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Top DeFi Investment rounds in LatAm – 2022 – LatamList

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Interest in crypto and DeFi has exploded over the last year in Latin America. There has been a consistent and massive rise in cryptocurrency, including its fundamental blockchain technology. This comes as no surprise. With a fall in government regulated currencies, Latin Americans have turned to virtual money for a safer and more profitable option.

The population of the financially underserved is not completely known in Latin America. According to statistics, it is estimated that the number is about 70% of the population, that is, over 400 million people. This staggering number will allow DeFi to close the gap and bring the obviously needed financial inclusion to the region.

The trend in LatAm is not lost among venture capital firms. Investments in this sector jumped from $68 million in 2020 to $658 million in 2021, according to industry group Lavca

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Rapid developments in crypto and digital assets have sparked startups all the way from Mexico to Argentina. In this article, we will zoom in to the investment rounds that have taken place to date (Q1 to Q3, 2022).

1. Credix

DeFi Fintech Credix raises $11.25M to develop a next-generation credit platform

Brazil-based Credix has raised $11.25 million in a Series A round led by Motive Partners & ParaFi Capital. The round was also backed by Valor Capital, Victory Park Capital, MGG Investment Group, Circle Ventures, Abra, Fuse Capital and Claure Group, and angel investors including Ricardo Villa Marina, chairman of Itau LatAm.

Credix enables fintech companies and other non-bank lenders to convert their receivables and real assets into investment capital. All financing happens on-chain using USDC & smart contracts, creating instant efficiencies, settlement, and more transparency.

2. Koibanx

Asset tokenization platform Koibanx raises $22M in investment round

Koibanx, an asset tokenization platform based in Argentina, has raised $22M in its first investment round.

The fintech allows financial entities to tokenize assets and bring them to blockchain, fragment them, enable their use as a means of payment, and exchange with cryptocurrencies.

3. Fluyez

Peruvian DeFi fintech Fluyez is acquired by Spanish crypto exchange Bit2Me

Bit2Me, the largest Spanish crypto exchange, acquired a majority stake in the Peruvian peer Fluyez. ​​The purchase of the 85% stake was for more than 1 million euros ($1.022 million). The exact figure was not disclosed. 

4. Digitra

New crypto exchange Digitra receives $5M from Itau’s to accelerate operations

Profitus, a fund owned by Ricardo Vilella Marino, the controlling partner of Itaú Unibanco, invested $5 million in Digitra.com, a new crypto exchange created by Rodrigo Batista, the former CEO and founder of Mercado Bitcoin. Digitra launched in July.

5. Belo

Belo raised $3M to further develop its digital crypto wallet locally and regionally

Belo, an Argentine crypto startup that offers a digital wallet, raised $3 million in a seed round to expand operations in Argentina, and launch to Mexico and Brazil. The seed round featured participation from firms such as CRV, The Venture City, Newtopia, Latitud, Liquid 2, Infinity Ventures Crypto, Magma Partners and Sur VC.

6. SenseiNode

Crypto company SenseiNode received $3.6M to grow its infrastructure

SenseiNode is a platform that allows clients such as fintech, exchanges, banks and other financial institutions, entrepreneurs, wallets and decentralized finance companies (DeFi) and NFT, among others, to have their own nodes.

The company announced a first round of investment totaling of $3.6 million led by Borderless Capital, and followed by five Argentine unicorn founders: Marcos Galperin (MercadoLibre), Martín Migoya (Globant), Miguel Santos (Technisys), Matías Woloski (Auth0) and Patricio Jutard (from Mural, through the Newtopia VC fund). Key players in the crypto and investment world also joined, such as Esteban Ordano (Decentraland), Javier Villamizar (Softbank), Facundo Garretón (Terraflos), Francisco Álvarez-Demalde (Riverwood Capital), Mat Travizano (Sur VC) and the Spice fund, among others.

7. Conduit Financial

Conduit Financial secures $17M to launch its API for DeFi in Latin America

Conduit Financial raised $17M to unlock access to decentralized finance (“DeFi”) for any fintech, neobank or exchange through a single API. The Seed Round was led by Portage Ventures, and included participation from Diagram Ventures, FinVC, Gemini Frontier Fund, Gradient Ventures (Google), Core Innovation Capital, Inovia Capital, Gaingels, Discovery Ventures and Jump Crypto. The startup also has the support of leading fintech executives, including Mark Britto (Paypal), Gary Marino (ex-PayPal), Asiff Hirji (ex-Coinbase), Simon Taylor (11:FS), and Nik Milanović (Google Pay), as well as personal investment from Rex Salisbury (ex-a16z). 

8. Let’sBit

Crypto bank Let’sBit closes pre-seed round to leverage its growth in the Peruvian market

Let’sBit closed a pre-seed round led by Angel Ventures and with participation from Primary Ventures of MATBA-ROFEX Group, the main derivatives market in Argentina. The amount of the round was not shared. The company uses DeFi protocols to offer banking services in Latam. It already has 50,000 users in Argentina and is looking to expand to Peru.

9. Littio

Colombian DeFi fintech Littio starts operations with $3.7 million pre-seed round

Littio raised a $3.7 million pre-seed investment round led by 1662nd, WeWork founder Adam Neuman’s fund; Global Founders Capital; Jam Fund, from Tinder co-founder Justin Mateen; and a set of angel investors featuring founders of Y Combinator-backed companies, as well as some McKinsey & Company partners, as angel investors.

