Fast Track News This Monday: Latin America Accelerates on the Tech Highway

From Fondo Córdoba selecting six startups for investment to Fretadão securing $10M, all the way to financial inclusion for migrants. Latin America is a hotbed of technological and social innovation.

In a whirlwind start to the week, Latin America’s technological and entrepreneurial landscape is buzzing with activity. Fondo Córdoba Ciudad Inteligente, in a ceremony led by Mayor Martín Llaryora, announced investments in six startups, including Creativos Digitales and AGROHUB, to boost innovation in Argentina. In a similar thrust, Bridge Latam has bolstered itself with the addition of Luis Enriquez, founder of Cultura Colectiva, as a new partner.

Meanwhile, in Colombia, proptech company Habi has been elevated to the status of “noteworthy” by the Superintendency of Industry and Commerce, placing it among the highly recognized brands in the country’s real estate sector. Additionally, the 2023 edition of CAF’s Financial Inclusion Laboratory (LIF) is seeking startups to improve the financial inclusion of migrant populations and their businesses.

Changes in financial inclusion are also evident. According to Fintech South Hub, the reliance on banks for financial transactions has plummeted from 50% in 2017 to 5% in 2022, with most transactions now conducted via mobile devices and the internet.

The investment landscape continues to flourish, with Fretadão, a corporate transportation startup from Brazil, securing a USD $10 million investment led by EXT Capital. Likewise, Argentine fintech N5 has closed a Series A funding round, with Illuminate Capital as the lead investor, and plans to expand its team by 60% by year’s end.

In healthcare, Guatemalan startup Bitmec is on the verge of expanding into Mexico, offering telemedicine cabins with the Internet of Things (IoT) for rural and developing areas. Lastly, María Fernanda Juppet becomes the first woman to lead a fintech focused on cryptocurrencies, Cryptomarket, and has growth plans to take her to Ireland.

In summary, Latin America is driving a robust and diversified technological and entrepreneurial ecosystem from startup investments to financial inclusion and expansion in various sectors like healthcare and mobility.

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