Hey, it’s Yoel 👋 Back again with the 30th edition of Dealflow LatAm—your go-to source for all the deals, moves, and momentum in the region’s startup scene.
This week was packed: 🇲🇽 Kavak raised $127M (and added $400M in credit lines) as it recalibrates its valuation. 🇨🇱 Toku pulled in $48M to scale automated payments, and 🇧🇷 Onfly secured $40M to take AI-powered business travel global. Meanwhile, M&A stayed hot with Banorte taking over RappiCard and ActiveCampaign snapping up Hilos. On the fund side, 🇦🇷 Alina VC launched a $10M vehicle to back the future of work across LatAm.
Plenty to break down—so let’s get into it 🚀
🇲🇽 Kavak raises $127M in a down round, cutting its valuation from $8.7B to $2.2B. The funding was co-led by SoftBank and General Atlantic and includes $400M in credit lines from Goldman Sachs and HSBC to strengthen its car financing arm, Kuna Capital.
🇨🇱 Toku raises $48M to expand its automated payment collection platform. The Series A was led by Oak HC/FT, with backing from Gradient Ventures, F-Prime, and others.
🇧🇷 Onfly raises $40M to scale its B2B travel and expense platform with AI and expand internationally. The Series B round was led by Tidemark, with participation from Endeavor Catalyst and Left Lane Capital.
🇧🇷 Belvo raises $15M to boost AI-powered Open Finance tools. The round was led by Quona Capital and Kaszek.
🇨🇴 Finaktiva raises $10M to expand credit and factoring services for SMEs. The round was financed by BBVA Spark to boost liquidity and support its international expansion.
🇧🇷 Confi raises $4M led by Pedro Chiamulera to boost its retail data platform. Funds will enhance insights and integration for optimizing sales.
🇧🇷 Altis raises $3M to launch its credit infrastructure platform. The round supports the fintech's entry into the market and includes founders from Kavak, Mercado Livre, and Creditas.
🇲🇽 Nufi raises $1.5M to expand identity verification tech. The seed round was led by GPCompas and Magma Partners.
🇦🇷 Lazo, a legal-fintech SaaS, raises $1M from AlleyCorp after winning the PeerLess Pitch Competition in New York. The funds will fuel product development and client growth.
🇲🇽🤝🇦🇷 Arca Continental invests in $1M seed round of AI startup Sensify to optimize cooler monitoring and product display. The deal, via AC Ventures, aims to boost retail efficiency and drive innovation across LatAm.
🇲🇽 Banorte acquires full ownership of RappiCard for $50M. The deal gives Banorte 100% of Tarjetas del Futuro, strengthening its digital strategy and exclusive financial offerings within the Rappi ecosystem.
🇲🇽 Hilos, a Mexico-based WhatsApp automation platform, is acquired by ActiveCampaign to enhance its cross-channel marketing capabilities with native WhatsApp integrations.
🇨🇱 Achilles acquires InfoControl to boost global risk management with AI. The deal enhances Achilles’ platform with automated contractor assessments and advanced document processing, expanding its presence in LatAm.
🇨🇱 Lineup acquires Buscaolas to expand its surf-focused live cam network in Chile, integrating its assets and community. This marks its second LatAm acquisition after Argentina's Freewaves.
🇧🇷 Mevo acquires Receita Digital to expand its digital prescription platform. The move strengthens Mevo’s position in Brazil’s healthtech sector and grows its base of prescribing professionals.
🇧🇷 Dock acquires DM SCD to enter the credit market. The deal, pending regulatory approval, enables the fintech to offer lending and credit analysis services.
🇦🇷 Alina VC launches $10M Fund I focused on the Future of Work. The sector-specific VC fund, advised by TCA Tanoira Cassagne, targets early-stage startups in HRTech, gig economy, and AI across LatAm.
🇦🇷 Build Latam launches $1M Web3 grants program in Córdoba to fund 15 startups using World ID tech for payments, social benefits, and digital identity. Backed by World, Alaya Capital, and Kalei Ventures.
🇨🇱 Corfo has invested over $1.06B in VC support since 1998, funding 72 funds and 497 startups—73% micro or small. In 2024, it launched new funds with a focus on gender and decarbonization.
🇨🇱 Startup Biobío hosted a vibrant Pitch Day during MadeInnConce, selecting 3 finalists—Calory Bricks, Soacili Plus, and Califix Compliance. The event highlighted innovation from southern Chile and selected 30 startups for its internationalization program.
