Dealflow LatAm #30: Kavak raises $127M. Banorte acquires RappiCard. Alina bets $10M on the future of work.
Welcome to the 30th edition of the Dealflow LatAm newsletter: a weekly summary of everything that happened in the LatAm startup and investment ecosystem.
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 🚀
Startup funding news 💸
Rounds of $10M+:
🇲🇽 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.
Rounds $1M to $10M:
🇨🇴 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.
Other rounds of funding:
🇨🇱 AdmiralONE raises $462K to grow its RegTech platform. Funds supported acquiring Confiden and GeniaControl, and adding a new co-founder CTO.
M&A transactions 🎊
🇲🇽 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.
Investor & accelerator news 🚀
🇦🇷 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.
Opportunities & Deadlines 👀
🇵🇷 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.
Startup news 💡
🇦🇷 Argentina
🇦🇷 Kripton partners with TRON DAO and Tether to enable USDT payments and microloans for 2,000+ merchants in Argentina, boosting financial inclusion.
🇧🇷 Brazil
🇧🇷 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.
🇨🇱 Chile
🇨🇱 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.
🇨🇴 Colombia
🇨🇴 Sebastián Mejía steps down as president of Rappi, remaining on the board. He leaves daily operations to pursue new ventures reflecting his personal evolution.
🇲🇽 Mexico
🇲🇽 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.
🇵🇪 Peru
🇵🇪 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.
🌎 Other LatAm News
🇨🇴 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.
Big company & policy news 💡
🇦🇷 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.
Interesting reads 💡
🇧🇷 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.