Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="b87dbfe0d0d95e90f19bd7eb4f68fa785dc3ad7627b74c3a5bf7d6a2dd6b" Subject: Dealflow LatAm #62: Creditas raises $108M. Visma acquires Comunidad Feliz for $70M. Talking with Ignasi Vegas. From: Yoel Rodriguez of Dealflow LatAm To: Hidden Recipient Date: Mon, 8 Dec 2025 12:00:46 +0000 X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: kMDl15B0cZhRHx7AhQPT1WH48rjgyu8aQT-K0w-yNkhg1Dov--Vlv9Fic8fO72YZR1wYVVmZAXO_9PIJzDopag== --b87dbfe0d0d95e90f19bd7eb4f68fa785dc3ad7627b74c3a5bf7d6a2dd6b Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable View this post on the web at https://dealflowlatam.substack.com/p/dealflow-= latam-62-creditas-raises Hey, it=E2=80=99s Yoel [ https://substack.com/redirect/c4db19f3-8ba4-4d88-a= 87c-5dd0adc5367c?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0r= bAsF0l24U ] =F0=9F=91=8B Back again with the 62nd edition of Dealflow LatAm= : your go-to source for all the deals, moves, and momentum in the region=E2= =80=99s startup scene. Plenty to break down=E2=80=94so let=E2=80=99s get into it =F0=9F=9A=80 =F0=9F=8F=97=EF=B8=8F LatAm Builders #1 Conversations with the people building the future of tech in LatAm We kick off this new section with a special guest: Ignasi Vega [ https://su= bstack.com/redirect/be5940f9-ed74-4e40-9559-218b74754973?j=3DeyJ1IjoiM2dmeX= ZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ]s, co-founder of Cubbo [= https://substack.com/redirect/c658505e-d89b-445e-8fbe-71704fb3995d?j=3DeyJ= 1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ], who shares = his insights on the contrasts between Mexico and Brazil, and what=E2=80=99s= ahead for the startup ecosystem across the region. =F0=9F=87=B2=F0=9F=87=BD=F0=9F=87=A7=F0=9F=87=B7 Mexico vs Brazil: two diff= erent worlds Q: You recently said S=C3=A3o Paulo is the closest thing you=E2=80=99ve see= n to the U.S. What=E2=80=99s your take on the region, and why does Brazil s= eem so far ahead? Ignasi Vegas: The biggest difference between the U.S. and Europe, and betwe= en Brazil and the rest of LatAm, is market size. It=E2=80=99s not that Amer= ican or Brazilian founders are smarter; they just have massive, unified mar= kets with stronger purchasing power. If something works there, you can scal= e it way faster. Brazil is a country of nearly 300 million people, with a single language an= d a protectionist tradition that forces local investment to operate. That= =E2=80=99s allowed giants like Nubank, Mercado Libre, iFood, or 99 to emerg= e. When you have several $1B+ exits, you get a second wave of talent aiming= for the same. The bar gets higher, and that lifts the whole ecosystem. Mexico is different. It still hasn=E2=80=99t had that first generation of m= ajor local exits. CornerShop, the most prominent one, wasn=E2=80=99t even b= orn in Mexico. Plus, the Mexican ecosystem exploded during the 2020=E2=80= =932022 bubble: we went from =E2=80=9Czero startups=E2=80=9D to Silicon Val= ley-level valuations almost overnight. Now it=E2=80=99s time to digest all = that. There are great companies, but I think maturation will take more time= =2E Brazil already has the flywheel turning. Q: How different is it to operate in Brazil compared to Mexico? Ignasi Vegas: Way more different than we expected. We wrongly assumed they= =E2=80=99d be similar markets, and lost quite a bit of money early on becau= se of that. In Mexico, opening a warehouse is easy: you rent a space, set it up, and yo= u=E2=80=99re operating in a week. In Brazil, if you want to handle basic pr= oducts like cosmetics, you need licenses that take six or seven months. Eve= ry order needs an official tax invoice validated by the government. Labor a= nd tax regulations are much more complex. There are also cultural differences. In Mexico, foreigners are welcomed=E2= =80=94if you come in respectfully and humbly, it=E2=80=99s easy to do busin= ess. In Brazil, you have to show real interest in their culture and way of = working to earn their trust. You=E2=80=99re not =E2=80=9Cspecial=E2=80=9D j= ust because you=E2=80=99re from abroad=E2=80=94you have to adapt to them. In short: the tech is the same and warehouse operations are similar, but ev= erything else=E2=80=94people, culture, bureaucracy=E2=80=94is totally diffe= rent. And at the end of the day, people are what matter most. =F0=9F=9A=80 The future of the startup ecosystem in LatAm Q: Where do you see the startup ecosystem in LatAm five years from now? Ignasi Vegas: I=E2=80=99m very optimistic about Brazil. There have already = been big exits, many funds have returned capital with strong multiples, and= the flywheel is spinning. I think it will keep going: more liquidity, more= ambition, and more role models for founders. Mexico is on a different timeline. It still needs those big exits to valida= te the ecosystem. As I said earlier, the 2020=E2=80=932022 bubble had a big= impact=E2=80=94tons of capital came in fast, with sky-high valuations, and= now there=E2=80=99s a correction. But there are solid companies, and some = will exit. It=E2=80=99ll just take more time. As for the rest of the region: Argentina and Chile are incredible talent factories. There=E2=80=99s a lot = of quality, but small markets. Like Spain, they produce exportable talent, = but not big enough for domestic scale. Colombia has a unique case with Rappi. It seemed overhyped during the bubbl= e, but now it=E2=80=99s profitable and preparing for what could be a histor= ic IPO. That exit could create a lot of local wealth and drive the whole ec= osystem forward. I think the landscape will stay roughly the same: Argentina, Chile, and Col= ombia will continue to be huge talent hubs, but to build massive companies,= you=E2=80=99ll need to go through Mexico and Brazil. Those are the two mar= kets where everything really happens. =F0=9F=91=89=F0=9F=8F=BC If you=E2=80=99re interested in sponsorship opport= unities, please reach out to yoel@dealflow.es Startup funding news=C2=A0=F0=9F=92=B8 Rounds of $10M+: =F0=9F=87=BA=F0=9F=87=B8=F0=9F=87=A7=F0=9F=87=B7 Kalshi raises $1B at an $1= 1B valuation led by Paradigm, doubling in 2 months and making Luana Lopes t= he youngest self-made billionaire. =F0=9F=87=A7=F0=9F=87=B7 Creditas raises [ https://substack.com/redirect/5a= 8fbfd3-dbf7-4338-96a6-ddad5e37504f?