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The big story
Trump’s tariff threats don’t scare off Mexican fintech companies
Mexico’s economic development has made it fertile ground for startups. But that trend is under threat if President-elect Donald Trump continues with his plans to take a tougher stance on trade with Mexico.
But Jaime Tabachnick, co-founder and CEO of Mexican trucking financing startup Solvento, isn’t too worried. Solvento just closed a $12.5 million Series A funding round led by venture capital firm Cometa.
The company provides modern financial services to trucking companies in Mexico, including financing and automated payments. Tabachnick told TechCrunch that his products overall increase transparency and liquidity in the trucking industry.
Analysis of the week
Fintech in Latin America may just be a market to watch in 2025. The amount of venture capital money invested in fintech companies in Latin America this year increased by 73% from 2023. $2.6 billion was invested in 2024, compared to $1.5 billion invested in 2023.
While these may not seem like huge totals, especially compared to 2021 when $7.5 billion was invested, these numbers show that the market may be starting to turn around.
“I think the region is underfunded after the (post) 2021 correction,” QED Investors partner Mike Packer told TechCrunch. “We need more investors to look at Latin America as a global opportunity and we need entrepreneurs to believe they can make a difference and change things.”
Dollars and cents
Cardless announced $30 million in financing to expand its co-branded credit card business. The company is not disclosing its valuation in this round – nor is it indicating whether it is flat, up or down from its previous valuation of $40 billion.
StoreCash announced the closing of a $3.7 million seed round led by Black Ops Ventures for its instant cash back app that aims to “help the average American build generational wealth.” The company has raised $6.4 million to date.
German fintech unicorn N26 reported its first-ever quarterly earnings (pre-tax). The challenger bank generated net operating income of €2.8 million during the third quarter of 2024 ($2.9 million at current exchange rates).
High interest headlines 🗞
New UK cryptocurrency regulations will include stablecoins and staking services
Flipkart co-founder Binny Bansal leaves PhonePe board
A revolution to launch home loans, smart ATMs and business credit products
Apple Pay, Cash App, PayPal, and other apps will be treated like banks
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