Dealflow.la #74 - Trump 🇺🇸 & Sheinbaum 🇲🇽 Trade War Averted, Nubank 🇧🇷 Hits 10M Customers in Mexico 🇲🇽, & Paytrack 🇧🇷 Raises $41M Series B

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Founded by Trip Gorman, it is the best way to stay informed on Latin American venture funding, the tech ecosystem, and key sociopolitical developments across the region.

The newsletter is now written by Juan Esteban Reyes and edited by Trip Gorman and César Figueredo—bringing you essential updates from every corner of Latin America.

Funding

PayMon 🇪🇨 raised a $600K Pre-Seed round with funding from Pygma 🇺🇸, Magma Partners 🇺🇸, and BuenTrip Ventures 🇪🇨 to build a digital financial platform specifically designed for transforming school cafeterias. It optimizes cafeteria management and payment processes while empowering parents to easily transfer funds and monitor their children’s expenses.

NikoEnergy 🇲🇽 raised a $8M Seed round with funding from QED 🇺🇸, Picus Capital 🇩🇪, Bridge Latam 🇲🇽, and 468 Capital 🇩🇪 to build a solar panel installation service. The company provides a unique solution that enables residential and commercial customers to cut their energy bills and reduce their environmental footprint through zero-investment installations, flexible payment options, and expert system monitoring—all backed by long-term warranties and continuous support.

NeoSpace AI 🇧🇷 raised $18M Early Stage VC round with funding from Itau Unibanco to build a revolutionary financial modal technology platform. The company’s innovative solution harnesses artificial intelligence to transform credit scoring and allocation processes in the finance industry, delivering a comprehensive suite of services that provide users with seamless, secure, and intuitive access to their financial data and transactions while streamlining credit processes and enhancing decision-making.

FinMaq 🇨🇴 raised a $29M Seed round with funding from ALIVE 🇨🇴 (venture round), IrisBank 🇨🇴 (Debt financing round), Accial Capital 🇺🇸 (Debt Financing round), and 30N Ventures 🇨🇱 (Venture round) to build a financial services platform that provides financing for productive assets across the health, construction, and industrial sectors. The platform leverages credit scoring, leasing, and rotating credit to empower businesses to access the capital they need to grow and succeed.

Paytrack 🇧🇷 raised $41M Series B round with funding from Riverwood Capital 🇺🇸 to build a comprehensive online expense management and reimbursement platform for enterprises. The platform streamlines travel and self-booking, urban mobility, advanced card usage, kilometer refunds, automated tax filing, optical character recognition for ID verification, linked expense reports, location-based registration, advance requests, invoice integration, and mileage reimbursements—providing organizations with a complete toolkit that facilitates smoother decision-making by seamlessly integrating customers, managers, and company policies.

BUK 🇨🇱 raised a $50M Series B round with funding from Headline 🇺🇸, Workday Ventures 🇺🇸, Greenoaks 🇺🇸, Endeavor Catalyst 🇺🇸, and Base10 Partners 🇺🇸 to build a comprehensive human resources platform. The software streamlines key HR processes—including payroll management, contract administration, and settlements with an electronic signature—while also offering performance reporting and talent management tools to help companies efficiently manage everything from salary payments and professional development to employee reviews and recruitment.

Acquisition News (New Section)

• Moove 🇧🇷 acquired Kovi 🇧🇷 to bolster its mobility portfolio by integrating innovative transportation solutions in Brazil’s growing market.

• Lovelytics 🇲🇽 acquired Datalytics 🇺🇸 to expand its data analytics capabilities and unlock cross-border market opportunities, signaling a strategic move into the international tech landscape.

• OvareGroup 🇵🇪 acquired Togetherwith 🇨🇷 to broaden its digital service portfolio and enhance collaborative solutions across Latin America.

• Sorenson Communications 🇺🇸 acquired Hand Talk 🇧🇷 to advance its accessibility solutions by integrating cutting‑edge sign language technology for a more inclusive digital communications landscape.

• RED5 🇬🇧 acquired Dale 🇧🇷 to enhance its live sports streaming ecosystem by leveraging Dale’s social platform, which empowers football fans to watch matches with independent commentators and engage in community-driven interactions.