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP82= 2j-jnN48_jCfgM3m0rbAsF0l24U ] $108M in Series G led by Andbank, sealing a b= anking license deal and forming a private banking partnership in Brazil. =F0=9F=87=A7=F0=9F=87=B7 The Led secures [ https://substack.com/redirect/c2= 98f544-7aa5-47cb-834a-54b264305cf4?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP82= 2j-jnN48_jCfgM3m0rbAsF0l24U ] $27.6M from Kinea to boost retail media expan= sion in Brazil, including in=E2=80=91store digital advertising. =F0=9F=87=A8=F0=9F=87=B1 Vambe raises [ https://substack.com/redirect/69bf1= ab8-99f6-42c3-9b9a-4b6aa828b6bc?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] $14M Series A to scale its AI-driven conversatio= nal commerce. The round was led by Monashees with support from Cathay and o= thers. Rounds $1M to $10M: =F0=9F=87=A7=F0=9F=87=B7 Turbi raises [ https://substack.com/redirect/a7410= d4b-cb48-4a72-a628-40e515388155?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] $5.5M from Santander to scale operations after d= oubling its fleet to 7K cars; eyes $73.5M in 2025 revenue. =F0=9F=87=A8=F0=9F=87=B4 Unergy raises [ https://substack.com/redirect/148b= 3141-22c6-4694-a672-c73677bf891d?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j= -jnN48_jCfgM3m0rbAsF0l24U ] $5M Pre-Series A to deploy 80 new solar =E2=80= =9Cminigranjas=E2=80=9D in Colombia. An additional $80M will finance small-= scale clean energy projects. =F0=9F=87=A7=F0=9F=87=B7 Unbox raises [ https://substack.com/redirect/2500e= 45f-997f-4a63-97d9-ecb8b2084720?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] $2.75M led by SRM Ventures to offer credit for D= 2C brands based on sales data from its e-commerce platform. =F0=9F=87=A6=F0=9F=87=B7 Avedian raises [ https://substack.com/redirect/903= 10baf-9da7-4b1c-9fd6-5ef88b3b6ea6?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822= j-jnN48_jCfgM3m0rbAsF0l24U ] $2.2M led by Meet Capital to expand its AI hea= lthtech to hospitals globally, including markets like Mexico, China, and In= dia. =F0=9F=87=A8=F0=9F=87=B1 Cenit raises [ https://substack.com/redirect/9cacb= cb1-683e-4b43-9aac-1a24a1de7633?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] $1.8M led by HI Ventures to scale its AI-powered= tax automation app for SMBs across Chile and Mexico. =F0=9F=87=B2=F0=9F=87=BD Emmi raises [ https://substack.com/redirect/cb58f4= 08-ac78-4aa3-8e90-52aaa0fb9278?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-j= nN48_jCfgM3m0rbAsF0l24U ] $1.75M to scale its AI-powered EdTech platform an= d reduce teacher burnout. A $3=E2=80=935M Series A is planned to expand acr= oss LatAm. =F0=9F=87=A8=F0=9F=87=B4 Finturu raises [ https://substack.com/redirect/038= 1b593-f1f1-41ea-ba3b-6ac43e34bb00?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822= j-jnN48_jCfgM3m0rbAsF0l24U ] $1.3M in pre-seed funding to expand its cross-= border commerce infrastructure with stablecoins, AI, and multi-currency acc= ounts. =F0=9F=87=A8=F0=9F=87=B1 Humos de la Patagonia, part of Nacimiento Co.Lab, = secured [ https://substack.com/redirect/ce2f199b-7a20-481f-bcf6-2b412948708= 4?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] a $= 1M investment commitment to build a pilot plant in Chile. Other rounds of funding: =F0=9F=87=A8=F0=9F=87=AD=F0=9F=87=A7=F0=9F=87=B7 oiwhite raises [ https://s= ubstack.com/redirect/5824e4a7-dd7e-48c7-9b8f-a5b53ddf2192?j=3DeyJ1IjoiM2dme= XZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] $920K in pre-seed fund= ing to expand its oral care line in Brazil, focusing on DTC channels and re= tail partnerships.=20 =F0=9F=87=B2=F0=9F=87=BD Moneypool secures [ https://substack.com/redirect/= a0ca9dca-166e-4a5b-bb3e-29144368fb23?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP= 822j-jnN48_jCfgM3m0rbAsF0l24U ] $175K investment from Karla Berman on Shark= Tank M=C3=A9xico, becoming the first regulated digital wallet to raise fun= ds on the show. =F0=9F=87=A7=F0=9F=87=B7 Hakutaku raises [ https://substack.com/redirect/fb= 91de9e-288a-44fc-b21a-79fd02a9cec1?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP82= 2j-jnN48_jCfgM3m0rbAsF0l24U ] undisclosed pre-seed funding to refine its AI= platform for enterprise data management. The round was led by Stamina and = GrowthWay. M&A transactions =F0=9F=8E=8A =F0=9F=87=A6=F0=9F=87=B7=F0=9F=A4=9D=F0=9F=87=BA=F0=9F=87=B8 BairesDev acqu= ires [ https://substack.com/redirect/ba244745-e578-4110-aef4-35da82a2e153?j= =3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] Modal = to boost AI upskilling and expand in North America. Darren Shimkus joins as= President for the region. =F0=9F=87=A9=F0=9F=87=AA=F0=9F=A4=9D=F0=9F=87=A7=F0=9F=87=B7 NTT DATA acqui= res [ https://substack.com/redirect/29c98a64-3ad9-4649-93c9-d10771993708?j= =3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] SPRO I= T Solutions to expand its SAP services in Brazil=E2=80=99s agribusiness sec= tor. SPRO will operate independently. =F0=9F=87=A7=F0=9F=87=B7 GCB Investimentos joins [ https://substack.com/red= irect/255b9d20-6a96-41ae-ad27-9aa537b6dd31?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFOb= qArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] ABFintechs as a maintainer to boost d= igital asset infrastructure and modernize Brazil=E2=80=99s capital markets = through tokenization. =F0=9F=87=A7=F0=9F=87=B7 Starian acquires [ https://substack.com/redirect/3= c26ddc8-4004-47bb-8d51-167d38945184?