Solvento, a Mexican trucking finance startup, recently secured $12.5 million in Series A funding, led by Cometa. The company offers financial services such as financing and automated payments to trucking companies in Mexico, aiming to enhance transparency and liquidity within the sector. This comes amidst concerns about potential trade disruptions between the US and Mexico.
Latin American fintech investment has seen a 73% year-over-year increase, reaching $2.6 billion in 2024, up from $1.5 billion in 2023. While significantly lower than the $7.5 billion invested in 2021, this growth suggests a potential market rebound. Experts believe the region is currently underfunded and presents a global opportunity for investors.
Cardless raised $30 million to expand its co-branded credit card business, but did not disclose its valuation. StoreCash secured a $3.7 million seed round, bringing its total funding to $6.4 million, for its instant cash-back app focused on building generational wealth. German fintech unicorn N26 reported its first quarterly pretax profit of €2.8 million ($2.9 million USD).
Other notable fintech news includes new UK crypto regulations covering stablecoins and staking services, Flipkart co-founder Binny Bansal's resignation from PhonePe's board, and Revolut's plans to launch mortgages, smart ATMs, and business credit products. Additionally, financial apps like Apple Pay, Cash App, and PayPal will face increased regulatory scrutiny, similar to traditional banks.
For more information on related topics, explore articles on LatAm Fintech Funding, StoreCash's Funding, and CFPB's oversight of digital payment platforms.