-edge tech into real-world solutions. An incubator for early-stage deep-tech startups is planned for 2026. 🇧🇷
● Petrobras signed a R$2.3 B, 17-year contract with Elea Digital to host supercomputers and critical apps in a liquid-cooled, 100% renewable-powered data center in São Bernardo do Campo. The facility will support AI workloads, scientific research, and energy-efficient HPC operations, marking a milestone for sustainable digital infrastructure in LatAm. 🇧🇷
● iFood resumed and expanded drone deliveries in Sergipe with Speedbird Aero after ANAC granted Brazil’s first permanent permit for flights over populated areas. A new drone carries up to 5 kg across the Sergipe River in 1 minute—cutting delivery times to 30 minutes versus 1 hour by road—and now handles up to 280 orders daily, showcasing iFood’s multimodal logistics strategy. 🇧🇷
● Brazil’s listed digital banks posted double-digit profit growth in H1 2025 but performance varied among private fintechs. Neon cut losses 87% to R$35 M and grew revenue 64% YoY to R$1.7 B with a stronger credit portfolio above R$7 B, while Creditas swung to a R$159 M loss despite 16% revenue growth. C6 Bank and PicPay remained profitable with wider margins amid tougher digital-lending competition. 🇧🇷
● Brazil’s Central Bank reported progress in Phase 1 of the Drex pilot, testing the digital real (CBDC) in a simulated environment with no real money or customers. Drex has 1:1 parity to the real and enables programmability, tokenized assets, and automatic settlement. Phase 2 will explore receivables, debentures, and collateralized credit, aiming to improve efficiency, inclusion, and access to credit while addressing privacy and security before public rollout. 🇧🇷
● OpenAI launched Sora 2, a next-gen AI video + audio generator featuring realistic physics, smoother transitions, and precise sound sync. Alongside it comes Sora, a TikTok-style social app where users can create, share, and appear via “cameos” in AI-generated clips. The launch positions OpenAI to rival Runway, Pika, and Meta’s Vibes while raising fresh privacy and moderation concerns. 🇺🇸
Deals:
● Kanastra, a Brazilian fintech building infrastructure for FIDCs and securitizations, raised R$170 M in a Series B led by F-Prime (Fidelity’s VC arm) with IFC, Kaszek, Itaú, Valor Capital, and Quona. Already managing R$35 B in assets across 250+ deals, Kanastra will use the funds to launch new products, deepen automation, and expand its client base amid Brazil’s surging private-credit market. 🇧🇷
General news:
● Instagram chief Adam Mosseri denied the long-standing rumor that Meta activates phone mics to target ads, calling it a “serious privacy violation” that would also drain batteries. Meta confirmed, however, that it will start using data from interactions with its AI tools—like Meta AI chats, Ray-Ban smart glasses, Vibes videos, and Imagine images—to improve ad targeting. The new privacy policy takes effect on Dec 16 in most markets, excluding the EU, UK, and South Korea due to stricter privacy rules. 🌍
● BNDES and China’s CEXIM are setting up a Brazil–China investment fund of up to US$1 B, expected to launch in 2026. CEXIM will provide US$600 M and BNDES US$400 M to finance projects in green energy, infrastructure, bioeconomy, digital economy, and AI. The fund will mainly operate in Brazilian reais to deepen bilateral ties and promote sustainable development. 🇧🇷🇨🇳
● Brazil’s Central Bank is slowing Pix’s innovation roadmap after recent cyberattacks, prioritizing stricter rules for intermediaries behind hard-to-trace “pooled accounts” tied to fraud and money laundering. While Pix Installments, MED 2.0 and hybrid billing will proceed, Pix-as-collateral and invoice-via-Pix are delayed to 2026-27. New security steps include a R$15K cap on certain transfers, enhanced fraud-detection criteria and dynamic limits based on user risk profiles. 🇧🇷
● OpenAI hit a US$500 B valuation after employees and ex-staff sold about US$6.6 B in shares in a secondary sale to Thrive Capital, SoftBank, Dragoneer, MGX, and T. Rowe Price. The leap from US$300 B reflects explosive user and revenue growth, with US$4.3 B earned in H1 2025, already surpassing all of 2024. 🇺🇸
● Factorial reached US$100 M ARR, earning the rare “centaur” title for private firms at this scale less than a decade after founding. Backed by a US$200 M round led by General Catalyst in 2025, the HR-tech serves 14,000 companies in 10 countries—over 1,000 in Brazil—and targets US$1 B ARR within five years. 🇪🇸/🇧🇷
● Serasa Experian partnered with Creditas to offer private payroll loans inside the Serasa app, used monthly by 24 M Brazilians. The integration enables rate comparison, simulation and approval in minutes, cutting default risk and costs for workers. A Serasa survey shows most borrowers use the loans to pay off debts (38%) or cover basic bills (30%), highlighting the product’s role in responsible financial recovery. 🇧🇷