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP8= 22j-jnN48_jCfgM3m0rbAsF0l24U ] Contato Seguro to expand into governance and= compliance software. The deal boosts its vertical SaaS ecosystem post-Soft= plan spin-off. =F0=9F=87=A7=F0=9F=87=B7=F0=9F=A4=9D=F0=9F=87=A8=F0=9F=87=A6 Vela LatAm, pa= rt of Constellation, acquires [ https://substack.com/redirect/16a6950a-75ae= -4646-820f-5d800d1e57f0?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jC= fgM3m0rbAsF0l24U ] Gaudium to expand into urban mobility through white-labe= l ride and delivery SaaS. =F0=9F=87=A8=F0=9F=87=B1=F0=9F=A4=9D=F0=9F=87=B3=F0=9F=87=B4 Comunidad Feli= z is acquired [ https://substack.com/redirect/f5d23c4b-e0bb-4f3e-9ea1-d181e= f54e316?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U= ] by Visma for ~$70M to expand its property management software across Lat= Am. Founders will stay to lead growth. =F0=9F=87=BA=F0=9F=87=BE=F0=9F=A4=9D=F0=9F=87=BA=F0=9F=87=B8 Exodus acquire= s [ https://substack.com/redirect/16c0b55e-ce4c-4d9e-8820-ff69f4ffb660?j=3D= eyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] Uruguayan= startup Grateful for $3M to expand stablecoin payment solutions across Lat= Am and enhance its crypto wallet ecosystem. =F0=9F=87=B2=F0=9F=87=BD Koggi acquires [ https://substack.com/redirect/3fc= d3bbe-aef5-454f-b397-20e5c4227c8b?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822= j-jnN48_jCfgM3m0rbAsF0l24U ] Alohome to expand in PropTech, becoming LatAm= =E2=80=99s first startup to manage home buying from lead to loan approval. Investor & accelerator news =F0=9F=9A=80 =F0=9F=87=A8=F0=9F=87=B1 BCI to boost [ https://substack.com/redirect/059a1= 3d8-0f00-478d-8e70-b7a764426697?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] startup funding to $150M in 2026 and expand its = support network across Chile and the U.S., with a focus on women- and 50+ l= ed ventures. =F0=9F=87=A8=F0=9F=87=B1 ChileGlobal Ventures launches [ https://substack.c= om/redirect/b077d9e2-3940-44fb-9235-24254b0ff494?j=3DeyJ1IjoiM2dmeXZtIn0.xu= 76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] EVOLVE, a climatech accelerator= offering mentorship and up to $50K equity-free funding to early-stage Chil= ean startups. =F0=9F=87=BA=F0=9F=87=B8 Capria Ventures deploys [ https://substack.com/red= irect/94ff0c3c-563d-4104-b093-4dc3763d7c65?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFOb= qArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] $196M to back AI-driven fintech and S= aaS startups across LatAm, with $1=E2=80=936M checks from early to growth s= tages. =F0=9F=87=B5=F0=9F=87=AA Krealo, Credicorp=E2=80=99s CVC arm, expects to cl= ose [ https://substack.com/redirect/492cb023-e193-46b1-9b71-a741800e6c66?j= =3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] 2025 w= ith 8 deals, focusing on fintech, financial services, and healthtech expans= ion. Opportunities & Deadlines =F0=9F=91=80 =F0=9F=87=A7=F0=9F=87=B7 Inova Startups 2026, by Sebrae, is open [ https://= substack.com/redirect/3db6763b-d35a-4196-b2dc-346bf198ae71?j=3DeyJ1IjoiM2dm= eXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] for early-stage start= ups in Brazil to apply for funding, mentorship, and investor access. Applic= ations close on Dec 14. =F0=9F=87=A7=F0=9F=87=B7 GITEX LATAM debuts [ https://substack.com/redirect= /d1d2def4-0e0c-44a9-b509-3eb9eb2dd25a?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDf= P822j-jnN48_jCfgM3m0rbAsF0l24U ] in SP on Mar=E2=80=AF16=E2=80=AF2027, brin= ging the world=E2=80=99s largest tech and innovation event to boost digital= transformation and global partnerships. =F0=9F=87=B2=F0=9F=87=BD Bitso Business confirms [ https://substack.com/red= irect/c9a4856e-0642-452b-855a-3d2bc29ab5f4?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFOb= qArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] the Stablecoin Conference LatAm 2026,= gathering global leaders on stablecoin innovation in Mexico City; =F0=9F= =93=85 June=E2=80=AF15=E2=80=9316. Startup news =F0=9F=92=A1 =F0=9F=87=A6=F0=9F=87=B7 Argentina =F0=9F=87=A6=F0=9F=87=B7 BlinkTrip, founded by Marcelo Morales Rins, ex-Ual= =C3=A1, grew [ https://substack.com/redirect/7bdce9e9-8326-4b61-af47-d9fc8f= a6f807?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U = ] 400% in 2025 with over $1M in revenue using GenAI for personalized travel= planning. =F0=9F=87=A6=F0=9F=87=B7 Rentennials tripled [ https://substack.com/redirec= t/d3df82f7-0ae0-4601-815a-8d9dd12caa68?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArD= fP822j-jnN48_jCfgM3m0rbAsF0l24U ] users and grew revenue 88% in 2025. It pl= ans to expand across LatAm and the U.S. in 2026. =F0=9F=87=A6=F0=9F=87=B7 Agrojusto was named [ https://substack.com/redirec= t/6d4b0de3-3d0d-4b9a-9b7b-961219b30d7c?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArD= fP822j-jnN48_jCfgM3m0rbAsF0l24U ] one of LatAm=E2=80=99s top impact startup= s after winning iImpact Latam=E2=80=99s ODS 17 and receiving recognition fo= r its fair-trade food platform. =F0=9F=87=A7=F0=9F=87=B7 Brazil =F0=9F=87=A7=F0=9F=87=B7=F0=9F=87=B5=F0=9F=87=B9 Mercado Bitcoin announces = [ https://substack.com/redirect/bb9529a1-d6b2-464e-b9c0-2474eb52fb1e?j=3Dey= J1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] =E2=82=AC50= M investment to expand in Portugal, linking Brazilian and European markets = via crypto and Pix. =F0=9F=87=A7=F0=9F=87=B7 Cumbuca pivots [ https://substack.com/redirect/7ac= 1070a-a565-4189-8f86-e7f524aea3ad?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822= j-jnN48_jCfgM3m0rbAsF0l24U ] to B2B as a regulated Open Finance proxy using= its ITP license, offering custom payment infrastructure to large enterpris= es. =F0=9F=87=A7=F0=9F=87=B7 Pix hits [ https://substack.com/redirect/4603a47b-= 3c9b-4079-99ba-63915d553715?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN4= 8_jCfgM3m0rbAsF0l24U ] a new record with 313.3M transactions totaling $33.0= 5B in a single day (Dec 5), according to the Central Bank of Brazil. =F0=9F=87=BA=F0=9F=87=BE dLocal enables [ https://substack.com/redirect/2c0= dfcef-66d0-47fd-849b-85ffcc13e4ac?