🇨🇱 Activa, Transforma e Innova supports 40 women-led startups in Antofagasta with tech and sustainability training, backed by Origo Lab and Corfo.
🇨🇴 Ruta N and Bancóldex invest $3.5M to boost Medellín’s fintech ecosystem. Funds will support early-stage startups through Fondo Simma Fintech +, aiming to finance 30 ventures and launch a new fund-of-funds by August 2025.
🇵🇷 Parallel18 launches its 13th global startup cohort offering $40K, mentorship, and a 20-week accelerator in Puerto Rico. Applications are open until April 25.
🇦🇷 UNCUYO and Fundación Blockchain launch a Web3 incubator with a 10-week virtual program. Applications are open until April 28.
🇧🇷 Sebrae opens applications for the BRICS Women’s Startups Contest to highlight women-led ventures across six categories. Startups can apply until May 4.
🇧🇸🌍 Caribbean Venture Collective launches to back founders with Caribbean ties. Founded by Techstars alumni, it offers an equity-free fellowship and investor access, with applications open until June 16.
🇨🇱 Endeavor launches the second edition of Scale Up in Chile to accelerate 13 growth-stage startups with mentorship and global expansion support.
🇧🇷 99Food to relaunch in Brazil with a $172M investment from Didi. The funds aim to revive its food delivery service, expand into personal finance, and compete with iFood.
🇧🇷 Mottu hits $200M in revenue with 100K+ rentals, empowering gig workers in Brazil and Mexico through affordable mobility.
🇧🇷 Nexoos regains independence from Ame Digital after 4 years and will focus on scaling its Credit as a Service platform.
🇨🇱 NotCo launches NotCo Tech to expand its AI-powered B2B foodtech platform across North America, Europe, and LatAm.
🇨🇱 Mercado Pago launches Meli Dólar, a USD-pegged stablecoin in Chile, enabling users to save and invest via its app.
🇨🇱 KLog.co featured in a Harvard Business School case study for transforming LatAm logistics through tech. The Chilean startup serves 5,000+ clients and plans to expand from its new HQ in Mexico.
🇨🇱 EY Chile partners with Buk to enhance its payroll services. The alliance combines EY’s expertise with Buk’s tech to offer a secure, automated, and compliant HR solution.
🇲🇽 Finsus expands to the U.S. with remittance services and plans a capital raise ahead of a potential IPO.
🇲🇽 Nu México receives approval from the CNBV to become a bank, aiming to compete with major players and expand its financial services.
🇲🇽 Biogrip wins global award from Santander, Microsoft, and Oxentia Foundation for its AI- and IoT-powered bionic limb and rehab tech.
🇵🇪 Monnet Payments, founded by Franco Zurita, is recognized by MIT Technology Review for streamlining online payments across 8 LatAm countries.
🇵🇪 Teamcore launches TSOL to boost traditional retail with AI, improving product availability, distribution, and sales by up to 25%.
🇨🇱 Rocktruck doubles revenue and expands to Peru after a strategic investment from Lipigas. The funds support its AI-driven last-mile logistics and regional growth.
🇨🇴 Nequi expands to Guatemala and El Salvador, offering savings, remittances, and credit to boost financial inclusion in both countries.
🇨🇱🤝🇲🇽 NotCo partners with Aeromexico to offer its NotBurger on select flights, expanding its plant-based airline meal reach in LatAm after teaming with LATAM last year.
🇦🇷 Argentina’s tax authority ARCA now requires individuals to declare crypto wallet addresses in annual asset reports. The move aims to increase fiscal control and traceability of digital assets.
🇦🇷 ARCAP supports Argentina's currency unification, seeing it as key to reviving startup investments and boosting competitiveness.
🇲🇽 Openbank launches in Mexico with a $2B investment to expand its digital banking services. Backed by Grupo Santander, the bank aims to offer competitive financial products and capitalize on Mexico’s growth potential.
🇲🇽🤝🇺🇸 PriceTravel partners with Amazon Web Services to enhance scalability, security, and efficiency in its digital platforms across LatAm using AWS cloud and AI tools.
🇪🇸 S2GRUPO to invest $214M in LatAm by 2030, focusing on Colombia and Mexico to boost cybersecurity in critical sectors with sovereign IT+OT solutions.
🇧🇷 Wana Schulze, Head of Wayra Brasil and Vivo Ventures, shared key takeaways from South Summit 2025, highlighting how CVCs are leaning into generative AI, the rise of data-driven startup cultures, and the growing role of secondaries in a turbulent macroeconomic landscape.
