With payroll lending, Nubank blazes a trail into secured lending, an asset that bears less risk than credit cards and individual loans.
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The payment operation, which has been awaiting regulatory approval for three years, will first focus on small merchants and will be implemented gradually in the South American country.
According to the company, the goal of this expansion is to consolidate the fintech as one of the major players in LatAm, helping small businesses to reduce costs with payments by improving their financial management.
Payments fintech Pacto raised $4M from VC investors to expand its point-of-sale software to restaurants and bars in Mexico.
The biggest fintech show on the east coast is just one month away, Fintech Nexus USA 2023, and discounted pricing ends April 21.
The agreement for the acquisition of NetPay had been announced in November 2022. FEMSA had owned minority shares in the fintech since 2019.
The concept of embedded finance isn't new, but the modern form of the distribution model is emerging as a global payments force.
The desire for increased financial inclusion is a primary driver behind the increased use of alternative data in lending decisions, a new report from LexisNexis Risk Solutions finds.
Digital bank Zenus to acquire LatAm-focused payments fintech Fuex as it seeks to expand its reach to Latin American clients.