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822= j-jnN48_jCfgM3m0rbAsF0l24U ] biometric payments via Pix in Brazil, allowing= users to approve purchases with facial or fingerprint recognition. =F0=9F=87=A8=F0=9F=87=B1 Chile =F0=9F=87=A7=F0=9F=87=B7 Company Hero invests [ https://substack.com/redire= ct/d44fb5f4-1dd5-465c-96ab-b7fcd56d4597?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqAr= DfP822j-jnN48_jCfgM3m0rbAsF0l24U ] $1.84M to launch in Chile, kicking off i= ts LatAm expansion with virtual office services for SMBs. =F0=9F=87=A8=F0=9F=87=B1 Rema and Ainwater win [ https://substack.com/redir= ect/e23e741c-285f-41d9-bf5c-53c35aa1cbec?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqA= rDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] the Decarb-volution Demo Day for their = scalable climate tech in soil remediation and AI-powered water management. =F0=9F=87=A8=F0=9F=87=B1 Buk partners [ https://substack.com/redirect/1771b= b3f-30c9-43de-b177-f2528884d55f?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] with Pluxee to unify benefits and compensation m= anagement, boosting employee wellbeing and HR efficiency in Chile. =F0=9F=87=A8=F0=9F=87=B4 Colombia =F0=9F=87=A8=F0=9F=87=B4 MejorCDT surpasses [ https://substack.com/redirect= /c40928b6-c4fd-4474-96f1-4ecce0a8369f?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDf= P822j-jnN48_jCfgM3m0rbAsF0l24U ] 550K users and $30M in returns, cementing = its role as Colombia=E2=80=99s leading fixed-income investment platform. =F0=9F=87=A8=F0=9F=87=B4 Bancam=C3=ADa launches [ https://substack.com/redi= rect/d3b4c812-530c-4df2-a9b5-f84527b659b8?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObq= ArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] a mobile-managed debit card with Pomel= o to boost financial inclusion for underserved Colombian microentrepreneurs= =2E =F0=9F=87=A8=F0=9F=87=B4 Rappi reports [ https://substack.com/redirect/1c35= 2f33-e4a2-4aba-90f6-067d51e3d957?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j= -jnN48_jCfgM3m0rbAsF0l24U ] a 40% YoY surge in delivery workers and double-= digit growth in orders, ticket size, and active merchants, per its new real= -time economic index. =F0=9F=87=B2=F0=9F=87=BD Mexico =F0=9F=87=A8=F0=9F=87=B4 Spybee lands [ https://substack.com/redirect/2f290= abd-62ed-49fe-aa75-88f97697a763?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] in Mexico with its AI and drone platform to cut = construction delays and costs, after 200+ projects in Colombia. =F0=9F=87=A7=F0=9F=87=B7 Nubank to invest [ https://substack.com/redirect/a= 38015e1-4b3f-4b12-b88b-be22eeac2df6?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP8= 22j-jnN48_jCfgM3m0rbAsF0l24U ] $2.5B in Mexico over 5 years to boost its te= ch platform and expand services, aiming to reach the 60% still underserved. =F0=9F=87=A6=F0=9F=87=B7 Bitso launches [ https://substack.com/redirect/088= e760b-3226-4981-815a-bf21f1de68c7?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822= j-jnN48_jCfgM3m0rbAsF0l24U ] 24/7 commission-free global stock and ETF trad= ing in Mexico, starting from 20 pesos, to broaden financial access. =F0=9F=87=B5=F0=9F=87=AA Peru =F0=9F=87=B5=F0=9F=87=AA Ligo and LigoPay join [ https://substack.com/redir= ect/0cfcc647-12fa-4a53-9659-c2932f7e3562?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqA= rDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] Peru=E2=80=99s Central Bank pilot to en= able instant, interoperable payments with a national QR system. =F0=9F=87=B5=F0=9F=87=AA Tupay grew [ https://substack.com/redirect/7c5e4e1= 3-9bd3-4b4e-845c-4b905510a7ab?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jn= N48_jCfgM3m0rbAsF0l24U ] revenues 800% and expects to process nearly $500M = in 2025, driven by its all-in-one digital payments platform and sector dive= rsification. =F0=9F=87=A8=F0=9F=87=B1 ScaleX, Chile=E2=80=99s alternative stock market, = expands [ https://substack.com/redirect/7dcfb8c5-93ef-4290-9999-67c3b734824= 2?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] to = Peru to offer growth-stage startups new financing options beyond traditiona= l credit. =F0=9F=87=BA=F0=9F=87=BE Uruguay =F0=9F=87=BA=F0=9F=87=BE=F0=9F=A4=9D=F0=9F=87=A8=F0=9F=87=AD dLocal partner= s [ https://substack.com/redirect/23b65afa-aa16-4af5-8fc7-3518cceada66?j=3D= eyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] with Xand= erPay to simplify cross-border payments for hotels and OTAs in 13 emerging = markets. =F0=9F=87=BA=F0=9F=87=BE dLocal plans [ https://substack.com/redirect/e9ddf= a72-6bca-4602-8d32-6594b49ba592?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] Africa expansion, fueled by Chinese e-commerce d= emand and a rising young population. =F0=9F=8C=8E Other LatAm News =F0=9F=87=B8=F0=9F=87=BB El Salvador named [ https://substack.com/redirect/= 8ff9deba-3be4-46ba-ae9e-0f72b5e5c2c3?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP= 822j-jnN48_jCfgM3m0rbAsF0l24U ] fastest-growing startup ecosystem by Startu= pBlink, jumping 400+ spots in the 2025 global ranking. =F0=9F=87=BB=F0=9F=87=AA Ridery launches [ https://substack.com/redirect/09= 3b8512-65c8-4135-ab3f-086ade695e6e?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP82= 2j-jnN48_jCfgM3m0rbAsF0l24U ] Panita, Venezuela=E2=80=99s first AI virtual = assistant on WhatsApp, enabling transport, ticketing, and more via chat=E2= =80=94fully built by local talent. =F0=9F=87=BB=F0=9F=87=AA Lysto and Rapikom win [ https://substack.com/redir= ect/9c22e2f0-a7fa-409f-bd01-26fad421eee6?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqA= rDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] antitrust case in Venezuela, ending Cas= hea=E2=80=98s exclusivity deals and opening up the BNPL market to more comp= etition. =F0=9F=87=B2=F0=9F=87=BD Tala expands [ https://substack.com/redirect/a5689= 7d2-8cf4-4d44-b5f6-90c1b57bd7ca?