Colombia , Argentina , Mexico , Chile and Brazil

LatAm ICT investment, financing watch

Bnamericas Published: Friday, November 25, 2022
LatAm ICT investment, financing watch

After internal private network tests yielded positive results, Brazilian industrial products multinational WEG plans to invest in the offer of enterprise connectivity solutions through its digital solutions subsidiary V2COM.

"We are moving to, first of all, use this technology ourselves, but also to be a supplier, partners of the industry, [of] the city, agribusiness, with a wide and integrated offer of complete digital solutions," WEG's institutional relations director Daniel Coutinho said during the presentation of the company's results. 

The tests were supported by Brazil's industrial development agency ABDI.

WEG developed two tests at its factory for non-standalone 5G private networks. One on its own, using Nokia's equipment and a 3.7GHz SLP license obtained from regulator Anatel; and another in partnership with a mobile carrier. In the latter case, the company used equipment from Ericsson and Claro's network in the 3.5GHz public spectrum.

WEG and the partners will now start the second phase of the private network tests, using standalone 5G.


ATM, banking and retail solutions firm Diebold Nixdorf expects a positive 2023 panorama for Brazil, its largest market in the region.

Despite the challenging macroeconomic environment and the closure of brick-and-mortar branches by Brazilian banks, its main customers, the company presented good results in 2022.

"We are experiencing a year of consolidation, registering a significant increase in customer interest in renewing their ATMs to optimize new features such as cash recycling, automated deposits and cardless transactions," country manager Elias Rogerio da Silva said in a statement.

The company also reported growth in the retail software and self-checkout solutions sectors.

Globally, Diebold ended Q3 with US$1.4bn in product backlog. It also posted US$820mn in net sales, down from US$958mn in the same period in 2021. Net losses widened to US$50.5mn, from US$2mn.

Among its business highlights in the quarter, Diebold secured an US$8mn deal with Mexico's Banco Azteca to replace its existing ATM fleet with the new DN series model.


Argentina-based crypto exchange Ripio will expand to Florida after obtaining a permit from the local financial regulator, the company said in a statement.

Ripio provides services to more than 4.5mn customers in Argentina, Brazil, Mexico, Uruguay and Spain, offering custodial wallet and exchange. 

Recently, the company was tapped by MercadoLibre as partner in the launch of crypto services.

In the US, the company will offer its Ripio Select suite to companies and investors.

Ripio raised US$50mn in its latest financing round in September 2021 and has managed to stay afloat amid the recent cryptocurrency storms.


Argentine fintech Moni secured 277mn pesos (US$1.67mn) through a CNV-approved public offering to support its credit business and expansion plans, the company said in a statement.

Banco de Valores and First Corporate Finance Advisors were the financial organizers of the operation, with Banco de Valores, First Capital Markets, Banco BST, BACS Banco de Crédito y Securitización and Allaria Ledesma & Cia being the placement agents.

The fintech offers personal loans to individuals with poor or no access to the formal banking system. It also provides digital wallet services, QR payments, Mastercard services, and top-ups of mobile lines and of public transportation card SUBE.

Moni plans to incorporate new services to improve the user experience.

The company’s shareholders and institutional investors are Nxtp.Labs and FJ Labs, among others, along with technology entrepreneurs.


Chilean software factory Circle intends to launch three startups in Chile, Mexico and Colombia before the end of this year through its just opened Venture Studio unit, Diario Estrategia reported.

The move comes after Altera CEO and president of Andes Inversiones Milton Espinoza invested US$10mn and became shareholder of Circle, according to the report.

Circle started as a digital products factory and has worked for the fintech and healthtech industries.


Hong Kong-based cross-border payments provider XanPool will expand to Latin America, as well as to markets in Europe, the Middle East and North Africa, after raising US$41mn from investors led by London-based Target Global.

The company, whose operations have been concentrated in Asia, was valued at US$400mn after it raised US$35mn from Target Global and US$6mn from existing investor Antler Elevate. 

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