Welcome to the LatamList roundup, your bi-monthly summary of the Latin America startup scene.
The second half of February brought news of two well-funded startups winding down operations across different markets. Here are the product launches, partnerships, and expansions we saw in the last two weeks.
Partnerships
- Open Finance platform Belvo and digital wallet Nequi announced Colombia’s first Open Finance agreement, aligned with the country’s recently published regulations. Read more on LatamFintech Hub.
- Fairplay, a Mexican performance-based financing platform for SMEs, announced a partnership with Pomelo to offer virtual credit cards to its customers. Read more on LatamFintech Hub.
Launches
- Peruvian digital wallet app Yape launched “Yape Empresa,” offering businesses higher transaction limits and payment processing integrated with YapePOS. Read more on LatamFintech Hub.
- InvGate, an Argentinian enterprise SaaS solution for IT services, announced the launch of a Hub of AI generative tools to help IT professionals streamline requests, automate workflows, and enhance productivity.
Other
- Peruvian social e-commerce platform Favo shut down operations after five years, highlighting a competitive landscape with traditional supermarkets and delivery apps like Rappi and PedidosYa. Read more on Contxto.
- Frubana, a B2B marketplace connecting restaurants to farmers and manufacturers, halted operations in Mexico and Colombia to focus on its largest market in Brazil. Read more on Forbes Colombia.
- Pre-seed accelerator Pygma announced its first fintech accelerator program for US and Latin America startups, taking 1% in equity with no cash investment. Applications are open until March 27th, 2024. Read more on Pygma’s website.