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-= jnN48_jCfgM3m0rbAsF0l24U ] to Guatemala to scale its AI-powered credit plat= form across LatAm, targeting underserved and informal segments. Big company & policy news =F0=9F=92=A1 =F0=9F=87=A6=F0=9F=87=B7 Mercado Pago seeks [ https://substack.com/redirect= /d169f3c6-466b-4c4e-b237-d873d17af645?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDf= P822j-jnN48_jCfgM3m0rbAsF0l24U ] a banking license to offer salary and ANSE= S accounts, aiming to tap into 22M users and cut customer acquisition and l= ending costs. =F0=9F=87=AC=F0=9F=87=A7=F0=9F=87=A8=F0=9F=87=B4 Revolut secures [ https://= substack.com/redirect/4abec9eb-21ea-4e88-ad8b-09ef3543d043?j=3DeyJ1IjoiM2dm= eXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] banking license in Co= lombia, aiming for a 2026 full-service launch with local payments and insta= nt remittances. =F0=9F=87=A7=F0=9F=87=B7 BC and CMN enforce [ https://substack.com/redirect= /cf240e57-778e-49f3-957c-1a185b3d1f03?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDf= P822j-jnN48_jCfgM3m0rbAsF0l24U ] new BaaS rules ending informal setups and = mandating exclusive partnerships, raising compliance costs and pushing mark= et consolidation. =F0=9F=87=A7=F0=9F=87=B7 Cyberattacks diverted [ https://substack.com/redir= ect/57a47fdd-96b4-437e-bb99-c346d53e74ef?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqA= rDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] over $275M from banks and fintechs in 2= 025. The Central Bank confirmed no customer losses and imposed stricter sec= urity rules. =F0=9F=87=A8=F0=9F=87=B3=F0=9F=A4=9D=F0=9F=87=A7=F0=9F=87=B7 TikTok, in par= tnership with Patria and Casa dos Ventos, will invest [ https://substack.co= m/redirect/05b999e0-6e59-459f-81fc-f29dbb2ef962?j=3DeyJ1IjoiM2dmeXZtIn0.xu7= 6uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] +$37B to build its first LatAm d= ata center in Cear=C3=A1, powered by 100% renewable energy. =F0=9F=87=B2=F0=9F=87=BD Spin by OXXO plans to launch [ https://substack.co= m/redirect/f2abf4de-0457-415d-a5ae-3a5a421eb026?j=3DeyJ1IjoiM2dmeXZtIn0.xu7= 6uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] credit cards as part of its alli= ance with Visa, expanding FEMSA=E2=80=99s fintech offerings in Mexico. =F0=9F=87=BA=F0=9F=87=BE Zapia exits [ https://substack.com/redirect/6ae09a= a1-33d3-4af8-b233-ceb63bbefee0?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-j= nN48_jCfgM3m0rbAsF0l24U ] WhatsApp and sues Meta over chatbot ban, pivoting= to its own app after a $7.5M raise led by Prosus Ventures. Interesting reads =F0=9F=92=A1 =F0=9F=87=A8=F0=9F=87=B4 The rise and fall: the story [ https://substack.co= m/redirect/fed4a4e4-94b2-41a5-902c-fb4a571fbe88?j=3DeyJ1IjoiM2dmeXZtIn0.xu7= 6uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] of Merqueo, once a pandemic star= , ends with its shutdown in July 2025 after debt and failed pivots. Thanks for reading Dealflow LatAm! Subscribe for free to receive new posts = and support my work. Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9kZWFsZmxvd2x= hdGFtLnN1YnN0YWNrLmNvbS9hY3Rpb24vZGlzYWJsZV9lbWFpbD90b2tlbj1leUoxYzJWeVgybG= tJam95TURrd01UYzBNallzSW5CdmMzUmZhV1FpT2pFNE1EazFPRGczTWl3aWFXRjBJam94TnpZM= U1UazFNalUyTENKbGVIQWlPakUzT1RZM016RXlOVFlzSW1semN5STZJbkIxWWkwME5URTRPVFFp= TENKemRXSWlPaUprYVhOaFlteGxYMlZ0WVdsc0luMC4xMGFYaXpuci1ZUlJuYWpMa3hza3ZZLUF= QWXlWOV9RV3RGN1RpY3lSenM0IiwicCI6MTgwOTU4ODcyLCJzIjo0NTE4OTQsImYiOnRydWUsIn= UiOjIwOTAxNzQyNiwiaWF0IjoxNzY1MTk1MjU2LCJleHAiOjIwODA3NzEyNTYsImlzcyI6InB1Y= i0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.KJhkD6iUynEPIkmSIKKMkWjro_1gm2TIT_jIF6e= Z5O4? --b87dbfe0d0d95e90f19bd7eb4f68fa785dc3ad7627b74c3a5bf7d6a2dd6b Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable Dealflow LatAm #62: Cred= itas raises $108M. Visma acquires Comunidad Feliz for $70M. Talking with Ig= nasi Vegas.3D""
Welcome to the 62nd edition of the Dealflow LatAm newsletter: a week= ly summary of everything that happened in the LatAm startup and investment = ecosystem.
͏     ­͏     ­͏ =     ­͏     ­͏     = 3;͏     ­͏     ­͏   = 199; ­͏     ­͏     ­͏ &= nbsp;   ­͏     ­͏     ­= ;͏     ­͏     ­͏   Q= 99; ­͏     ­͏     ­͏ &n= bsp;   ­͏     ­͏     ­= ͏     ­͏     ­͏   ̳= 9; ­͏     ­͏     ­͏ &nb= sp;   ­͏     ­͏     ­&= #847;     ­͏     ­͏    = ; ­͏     ­͏     ­͏ &nbs= p;   ­͏     ­͏     ­&#= 847;     ­͏     ­͏    = ­͏     ­͏     ­͏  = ;   ­͏     ­͏     ­= 47;     ­͏     ­͏     = ­͏     ­͏     ­͏  =   ­͏     ­͏     ­T= 7;     ­͏     ­͏     &= #173;͏     ­͏     ­͏   =   ­͏     ­͏     ­͏= ;     ­͏     ­͏     &#= 173;͏     ­͏     ­͏   &= #8199; ­͏     ­͏     ­͏=     ­͏     ­͏     = 73;͏     ­͏     ­͏   &#= 8199; ­͏     ­͏     ­͏ =     ­͏     ­͏     = 3;͏     ­͏     ­͏   = 199; ­͏     ­͏     ­͏ &= nbsp;   ­͏     ­͏     ­= ;͏     ­͏     ­͏   Q= 99; ­͏     ­͏     ­͏ &n= bsp;   ­͏     ­͏     ­= ͏     ­͏     ­͏   ̳= 9; ­͏     ­͏     ­͏ &nb= sp;   ­͏     ­͏     ­&= #847;     ­͏     ­͏    = ; ­͏     ­͏     ­͏ &nbs= p;   ­͏     ­͏     ­&#= 847;     ­͏     ­͏    = ­͏     ­͏     ­͏  = ;   ­͏     ­͏     ­= 47;     ­͏     ­͏     = ­͏     ­͏     ­͏  =   ­͏     ­͏     ­T= 7;     ­͏     ­͏     &= #173;͏     ­͏     ­͏   =   ­͏     ­͏     ­͏= ;     ­͏     ­͏     &#= 173;͏     ­͏     ­͏   &= #8199; ­͏     ­͏     ­͏=     ­͏     ­͏     = 73;͏     ­͏     ­͏   &#= 8199; ­͏     ­͏     ­͏ =     ­͏     ­͏     = 3;͏     ­͏     ­͏   = 199; ­͏     ­͏     ­͏ &= nbsp;   ­͏     ­͏     ­= ;͏     ­͏     ­͏   Q= 99; ­͏     ­͏     ­͏ &n= bsp;   ­͏     ­͏     ­= ͏     ­͏     ­͏   ̳= 9; ­͏     ­͏     ­͏ &nb= sp;   ­͏     ­͏     ­&= #847;     ­͏     ­͏    = ; ­͏     ­͏     ­͏ &nbs= p;   ­͏     ­͏     ­&#= 847;     ­͏     ­͏    = ­͏     ­͏     ­͏  = ;   ­͏     ­͏     ­= 47;     ­͏     ­͏     = ­͏     ­͏     ­
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Forwarded this email? Subscribe here for more
= =

