Hola amig@s fintech,
Uber chose Mexico to launch its first-ever credit card globally, partnering with local digital bank Klar and Mastercard. The move signals how platform companies are increasingly pushing into financial services, and why Mexico, with 25 million active annual Uber users and a fast-growing digital payments ecosystem, keeps attracting global firsts.
This week's newsletter also covers Chile's maturing fintech market, dLocal's complicated Africa pivot, and new data on why Mexican consumers abandon purchases even when they want to buy.
Enjoy the read!
~Vivi
🟨Editor’s Picks
Chile's fintech market is maturing fast, and foreign players are betting on it
Chile's fintech ecosystem has reached 374 local companies, posting a 15.9% compound annual growth rate over six years and a mortality rate of just 6.3% — a sign that the market has shifted from experimentation to efficiency. But local players don't have the field to themselves: 166 foreign fintechs now operate in the country, making up 30.7% of the ecosystem. International players have carved out dominance in Payments & Remittances, Open Finance, and tech infrastructure.
Women make up half of Mexico's entrepreneurs. They hold 8% of scaleup founder seats.
A new Endeavor México report finds that women's presence in the startup ecosystem drops sharply as companies scale. Only 8% of founders at the country's 100 most-funded scaleups are women, and just 20% of executive positions at the most active VC funds are held by women The perception data is just as sharp: 97% of women entrepreneurs say the ecosystem could do more to support their success — compared to just 59% of men who see it the same way.
Una tarjeta de crédito no es solo un medio de pago: es una palanca estratégica para posicionarse como el canal financiero principal de usuarios finales y captar la mayor parte de su flujo económico.
Conoce en este ebook todo sobre la gestión integral de un programa de tarjetas de crédito y cómo lanzarlo de la forma más eficiente para tener un negocio exitoso.
🟨 This Week’s Key Moves
| Fundraising
🇦🇷 Belo, the Argentine digital wallet, raised $14M in a Series A led by Tether to expand into Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, targeting freelancers and remote workers in high-inflation markets.
| Exits
🌎 dLocal, the Uruguayan payments processor, closed a $23.7M asset deal with Kenya-based AZA Finance — a sharp retreat from what was initially announced as a ~$150M full acquisition. Legal complications derailed the original deal, leaving dLocal with AZA's Cameroonian payments license, IP, and African client relationships.
| Products & Partnerships
🇲🇽 Uber launched its first-ever credit card globally, choosing Mexico as its debut market. The Uber Card, operated by Mexican fintech Klar and backed by Mastercard, is embedded directly inside the Uber and Uber Eats apps and targets the platform's 25 million active annual users in the country with cashback, interest-free installments at 140,000+ merchants, and credit lines of up to MX$250,000.
🌎 XTransfer, the Chinese B2B cross-border payments platform, and BBVA signed an MOU at Money20/20 Europe to jointly develop cross-border payment solutions covering FX conversion, local payments, and cross-border settlements across Latin America, Europe, and Hong Kong. XTransfer reported a 94% year-over-year increase in Latin America payment collections on its platform in 2025.
🇨🇴 Kapital, the Mexican fintech, launched a digital factoring line in Colombia for its 1,800+ existing clients, allowing SMEs to unlock liquidity against electronic invoices within hours. A corporate credit card is planned for the second half of 2026.
🇨🇴 Belo, the Argentine digital wallet, launched operations in Colombia, its third market after Argentina and Brazil, targeting freelancers and remote workers with local currency management, international payments, and crypto and stablecoin investment from a single platform.
🇨🇴 Banco de Bogotá introduced a specialized insurance policy to protect transactions made through Bre-B, covering digital fraud, unauthorized transfers, and social engineering risks.
🇻🇪 Yango Ride, the global ride-hailing platform operating in Venezuela, integrated native digital payment options including local instant transfer method Pago Móvil, card processing, and direct bank debits.
| Policy
🇧🇷 Brazil's Central Bank now requires crypto companies to submit an independent audit report before receiving operating authorization. The rule, effective June 1, aims to strengthen anti-money laundering controls and align Brazil with international crypto oversight standards.
🇨🇱 Chile's Financial Market Commission pushed back the mandatory implementation of its Open Banking System to July 2027, a year later than originally planned. The delay comes after months of industry pressure over cybersecurity and technical complexity, and includes a pilot testing period and a sandbox for institutions to prepare their systems.
🟨 Community & Events
Startup accelerator Pygma has opened applications for PY9, its final accelerator batch, a five-week program designed for pre-seed fintech and applied AI startups across LatAm and the U.S. The program targets second-time founders raising angel or pre-seed rounds and offers mentorship from unicorn operators, exited founders, and Y Combinator alumni. Pygma's portfolio founders have collectively raised more than $40 million with participants gaining access to investor introductions, fundraising support, and exposure in San Francisco and New York.
Who can apply: Fintech and applied AI startups, particularly second-time founders at the angel round or pre-seed stage
Program benefits: Mentorship, fundraising support, investor introductions, and exposure in SF and NY
Program length: 5 weeks
Program start: July 2026
Apply at: https://tally.so/r/RGJN9Q
The fintech conversation continues in our community chats.
Across WhatsApp and Telegram, thousands of founders, operators, investors, and builders connect daily to share insights, opportunities, and market intel.
🟨 On our Radar
A new Kueski report finds that 71% of Mexican consumers abandoned a purchase during a past discount season because they lacked a suitable payment option — and this in a market where nearly nine in ten people shop online regularly. The data points to something structural: BNPL ranked as the top payment method among respondents, above credit cards and debit, and 67% of BNPL users already have a credit card but opt out of it anyway, preferring to pay in biweekly installments aligned to Mexico's quincena pay cycle. Nearly half of those planning to shop this season expect to spend over $170. The pattern suggests the main barrier to e-commerce conversion in Mexico is no longer access to credit — it's whether the payment rhythm matches how households actually manage money.
Chilean VC Impacta VC just opened the fifth edition of Modo Fundraising, a three-month online program designed to help pre-seed, seed, and pre-Series A startups across Latin America close a round before Q3 ends. Past cohorts — 400+ startups from 20+ countries — raised a combined US$180M, averaging US$500K per founder who completed the program. The program includes curated VC matchmaking with 400+ active regional investors, warm intros, and masterclasses from founders including the co-founders of Cornershop, PedidosYa, and Betterfly.
Who can apply: Tech-based, scalable Latin American startups at pre-seed, seed, or pre-Series A
Cost: From US$279/month + 20% investment right on rounds raised (Impacta VC only takes equity if it invests)
Application deadline: June 22
Program dates: July–September 2026, fully online
Apply at: modofundraising.com
Cover image by Andrew Schultz on Unsplash
TWIF Latin America editorial team
Elena, Head of New Technologies at Afirme Financial Group
Carlos, ESG Analyst at CFECapital
Editor-in-Chief: Vivi, Strategic Communications and Public Affairs Advisor
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