Startup & VC News (New Section)

• Nubank 🇧🇷 announced surpassing 10M customers in Mexico to solidify its position as one of the fastest-growing digital banks in the region, driven by its no-fee digital account, credit card offerings, and aggressive customer acquisition strategies. The milestone, achieved in under five years since entering Mexico in 2019, highlights the country’s shift toward fintech adoption and positions Nubank to compete directly with traditional banks, which still dominate ~80% of the market. The expansion also underscores Mexico’s strategic role in Nubank’s broader LatAm growth plans, complementing its 90M+ customer base in Brazil and recent launches in Colombia. (LatamFintech Hub)

• Latitud 🇧🇷 announced relaunching its Latitud Fellowship Program to bolster early-stage Latin American startups through funding, mentorship, and ecosystem access, addressing the region’s critical gap in pre-seed and seed-stage support. The revamped program offers equity-free grants, tailored workshops, and direct connections to investors and operators, targeting sectors like fintech, SaaS, and climate tech. With ~60% of LatAm startups failing due to limited capital and guidance, this initiative aims to reduce early-stage friction and position Latitud as a catalyst for the next generation of regional tech leaders. The fellowship also strengthens Latitud’s role in bridging Silicon Valley expertise with LatAm’s entrepreneurial talent, amplifying cross-border collaboration. (Contxto)

Sociopolitical News

🇦🇷 Argentina

• Argentina’s Security Ministry introduced Resolution 117/2025 to standardize protocols for handling digital assets in criminal investigations, targeting crypto-related crimes like money laundering and terrorism financing. Recent enforcement actions include seizing $28,600 in stablecoins linked to illegal gambling and freezing 3.5 million USDT tied to a Ponzi scheme, marking the first direct collaboration with Tether in a criminal case (ThePayPers).

• Argentina’s consumer price inflation has moderated recently, sparking cautious optimism among locals that the worst may be behind them, even as high prices and ongoing economic challenges continue to pose risks (Reuters)

🇧🇷 Brazil

• Chinese workers at BYD’s Brazil factory signed contracts with abusive clauses, including passport confiscation, wage remittance to China, and a $900 deposit refundable after six months. These contracts violated labor laws in both countries, leading to investigations and concerns over “slavery-like” conditions. (Reuters)

🇨🇱 Chile

• Chile’s Congress approved a reform to the country’s private pension system, increasing employer contributions, raising the guaranteed minimum pension, and restructuring the Pension Fund Administrators (AFP) system. The reform aims to improve pensions and address inequalities, including gender disparities. (Reuters)

• The European Union and Chile have finalized an Interim Agreement on trade, eliminating tariffs on 99.9% of EU exports to Chile and enhancing access to raw materials and clean fuels. This agreement precedes a broader Advanced Framework Agreement pending ratification. (EEAS)

🇨🇴 Colombia

• The United States resumed deportation flights to Colombia after a diplomatic dispute between Presidents Trump and Petro. Colombia initially refused U.S. military planes carrying deportees, leading to U.S. threats of tariffs. A compromise was reached where Colombia used its own aircraft to repatriate citizens, ensuring dignified treatment. (Al Jazeera)

• Armed groups are terrorizing Colombia’s border with Venezuela, leading to the worst humanitarian crisis in decades. The government has declared a “state of internal commotion” in response. (The Economist)

🇨🇷 Costa Rica

• Costa Rica aims to increase prison sentences for women who undergo abortions, as part of a proposed legal reform. The move has sparked controversy and debate over reproductive rights in the country (France 24).

• Marco Rubio visits Costa Rica to counter China’s growing influence in Latin America. The U.S. senator aims to strengthen regional alliances and promote U.S. interests in the face of China’s expanding economic and political presence (El Tiempo).