Dealflow LatAm #62: Creditas raises $108M. Vi= sma acquires Comunidad Feliz for $70M. Talking with Ignasi Vegas.

<= h3 class=3D"subtitle subtitle-HEEcLo" dir=3D"auto" style=3D"direction: auto= ;text-align: start;unicode-bidi: isolate;font-family: 'SF Pro Display',-app= le-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Ro= boto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe= UI Symbol';font-weight: normal;-webkit-font-smoothing: antialiased;-moz-os= x-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-a= ppearance: optimizelegibility;appearance: optimizelegibility;margin: 4px 0 = 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;">Welco= me to the 62nd edition of the Dealflow LatAm newsletter: a weekly summary o= f everything that happened in the LatAm startup and investment ecosystem.
 
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READ IN APP3D""
 

Hey, it’s <= a href=3D"https://substack.com/redirect/c4db19f3-8ba4-4d88-a87c-5dd0adc5367= c?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel= =3D"" style=3D"color: rgb(54,55,55);text-decoration: underline;">Yoel 👋 Back again with the 62nd edition of = Dealflow LatAm: your go-to source for all the deals, moves, = and momentum in the region’s startup scene.

Plenty to break down—so let’s get into it = 🚀

3D""Subscribed

🏗️ LatAm Builders #1

Conversa= tions with the people building the future of tech in LatAm

We kick off this new section with a special guest: Ignasi V= egas, co-founder of Cubbo, who shares his insights on the contrasts between Mexico and Brazil= , and what’s ahead for the startup ecosystem across the region.

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=
🇲🇽🇧🇷 Mexico vs Brazil: two different worlds

Q: You recently said São Paulo is the closest thing you’ve seen= to the U.S. What’s your take on the region, and why does Brazil seem= so far ahead?

Ignasi Vegas: The biggest difference between the U.S. and Europe, and between Brazil an= d the rest of LatAm, is market size. It’s not that American or Brazil= ian founders are smarter; they just have massive, unified markets with stro= nger purchasing power. If something works there, you can scale it way faste= r.

Brazil is a country of nearly 300 million p= eople, with a single language and a protectionist tradition that forces loc= al investment to operate. That’s allowed giants like N= ubank, Mercado Libre, <= strong>iFood, or 99 to emerge.= When you have several $1B+ exits, you get a second wave of talent aiming f= or the same. The bar gets higher, and that lifts the whole ecosystem.

Mexico is different. It still hasn’t had that= first generation of major local exits. CornerShop<= span>, the most prominent one, wasn’t even born in Mexico. Plus, the = Mexican ecosystem exploded during the 2020–2022 bubble: we went from = “zero startups” to Silicon Valley-level valuations almost overn= ight. Now it’s time to digest all that. There are great companies, bu= t I think maturation will take more time. Brazil already has the flywheel t= urning.

Q: How different is it to operate in Brazil = compared to Mexico?

Ignasi Vegas: Way more different than we expected. We wrongly assumed they’d= be similar markets, and lost quite a bit of money early on because of that= =2E

In Mexico, opening a warehouse is easy: you rent a= space, set it up, and you’re operating in a week. In Brazil, if you = want to handle basic products like cosmetics, you need licenses that take s= ix or seven months. Every order needs an official tax invoice validated by = the government. Labor and tax regulations are much more complex.

There are also cultural differences. In Mexico, foreigners are welcom= ed—if you come in respectfully and humbly, it’s easy to do busi= ness. In Brazil, you have to show real interest in their culture and way of= working to earn their trust. You’re not “special” just b= ecause you’re from abroad—you have to adapt to them.

In short: the tech is the same and warehouse operations are similar, = but everything else—people, culture, bureaucracy—is totally dif= ferent. And at the end of the day, people are what matter most.

