Latamlist roundup February 15th – March 1st: Belvo and Nequi announce Colombia’s first Open Finance agreement

Welcome to the LatamList roundup, your bi-monthly summary of the Latin America startup scene.

The second half of February brought news of two well-funded startups winding down operations across different markets. Here are the product launches, partnerships, and expansions we saw in the last two weeks.

Partnerships

1. Open Finance platform Belvo and digital wallet Nequi announced Colombia’s first Open Finance agreement, aligned with the country’s recently published regulations. Read more on LatamFintech Hub.
2. Fairplay, a Mexican performance-based financing platform for SMEs, announced a partnership with Pomelo to offer virtual credit cards to its customers. Read more on LatamFintech Hub.

Launches

1. Peruvian digital wallet app Yape launched “Yape Empresa,” offering businesses higher transaction limits and payment processing integrated with YapePOS. Read more on LatamFintech Hub.
2. InvGate, an Argentinian enterprise SaaS solution for IT services, announced the launch of a Hub of AI generative tools to help IT professionals streamline requests, automate workflows, and enhance productivity.

Other

1. Peruvian social e-commerce platform Favo shut down operations after five years, highlighting a competitive landscape with traditional supermarkets and delivery apps like Rappi and PedidosYa. Read more on Contxto.
2. Frubana, a B2B marketplace connecting restaurants to farmers and manufacturers, halted operations in Mexico and Colombia to focus on its largest market in Brazil. Read more on Forbes Colombia.
3. Pre-seed accelerator Pygma announced its first fintech accelerator program for US and Latin America startups, taking 1% in equity with no cash investment. Applications are open until March 27th, 2024. Read more on Pygma’s website.