🇩🇴 Dominican Republic

• Escalating violence in Haiti has led many expectant Haitian mothers to seek medical care in the Dominican Republic, despite increased deportations by Dominican authorities. The deteriorating healthcare system in Haiti, with less than a quarter of hospitals around Port-au-Prince operational, has forced these women to cross the heavily secured border. However, they face challenges such as lack of citizenship for their children born in the Dominican Republic and the constant threat of deportation. Dominican hospitals continue to provide care, but the influx strains their resources. (Reuters)

🇪🇨 Ecuador

• Ecuador’s President Daniel Noboa announced a 27% tariff on Mexican imports to protect local industries and ensure fair treatment for Ecuadorian businesses. This move comes amid strained diplomatic relations following a raid on the Mexican Embassy in Quito last year. (CNN)

• Ecuador and Canada have finalized a new trade agreement after months of negotiations. The deal aims to boost Ecuadorian exports in sectors like flowers, canned tuna, textiles, and auto parts, while also promoting investments and cultural exchanges between the two nations. (Reuters)

🇸🇻 El Salvador

• El Salvador reverses its mining ban amid political and regulatory tensions. The retrial of anti-mining activists and increased state intervention could impact investor confidence in the region (COHA).

• El Salvador revokes Bitcoin’s legal tender status less than four years after its adoption, citing economic instability and low public acceptance. The government plans to focus on strengthening the national currency and financial system (BBC)

🇬🇹 Guatemala

• Guatemala is open to dialogue with the U.S. regarding the acceptance of deported migrants, including those from other Central American countries, but no formal agreement has been reached. The Guatemalan government emphasizes reintegrating its nationals and utilizing their skills in the private sector.(Reuters)

🇭🇳 Honduras

• Honduras warns that Trump’s deportation plan could push it closer to China. Honduran officials say the measures could lead to stronger ties with China (The New York Times).

🇲🇽 Mexico

• Mexico’s President Claudia Sheinbaum is earning acclaim for deftly navigating former U.S. President Donald Trump’s renewed tariff threats, averting a trade war that could have destabilized North American supply chains and investor confidence. Her diplomatic approach has preserved the USMCA trade framework, critical for Mexico’s $500B+ annual exports, while signaling regulatory stability for cross-border industries like manufacturing, energy, and tech—key sectors for VC/PE activity. (Reuters)

🇳🇮 Nicaragua

• Nicaragua’s legislature grants President Daniel Ortega and his wife Rosario Murillo “absolute power” through constitutional amendments, elevating Murillo to “co-president” and extending presidential terms to six years (France 24).

• Nicaragua’s Congress is set to vote on a bill granting the state authority to appoint leadership in private banks and dissolve them by decree. Economists warn this move could distort market functions (Reuters).

• The UN reports a significant deterioration in Nicaragua’s human rights situation over the past year, citing arbitrary arrests, mistreatment of detainees, and attacks on Indigenous people. The crackdown on dissent has intensified, with authorities persecuting not only those expressing dissenting opinions but also any individual or organization operating independently. (UN News).

🇵🇦 Panama

• US Secretary of State Marco Rubio met with Panamanian President José Raúl Mulino, warning that if Panama does not curb increasing Chinese influence around the Panama Canal—deemed a breach of US treaty rights—the US may take necessary action, sparking protests amid ongoing tensions over Trump’s canal claims. (The Guardian)

🇵🇾 Paraguay

• Paraguay explores regulated legalization of adult-use cannabis, addressing regulatory shifts, political discourse, and economic potential. (ABC Color).

• Paraguay and Switzerland strengthen bilateral ties, with the Mercosur-EFTA agreement in an advanced state. (IP Gov).

🇵🇪 Peru

• Peru plans to issue $4 billion in bonds this year to fund infrastructure projects and manage debt. The government aims to capitalize on favorable market conditions to secure financing (Yahoo Finance).

• Peru’s inflation rate cooled in January, staying within the central bank’s target range. The decline is attributed to easing food and energy prices, signaling potential stability in the economy (Bloomberg).

🇻🇪 Venezuela

• Trump administration ends Temporary Protected Status (TPS) for Venezuelan nationals, affecting thousands of immigrants’ legal residency amid ongoing political tensions (The New York Times).

🇺🇸 Miami

• Miami GOP Reps. face a delicate balance supporting Trump’s immigration crackdown while protecting constituents affected by the policies. Trump ended Biden-era parole programs and Temporary Protected Status (TPS) extensions, impacting over 500,000 Venezuelans and others (Miami Herald).

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