🚀 The future of the startup ecosystem in LatAm

Q: Where do you see the startup ecosystem in LatAm five y= ears from now?

Ignasi Vegas: I’m very optimistic about Brazil. There have already been big exits= , many funds have returned capital with strong multiples, and the flywheel = is spinning. I think it will keep going: more liquidity, more ambition, and= more role models for founders.

Mexico is on a diffe= rent timeline. It still needs those big exits to validate the ecosystem. As= I said earlier, the 2020–2022 bubble had a big impact—tons of = capital came in fast, with sky-high valuations, and now there’s a cor= rection. But there are solid companies, and some will exit. It’ll jus= t take more time.

As for the rest of the region:

  • Argentina and Chile are inc= redible talent factories. There’s a lot of quality, but small markets= =2E Like Spain, they produce exportable= talent, but not big enough for domest= ic scale.

  • = Colombia has a unique case with Rappi= . It seemed overhyped during the bubble, but now it’s = profitable and preparing for what could be a historic IPO. That exit could = create a lot of local wealth and drive the whole ecosystem forward.<= /p>

I think the landscape will stay roughly the same:= Argentina, Chile, and Colombia will continue to be huge talent hubs, but t= o build massive companies, you’ll need to go through Mexico and Brazi= l. Those are the two markets where everything really happens.

&= #128073;🏼 If you’re interested in sponsorship opportunities, = please reach out to yoel@dealflow.es

Startup funding news &= #128184;

Rounds of $10M+:

  • 🇺🇸🇧🇷 Kalshi raises $1B at an $11B valuation led by Paradigm, doubling in 2 months and making Luana Lopes the youngest self-made billionaire.

  • 🇧🇷 Creditas raises $108M in Series G led by Andbank, sealing a banking license deal and forming= a private banking partnership in Brazil.

  • 🇧🇷 The= Led secures $27.6M from Kinea to boost retail media expansion in Brazil, including in‑store= digital advertising.

  • 🇨🇱 Vambe raise= s $14M Series A to scale its AI-driven conversational commerce. T= he round was led by Monashees with support fr= om Cathay and others.

Rounds $1M to $10M:

  • &= #127463;🇷 Turbi raises $5.5M f= rom Santander to scale operations after doubl= ing its fleet to 7K cars; eyes $73.5M in 2025 revenue.

  • 🇨🇴 Unergy raises $5M Pre-Series A to deploy 80= new solar “minigranjas” in Colombia. An additional $80M will f= inance small-scale clean energy projects.

  • 🇧🇷 Unb= ox raises $2.75M led by SRM Ventures to offer credit for D2C brands based on sales data from its e= -commerce platform.

  • 🇦🇷 Avedian raise= s $2.2M led by Meet Capital to expa= nd its AI healthtech to hospitals globally, including markets like Mexico, = China, and India.

  • 🇨🇱 Cenit raises $1.8M led by HI Ventures to scale its= AI-powered tax automation app for SMBs across Chile and Mexico.

    =

  • 🇲= 485; Emmi raises $1.75M to scale its A= I-powered EdTech platform and reduce teacher burnout. A $3–5M Series = A is planned to expand across LatAm.

  • 🇨🇴 Finturu<= /strong> raises $1.3M in pre-seed funding to expand its cross-= border commerce infrastructure with stablecoins, AI, and multi-currency acc= ounts.

  • 🇨🇱 Humos de la Patagonia, = part of Nacimiento Co.Lab, secured a $= 1M investment commitment to build a pilot plant in Chile.

    • Other rounds of funding:

    • 🇨🇭🇧🇷 oiwhite raises $920K in pre-seed funding to expand its oral care= line in Brazil, focusing on DTC channels and retail partnerships. <= /p>

    • 🇲&#= 127485; Moneypool secures $175K invest= ment from Karla Berman on Shar= k Tank México, becoming the first regulated digital wal= let to raise funds on the show.

    • 🇧🇷 Hakutaku raises undisclosed pre-seed funding to refine its AI plat= form for enterprise data management. The round was led by St= amina and GrowthWay.

    M&A transactions 🎊

    🇦🇷🤝🇺🇸 BairesDev acquires Modal to boost AI= upskilling and expand in North America. Darren Shimkus joins as President for the region.

    = 🇩🇪🤝🇧🇷 NTT DATA acquires SPRO IT Solutions t= o expand its SAP services in Brazil’s agribusiness sector. SPRO will operate independently.

    🇧🇷 GCB Investimentos <= /span>join= s ABFintechs as a maintainer to boo= st digital asset infrastructure and modernize Brazil’s capital market= s through tokenization.

    🇧🇷 Starian acquires Contato S= eguro to expand into governance and compliance software. The= deal boosts its vertical SaaS ecosystem post-Softplan spin-off.

    🇧🇷🤝= ;🇨🇦 Vela LatAm, part of Constellation, acquires Gaud= ium to expand into urban mobility through white-label ride a= nd delivery SaaS.

    🇨🇱🤝&= #127475;🇴 Comunidad Feliz is acquired by Visma for ~$70M to expand its prop= erty management software across LatAm. Founders will stay to lead growth.

    🇺🇾🤝🇺🇸 <= /span>Exodus acquires Uruguayan startup Grateful for $3M to expand stablecoin payment solu= tions across LatAm and enhance its crypto wallet ecosystem.

    🇲🇽 Koggi acquires<= /a> Alohome to expand in PropTech, beco= ming LatAm’s first startup to manage home buying from lead to loan ap= proval.

    Investor & accelerator news 🚀

    =

    🇨🇱 BCI to boo= st startup funding to $150M in 2026 and expand its support networ= k across Chile and the U.S., with a focus on women- and 50+ led ventures.

    🇨🇱 ChileGlobal V= entures launches EVOLVE= , a climatech accelerator offering mentorship and up to $50K equity-free fu= nding to early-stage Chilean startups.

    ㇌= 2;🇸 Capria Ventures deploys $1= 96M to back AI-driven fintech and SaaS startups across LatAm, with $1–= ;6M checks from early to growth stages.

    Ӻ= 77;🇪 Krealo, Credicorp= ’s CVC arm, expects to close 2025 with 8 deals,= focusing on fintech, financial services, and healthtech expansion.<= /p>

    Opportunities & Deadlines 👀

    • is open for early-stage = startups in Brazil to apply for funding, mentorship, and investor access. A= pplications close on Dec 14.

