Startupbootcamp FinTech in Latin America unveils new collaborations with HSBC Mexico and IGNIA

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The subsidiary in Mexico of the global bank HSBC and IGNIA, a leading venture capital fund in Mexico,  commit to regional FinTech innovation through a partnership with Startupbootcamp FinTech program in Latin America.

 

Mexico City, September 14th, 2017 – Startupbootcamp FinTech Mexico, the leading global accelerator focused on financial services innovation, announces two new collaborations: the Mexican subsidiary of HSBC and a leading venture capital fund in Mexico, IGNIA. Startupbootcamp FinTech Mexico City is a joint venture between Startupbootcamp and Finnovista – the leading champion of FinTech innovation in Latin America – and is the first program of its kind in Latin America, addressing the needs of the region.

The involvement of both organizations endorses their commitment to innovate and disrupt financial services across Latin America. HSBC Mexico has joined the program as a corporate partner and IGNIA as an investment partner for the startups in the program.

HSBC Mexico and IGNIA will enhance the program’s corporate support, joining Visa, Fiinlab powered by Gentera, BanRegio, EY México and White & Case.

“We are very excited to welcome HSBC Mexico and IGNIA onto the program. The collaboration with HSBC Mexico will bring expertise to the entrepreneurs in creating global financial solutions, and by working with IGNIA, the startups will gain support on growing their businesses. Having these two organizations join us, in addition to our five previous partners and our global network, is a step forward in turning our startups into regional financial leaders.”, says Eduardo Morelos, Program Director of Startupbootcamp FinTech Mexico City.

“We truly believe that the collaboration of HSBC Mexico with entrepreneurial talent in the Fintech ecosystem will promote the development of innovative solutions, thus benefiting our end consumers and provide them with financial services and products that improve both access and user experience,” says Juan Carlos Espinosa, Director Digital Strategy and Innovation of HSBC Mexico.

“In Mexico, we see a huge opportunity within the financial services space which can be leveraged through FinTech startups, and we think both Finnovista and Startupbootcamp FinTech have positioned themselves as leading organizations in driving the Fintech ecosystem forward”, says Álvaro Rodríguez, Co-Founder and Managing Partner of IGNIA.

Initially, the first generation of Startupbootcamp FinTech Mexico City was made up of nine startups: Dapp, Dile, Dinerio, Flink, Friendly Transfer, Mensajea, PayIt, Tesseract and Übank. Just before the program began, two startups were added: Bdeo, a Spanish solution that offers a new standard of expertise based on real-time connection between all actors involved in a disaster, and Konsigue the first Mexican crowd-factoring platform.

These last projects contribute two further areas of focus to the program: technology in the insurance industry and crowdfunding.

The 11 startups come from from two continents and five countries, and since July 17th until October 12th co-habit at Finnovista Loft, the FinTech entrepreneurship center in Mexico City managed by Finnovista. This space aims to promote the city as a global FinTech hub.

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Nuvem Shop raises $7MM to accelerate SMB e-commerce growth in Latin America

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With e-commerce sales in Latin America expected to surpass the US$50 billion dollar mark in 2017, Nuvem Shop (https://www.nuvemshop.com.br) has secured US$7 million in series B funding to allow small and medium sized businesses to seize this opportunity.

The company provides merchants with an omnichannel e-commerce platform. Using top notch technology, customers can sell their products through their own online stores – through both mobile and desktop channels – customized with their unique brand identity, and access marketing and data analytics tools. The Nuvem Shop platform is integrated with major local payment gateways and fulfillment services, making it easy for merchants to offer credit card processing, offline payment methods (still very commonly used in Latin America), same day shipping, door to door shipping and other logistics services. Moreover, Nuvem Shop allows business owners to sell their products through the main online marketplaces of the region, providing their customers with additional sales channels to develop their businesses.

E-commerce sales in Latin America are expected to grow at a compound annual growth rate (CAGR) of 17% between 2014 and 2019, reaching US$85 billion by the end of the forecast period. Brazil, Mexico and Argentina are the three largest e-commerce markets in the region. Nuvem Shop is leading the space by enabling more than 16,000 online businesses throughout the region to operate successfully.

The round was led by Elevar Equity. Elevar was joined by IGNIA and current investors Kaszek Ventures, NXTP Labs and FJ Labs.

“Resource challenged, millions of SMBs across Latin America have difficulty accessing the region’s booming e-commerce market, dampening their prospects for growth. By providing these underserved businesses – the backbone of the region’s economies – with the resources and support to setup, manage, and promote their online businesses, Nuvem Shop is catalyzing entrepreneurship and employment, helping spur economic growth across Latin America,” said Johanna Posada Gil, Co-Founder of Elevar Equity.

Regarding the investment, Santiago Sosa – CEO of Nuvem Shop – said: “We are thrilled about this opportunity. Our main goal is to continue developing technology that will make it easier for our customers to be successful in a highly competitive market. In the coming months, we will continue to launch products and integrations that will allow merchants to expand their sales while keeping daily administration simple and painless. We know that growing a business is very hard, and technology is dramatically changing the way companies used to do business. We are here to simplify that transition.”

Nuvem Shop launched its operations in 2010 in Argentina, where it operates under the name Tienda Nube (https://www.tiendanube.com). In 2012, the company expanded to Brazil, which today accounts for the majority of customer sales. The company counts a total of 100 employees, located mainly in its Buenos Aires and São Paulo offices. A portion of the proceeds from this round will be used to expand company operations into Mexico.

“We see an enormous opportunity to increase the market share of e-commerce in Mexico, and to make it available for companies of all sizes, in turn catalyzing the growth of hundreds of entrepreneurs across the region. Tienda Nube has developed the best solution for businesses interested in selling online, and is backed by a strong and impressive team. We are excited for this new partnership and look forward to supporting their growth in Mexico,” stated Álvaro Rodríguez, co-founder and Managing Partner at IGNIA.

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