Fast Track News This Wednesday: Surge in Fintech and Climate Innovation

In a series of significant breakthroughs, established and emerging companies are forging strategic alliances and evolving, signaling an innovation boom in Latin America. This confluence of initiatives is reshaping the financial and environmental landscape of the region, showcasing a promising future.

Latin America is experiencing a pivotal moment where innovation in financial technology and climate solutions is reaching new heights. Companies and startups across the region are moving forward in leaps and bounds, forming alliances and remodeling the financial and environmental landscape.

At the heart of this wave of innovation is the alliance between Belvo and Mibanco, seeking to democratize access to credit through secure, open financial platforms in Colombia. This collaboration will allow Mibanco’s customers to securely share their financial data, enhancing the debt capacity assessment and opening up new possibilities in the microfinance sector.

Concurrently, Credicorp envisions transforming Tenpo, a Chilean fintech, into a neobank by 2025. Despite financial challenges, Tenpo aspires to be a fully digital retail bank, representing a significant leap in the digitalization of banking services in the region.

In the realm of climate change, BID Lab and EIT Climate-KIC have created an innovative program to support startups focused on reducing carbon emissions. This joint initiative seeks to accelerate climate solutions in Latin America and the Caribbean, backing emerging companies that are developing eco-innovative technologies and services.

In the SME financial services sector, Kapital has acquired Autofin, a Mexican bank, thus expanding its range of products and services. This acquisition will enable Kapital to offer more comprehensive solutions, including credit cards, automatic investments, and AI-based solutions.

On the other hand, Mottu, a Brazilian motorcycle rental and logistics company, has secured USD $50 million in a Series C round to expand its last-mile logistics ecosystem, highlighting the growth and expansion of innovative logistical solutions in the region.

Finally, several fintech firms, such as Colektia and Infocheck, have secured significant investments to scale their financial solutions, emphasizing financial technology’s growing importance and potential in Latin America.

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Belvo and Mibanco

Belvo and Mibanco form alliance to expand access to credit

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Kapital compra por USD$50 millones banco Autofin.

Kapital invests USD$50 million in purchase of Autofin bank

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