- Fintech news: updates from the vibrant regional fintech landscape
- Nubank’s new bet / Itaú and Banco Galicia compete in the fintech arena / Scotiabank sells its retail banking segment in Colombia
#1 Itaú Bank acquires Uruguayan fintech Plexo
In a strategic move toward financial digitalization, Brazilian Banco Itaú announced the acquisition of 100% of the shares of Plexo, a Uruguayan fintech specializing in digital payment methods. The deal, which strengthens its presence in the regional fintech ecosystem, adds to previous investments such as Resonet, Handy (40%), Prex, and Paigo (30%).
With this acquisition, Itaú expands its offering of innovative solutions designed to facilitate the sales management of businesses both locally and internationally, consolidating its position as a leader in digital transformation in Uruguay and Latin America.
#2 The powerful Nubank enters the African continent
Fintech group Tyme, with operations in South Africa and the Philippines, raised $250 million in its latest funding round, reaching a valuation of $1.5 billion. Among the major investors is Nu Holdings, the parent company of Nubank, which contributed $150 million in a strategic move to expand its presence in emerging markets such as Asia and Africa.
Tyme, operating as TymeBank in South Africa and with over 15 million global customers, aims to consolidate its position in Southeast Asia and plans to go public by 2028. Additionally, it is preparing to acquire banking licenses in Indonesia and become the first retail bank in the Philippines.
#3 Three Argentine banks create fintech to finance the agriculture sector
Nera, an Argentine fintech born in 2023 as a spin-off of Grupo Financiero Galicia, has revolutionized access to agricultural credit. In just over a year, it has provided loans worth more than $1.2 billion, offering customized options that integrate financing in pesos, dollars, grains, and digital assets.
With over 10,000 registered producers and strategic partnerships with institutions such as Banco Comafi and Banco del Sol, Nera positions itself as a key hub for the agricultural sector. Its CEO, Marcos Herbin, emphasizes that the platform responds to the need for more modern and personalized solutions for producers, who can now manage their credit options digitally and efficiently.
#4 Scotiabank sells its retail banking segment in Colombia
In a key move for the Colombian financial sector, Davivienda and Scotiabank Colpatria closed a deal for the sale of the latter’s retail banking business. The process is pending approval by Colombia’s Financial Superintendence and may also include the corporate segment.
The transaction comes in the context of a restructuring for Scotiabank Colpatria, which has faced financial challenges with accumulated losses in recent years. On the other hand, Davivienda aims to strengthen its service portfolio, standing out in a constantly evolving competitive market. The change is expected to ensure service continuity for customers and a safe transition in managing their financial products.
