According to Ripio executives, this partnership will allow users of both fintechs to buy and sell cryptocurrencies directly in their respective apps.
The agreement for the acquisition of NetPay had been announced in November 2022. FEMSA had owned minority shares in the fintech since 2019.
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.
Venture capital funding to LatAm startups droped 70% to $1.3 billion in the quarter, down from $4.1 billion in the year-ago period.
The resources from the new investment, according to the fintech's CEO, will be used to reinforce the team of engineers and invest in the development of new products.
BTG's recent move anticipates a scenario that should be commonplace starting next year in Brazil.
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.
On today's episode, I am joined by José Carlos, Co-Founder & Co-CEO of Palenca.
Druo's technology creates an ecosystem that enables B2B users to charge or pay directly to any bank account without having to go through the complex network of financial intermediaries.
The fintech will operate in Panama, El Salvador, Guatemala, and Mexico, where it plans to become an ally of the region's underbanked population.