      • <= li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">

      🇧🇷 <= /span>GITEX LATAM debuts in SP on Mar 16 2027, bringing the world’s larg= est tech and innovation event to boost digital transformation and global pa= rtnerships.

    • confir= ms the Stablecoin Conference LatAm 2026, gathering global leaders on stablecoin innovation in Mexico City; = 28197; June 15–16.

    Startup news 💡

    🇦㇋= 9; Argentina

    • 🇦🇷 Bli= nkTrip, founded by Marcelo Morales Rins, ex-Ualá, grew 400% i= n 2025 with over $1M in revenue using GenAI for personalized travel plannin= g.

    • &= #127462;🇷 Rentennials tripled= users and grew revenue 88% in 2025. It plans to expand across LatAm and th= e U.S. in 2026.

    • 🇦🇷 Agrojusto was nam= ed one of LatAm’s top impact startups after winning = iImpact Latam’s ODS 17 and receiving recogniti= on for its fair-trade food platform.

    = 27463;🇷 Brazil

    • 🇧🇷🇵= 🇹 Mercado Bitcoin announces &= #8364;50M investment to expand in Portugal, linking Brazilian and European = markets via crypto and Pix.

      • 🇧🇷 Cumbuca pivots to B2B as a regulated Open Finance proxy using its ITP license, offeri= ng custom payment infrastructure to large enterprises.

    • 🇧🇷 Pix hits a new record with 313.3M transacti= ons totaling $33.05B in a single day (Dec 5), according to the Central Bank of Brazil.

    • 🇺🇾 dLo= cal enables biometric payments via Pix= in Brazil, allowing users to approve purchases with facial = or fingerprint recognition.

    🇨= 27473; Chile

    • 🇧🇷 Com= pany Hero invests $1.84M to launch in Chile, kicking = off its LatAm expansion with virtual office services for SMBs.

    • 🇨Ӻ= 73; Rema and Ainwater= win the Decarb-volution Demo Day for their scalable climate tech in soil remediation and AI-powered water = management.

    • partners with Pluxee to unify benefits and compensat= ion management, boosting employee wellbeing and HR efficiency in Chile.

    🇨🇴 Colombia

    • 🇨🇴 MejorCDT surpasse= s 550K users and $30M in returns, cementing its role as Colombia&= #8217;s leading fixed-income investment platform.

    • 🇨🇴 Bancamía launches a mobile-managed debit c= ard with Pomelo to boost financial inclusion = for underserved Colombian microentrepreneurs.

    • 🇨🇴 Rappi reports a 40% YoY surge in delivery workers an= d double-digit growth in orders, ticket size, and active merchants, per its= new real-time economic index.

    🇲= 🇽 Mexico

    • 🇨🇴 Spybee lands in Mexico with its AI and drone platfor= m to cut construction delays and costs, after 200+ projects in Colombia.

    • Ӻ= 63;🇷 Nubank to invest $2.5B in= Mexico over 5 years to boost its tech platform and expand services, aiming= to reach the 60% still underserved.

    • 🇦🇷 Bitso launches 24/7 commission-free global stock and ETF trad= ing in Mexico, starting from 20 pesos, to broaden financial access.<= /p>

    🇵🇪 Peru

    • 🇵🇪 Ligo and = LigoPay join Peru’s Central Bank= pilot to enable instant, interoperable payments with a nati= onal QR system.

    • 🇵🇪 Tupay <= a href=3D"https://substack.com/redirect/7c5e4e13-9bd3-4b4e-845c-4b905510a7a= b?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel= =3D"" style=3D"color: rgb(54,55,55);text-decoration: underline;">grew revenues 800% and expects to process nearly $500M in 2025, driven by i= ts all-in-one digital payments platform and sector diversification.<= /p>

    • 🇨&#= 127473; ScaleX, Chile’s alternative sto= ck market, expands to Peru to offer growth-stage startups new financ= ing options beyond traditional credit.

    &= #127482;🇾 Uruguay

    • 🇺🇾ԍ= 09;🇨🇭 dLocal partners with XanderPay to simplify cross-border pay= ments for hotels and OTAs in 13 emerging markets.

    • 🇺🇾 dLocal plans Africa expansion, fueled by Chines= e e-commerce demand and a rising young population.

    🌎 Other LatAm News

  • 🇸🇻 El Salvador named fastest-growing startup ecosystem by Startu= pBlink, jumping 400+ spots in the 2025 global ranking.

  • 🇻= 🇪 Ridery launches Panita, Venezuela’s first AI virtual assistant on W= hatsApp, enabling transport, ticketing, and more via chat—fully built= by local talent.

  • 🇻🇪 Lysto and Rapikom win antitrust case in Venezuela,= ending Cashea‘s exclusivity deals and = opening up the BNPL market to more competition.

  • 🇲🇽 Tala expands to Guatemala to scale its AI-powered = credit platform across LatAm, targeting underserved and informal segments.<= /span>

Big company & policy news 💡

=

🇦🇷 Mercado Pago<= span> seeks a banking license to offer salary and ANS= ES accounts, aiming to tap into 22M users and cut customer a= cquisition and lending costs.

🇬㇊= 3;🇨🇴 Revolut secures= banking license in Colombia, aiming for a 2026 full-service launch with lo= cal payments and instant remittances.

🇧= ;🇷 BC and CMN enforce new BaaS= rules ending informal setups and mandating exclusive partnerships, raising= compliance costs and pushing market consolidation.

= 🇧🇷 Cyberattacks diverted over $275M from banks= and fintechs in 2025. The Central Bank confi= rmed no customer losses and imposed stricter security rules.

🇨🇳🤝🇧🇷 TikTok, in partnership with Patria<= span> and Casa dos Ventos, will invest= +$37B to build its first LatAm data center in Ceará, powered by 100% = renewable energy.

🇲🇽 Spin by OXXO plans to launch credit cards as pa= rt of its alliance with Visa, expanding FEMSA’s fintech offerings in Mexico.<= /p>

🇺🇾 Zapia e= xits WhatsApp and sues Meta over ch= atbot ban, pivoting to its own app after a $7.5M raise led by Prosus Ventures.

Interesting reads &#= 128161;

🇨🇴 The rise a= nd fall: the story of Merqueo= , once a pandemic star, ends with its shutdown in July 2025 after deb= t and failed pivots.

Thanks for = reading Dealflow LatAm! Subscribe for free to receive new posts and support= my work.

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