● Neo4j announced a US$100 M investment to cement its role as core infrastructure for GenAI and agent-based systems, launching two new graph-powered solutions (Aura Agent and MCP Server) and a global program to support 1,000 AI startups in 12 months. Serving 84 of the world’s top 100 companies, Neo4j aims to provide the memory, context, and scalability many GenAI projects still lack. 🌍
Deals:
● GVAngels launched a tokenized investment model with Mercado Bitcoin called Token-I, turning startup stakes into tradeable tokens on a private exchange for its 300 angel members. Acting as a legal-entity vehicle, it has already invested R$200 K–R$500 K each in 7 startups and 2 funds. A secondary market will open in 2026, giving members liquidity and reducing bureaucracy. 🇧🇷
● Brazilian startup Mannah, in partnership with Hathor Network, is revolutionizing credit reconciliation by tokenizing contracts on blockchain. The move boosted monthly volumes 5× to R$95 M, slashed operational costs 64%, cut errors from 12% to <1%, and accelerated settlements by up to 8 days. Mannah now plans to expand tokenization into FIDCs and launch TIDCs to standardize and trade tokenized debt nationwide. 🇧🇷
General news:
● A cybercriminal group called Scattered LAPSUS$ Hunters claims to have breached Salesforce databases, launching a dark-web portal to pressure victims into ransom talks under threat of leaking about 1 billion records. Confirmed targets include Allianz Life, Google, Kering, Qantas, Stellantis, TransUnion, and Workday, while others like FedEx and Toyota are listed but have not commented. 🌍
● Banco Master hired Laplace to accelerate asset sales as it races to repay or roll over part of its debt with Brazil’s FGC (Credit-Guarantee Fund). Failure to renegotiate could trigger regulatory intervention, prompting a meeting between BC president Gabriel Galípolo and FGC leaders. The first asset up for sale is Will Bank, viewed as simpler and more attractive for a quick deal, with seven potential buyers already in talks. 🇧🇷
● LatAm e-mobility startup Mobi launched in Peru with an ecosystem of electric scooters, smart battery-swap stations, and a delivery-recruitment platform that lets anyone start earning as a courier in under 48 hours with no upfront cost. Mobi plans 100 swap stations in Lima within 24 months and aims to onboard 10% of the city’s delivery riders while cutting operational costs by up to 40% and reducing emissions. 🇵🇪
● Bitcoin neared a fresh all-time high at US$123,261 — just shy of its US$124,514 August peak amid the US-government shutdown, safe-haven demand, strong ETF inflows, and expectations of Fed rate cuts. BTC is up 30% in 2025 with a US$2.45 T market cap; analysts say it could reach US$140 K by year-end if liquidity and risk appetite hold. 🌍
Deals:
● Uber acquired Belgium-based Segments.ai, a Y Combinator-backed startup specializing in data labeling for AI. The team joins Uber AI Solutions to strengthen its tools for annotating and organizing training data — including LiDAR crucial for robotics and autonomous vehicles — reducing time and cost for high-quality datasets. 🇧🇪
● Brazil’s Kiro, a non-alcoholic adult-beverage brand, raised R$3 M led by GVAngels and angels to scale marketing and production. Riding the global “sober-curious” trend, Kiro hit breakeven in August and plans to revamp its supply chain while redefining social drinking with bold, healthy flavors. 🇧🇷
● Brazil’s Netspaces, a real-estate tokenization startup, made its third acquisition by buying SaaS player Studio 360 for over R$10 M in cash + stock. The deal adds 350 developers and 25 K brokers to its network, expanding reach to 200+ cities. Studio 360 will be rebranded Bloco as the main onboarding hub for tokenized properties, strengthening Netspaces’ national distribution. 🇧🇷
● Brazil’s antitrust watchdog Cade is set to approve Totvs’ R$3 B acquisition of Linx, announced in July, with no major hurdles expected. The deal boosts Totvs’ retail and enterprise-software ecosystem and is expected to close smoothly once Cade’s review is complete. 🇧🇷
● Banco Master prioritized selling Will Bank to raise cash and ease pressure with Brazil’s FGC. Will Bank’s ~R$7 B in insured CDBs make it attractive, reducing FGC’s exposure in a potential liquidation. Serving 12 M customers (7 M active) — mostly low-income users in Brazil’s Northeast — it offers accounts and cards with little overlap to rivals. 🇧🇷
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!
Money 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
“Each birthday is a quiet reminder that time moves, but so do we — growing, shedding, learning, and beginning again.” — Unknown