▸ Allianz X, the VC arm of German insurer Allianz, just led a USD195m round for Argentine fintech Ualá at a reported USD3.2b valuation. 

• Participating funds include D1 Capital, Soros Fund Management, Stone Ridge and TABLE Holdings. 
• This follows the USD300m Series E also led by Allianz X in November 2024 at a USD2.75b valuation. 
• The funding deepens Uala’s embedded insurance partnership with Allianz after launching life insurance and accident coverage products in Argentina, per Bloomberg. 

▸ Listo, a Brazilian payments platform, raised USD190m through a FIDC (Fundo de Investimentos em Direitos Creditorios) from Itaú BBA and UBS BB.

▸ 99Pay, a Brazilian financial services platform, raised ~USD135m through a FIDC (Fundo de Investimentos em Direitos Creditorios) structured by Bradesco BBI. 

▸ ADDI, a Colombia-based point-of-sale lending platform, secured USD89m in debt from Citi. 

▸ Sequoia Capital, Founders Fund and KASZEK invested USD70m in ARQ (fka DollarApp), a Latin America dollar-denominated stablecoin wallet for cross-border transactions. ARQ now operates in Mexico, Brazil, Colombia and Argentina. 

• KASZEK led a USD5m round in September 2022, with participation from YC. 

▸ HRTECH KASZEK and Goodwater Capital raised a USD66m Series A for Humand, an Argentine AI agent-based recruitment platform, with participation from Newtopia VC and Y Combinator.

• Angels participating included Arash Ferdowsi (Dropbox), Sebastián Mejía (Rappi), Rajat Suri (Presto) and Marcos Galperin (MercadoLibre). 

▸ HRTECH Zippi, a Brazilian payroll and credit platform for independent contractors, raised ~USD42.5m through a FIDC (Fundo de Investimentos em Direitos Creditorios).

• Tiger Global led a USD16m Series A in September 2025. 

▸ DEBT | Solvento, a Mexico-based debt financing platform for the logistics and transport industry, secured USD25m in debt from BBVA Spark. 

• Cometa led a USD12.5m Series A in November 2024; Quona Capital led an undisclosed round in December 2023; Dynamo Ventures led a USD4.5m round in December 2021.

▸ HRTECH Khosla Ventures led a ~USD19m Series A for Comp, a Brazilian HR platform, with participation from Abstract Ventures, Endeavor Catalyst and follow-on from KASZEK and Canary. 

• This is Khosla’s first investment in a Brazilian startup. 

▸ Citi led a USD13.5m Series A for Cicada, a US-based electronic trading platform for Latin American markets, with participation from KASZEK, L4 Venture Builder, DILA Capital and Crestone Venture Capital. 

▸ HEALTHTECH General Catalyst led a USD8m Series B for Genial Care, a Brazilian mental health platform focused on autism.

•  General Catalyst led a ~USD7m round in January 2024; General Catalyst led a USD10m round in 2023; Canary first invested in 2020.

▸ PayPal Ventures and Floodgate co-led a USD8m seed round for EFEX, a Mexico-based cross-border payments platform, with participation from Contour Venture Partners and Nido Ventures. 

▸ Hi Ventures and DYDX Capital co-led a USD5m round for Tess AI, a US-based multi-agent platform, with participation from Honeystone Ventures. 

▸ PROPTECH Atlantico and Zacua Ventures co-led a USD4m round for Lebane, an Argentine real estate development platform, with participation from Fen Ventures, ADN.VC, Kuiper VC and Galicia Ventures.

▸ Natura Ventures led a USD3.5m seed round for Antarka, an Uruguayan skincare startup.

▸ Kayyak Ventures and Enable Ventures co-led a USD3.5m round for Wheel the World, a US-based accessibility verification program for travel, with participation from Impacta VC, Dadneo, WeBoost, Samaritan Partners, Miles Partnership, Erik Blachford (Expedia) and Gillian Tans (Booking.com).

▸ Mova Protocol, a Brazilian vehicle data platform, raised a USD3m seed round from undisclosed investors. 

▸ Quipu, a Colombia-based digital lending platform, raised a USD1.1m round with participation from Impacta VC, Decelera, Vertical Partners, Corteza Capital and Comfama.

▸ NuMundo Ventures invested in Idilio TV, a Colombia-based streaming platform for micro-dramas. 

▸ Irani Ventures invested in growPack, a Brazilian sustainable packaging startup. 

▸ Trompo Capital invested in Nubarium, a Mexican biometrics startup. 

▸ Canary reached a USD150m final close for its fourth flagship fund to invest in early-stage founders across Latin America. 

• We announced in our last edition that Japan International Cooperation Agency (JICA) recently made a USD15m commitment to the vintage.
• Canary’s most recent disclosed investments include Revena, Advolve, Bull, Infleet, Mar Saúde and Arvo Saúde.
• Congrats to Florian, Marcos, Bel and team for the milestone! 

▸ ALIVE Ventures reached a USD55m final close for Acumen Latin America Early Growth Fund II (ALEG II), its second impact investment fund and reached USD80m in AUM. 

• Impact Fund Denmark made a USD4m commitment to the vintage. 
• Other notable LPs participating include Proparco, FMO, Dutch Good Growth Fund, MacArthur Foundation, Bancoldex, Cofide, Sonen and Fundacion Bancolombia.

▸ ADN.vc reached a USD2m first close for its inaugural fund with a USD4m target to invest in Peru-based fintech and proptech startups. 

• The fund’s portfolio already includes Finnecto, Konvex and Kira.

▸ M&A Mexico-based Crédito Maestro merged with Kubo Financiero, a Mexican digital savings and lending platform, in a USD35.6m transaction. 

• Crédito Maestro will contribute capital and commercial capacity, while Kubo will contribute its regulatory license and technology platform to strengthen their position in Mexico’s digital savings and credit market. 

▸ M&A Mexico-based Grupo OMNi acquired General Atlantic-backed Jüsto, a Mexican digital supermarket. 

• OMNi will invest USD100m to relaunch the platform after Justo stopped operations in December.

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