Nubank and Ualá expanded to Colombia to boost customer acquisition. Replicating success in Latin America is no easy feat for digital banks.
Argentine payments fintech Pomelo secured $40 million in a Series B round led by Kaszek Ventures, taking total funding to over $100 million.
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The central bank of Argentina surprised fintechs this month with a crypto ban which forbades neobanks from offering trading services.
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.
Despite the sharp drop in value seen in the past weeks, financial technology players that have drawn millions to their wallets are now doubling down their bets on crypto.
Across Latin America, fintech lenders are accelerating profitability strategies amid growing pressure from markets to yield profits.
Despite fintechs making inroads, a recent survey shows inclusion progress has not been as swift as expected, especially for women.
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The case is especially worrisome for startups that offer payment services, such as digital wallets.