10. Foxbit

Brazilian cryptocurrency exchange Foxbit gets $21M for new products and services

Foxbit, a Brazilian crypto-based solutions platform, announced a $21 million (nearly BRL 110 million) Series A round led by the OK Group, a blockchain technology and services provider founded in China in 2013, now operating in more than 180 countries and serving a 50 million user base.

11. Delt.ai

Fintech delt.ai brings DeFi lending to businesses in Mexico

Mexican fintech delt.ai announced it is processing the equivalent of $25M in debt financing from TrustToken. The statement is a first-of-a-kind because the financing is done purely in digital assets, specifically in crypto. delt.ai is a Y Combinator-backed software company that focuses on financial tech, building software that helps businesses make their day-to-day financial management easier, from corporate expenses to ecommerce and digital platforms.

12. Moss.earth

Brazilian climate tech startup focused on blockchain Moss.earth, nabs $10M in a funding round

Moss.earth, a Brazilian climate tech that develops blockchain-based solutions to help companies offset carbon, secured a $10 million Series A funding round. The round was led by SP Ventures and Acre Ventures Partners, and followed by Jive Investments, Flori Ventures (Celo) and The Craftory.

Founded in 2020, Moss.earth is specialized in digitizing carbon-neutral assets by using blockchain technology.

13. 2TM

Mercado Libre buys part of brazilian blockchain Fintech 2TM, the controller of Mercado Bitcoin

Mercado Libre acquired a stake in 2TM, the parent company of the Mercado Bitcoin brokerage. The value of the investment was not disclosed.

Mercado Libre also made a strategic investment in Paxos, a regulated platform and leading blockchain infrastructure that leverages the Mercado Pago cryptocurrency experience in Brazil.

This is a reinforcement of the Argentine company’s bet on the cryptocurrency market, which announced at the end of last year that it would allow the purchase and sale of cryptocurrencies on its platform in Brazil.

14. Tribal Credit 

Mexican fintech Tribal Credit raises $40M to drive new use cases for blockchain payments

Corporate payments platform Tribal Credit raised a $40 million debt offering through fiat and stablecoins, giving the company additional capital to expand its services in Latin America.

The so-called hybrid debt round was funded by Partners for Growth, a California-based investment firm, and Stellar Development Foundation (SDF), which is a nonprofit that supports the growth of the Stellar blockchain. Tribal said it will use the capital to fund receivables from its customer base across Latin America, especially in Mexico, Brazil, Chile, Colombia and Peru.


With Q4 just around the corner, there are still plenty of days to see more investments happening in DeFi this year. We will update this article by the end of the year.

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The new rules of investment – The Economist

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High inflation, amid warnings of a global recession, is forcing investors to tear up the rule book. Since the financial crisis, bonds have been seen as a safe bet—even if they did not promise much of a return. Equity markets, led by soaring tech stocks, were where fortunes were made. Both have plunged this year.

In a world where rising interest rates have left governments worrying about how to afford their debts, and companies will struggle to raise cash, investors need new strategies.

On this week’s podcast, hosts Alice Fulwood, Soumaya Keynes and Mike Bird ask what those new rules of investing look like. Wei Li, global chief investment strategist for the world’s biggest investor, BlackRock, argues this new macroeconomic era is here to stay. And Mohamed El-Erian, chief economic adviser to Allianz, says investors need to focus on picking winners within stocks and bonds. Runtime: 39 min

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For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer

Listen on: Apple Podcasts | Spotify | Google | Stitcher | TuneIn

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Proposed sovereignty act could scare off investment: Calgary chamber – Calgary Sun

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‘We still don’t see how an act like this contributes to economic growth,’ said chamber President and CEO Deborah Yedlin

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The Alberta Sovereignty within a United Canada Act, tabled by Premier Danielle Smith on Tuesday, could drive investment out of the province, the Calgary Chamber of Commerce warns.

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Chamber president and CEO Deborah Yedlin said the bill, which would allow cabinet to issue directives to disregard federal initiatives, would not help businesses attract investment or employees should it pass the legislature.

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“We still don’t see how an act like this contributes to economic growth,” said Yedlin, adding that Alberta competes around the world for labour and capital, and that any hints of uncompetitiveness or uncertainty could cause the province to be seen as an unfavourable jurisdiction to invest in.

The act was the keystone policy of Smith’s leadership campaign this summer. If passed, Bill 1 would allow ministers to bring motions forward to the Alberta legislature to debate whether a federal initiative is unconstitutional or harmful to Alberta. If the initiative is deemed as such, the legislature could pass a resolution that would direct cabinet to take action, which could include issuing directives to public entities to not enforce the federal policy.

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Government documents argue the bill would not do anything to harm Alberta’s economy. The premier’s office did not return requests for comment Wednesday.

  1. Alberta Premier Danielle Smith makes her way to a press conference after the Speech from the Throne in Edmonton, on Tuesday, November 29, 2022.

    Smith introduces flagship Alberta Sovereignty Within a United Canada Act, giving cabinet new power

  2. Prime Minister Justin Trudeau at the APEC summit in Bangkok, Thailand on Friday, Nov. 18, 2022. THE CANADIAN PRESS/Sean Kilpatrick

    Trudeau says Ottawa ‘not looking for a fight’ on Alberta Sovereignty Act

  3. Alberta Premier Danielle Smith speaks at a press conference after the Speech from the Throne in Edmonton, on Tuesday, November 29, 2022.

    A look at how Alberta’s proposed sovereignty act would work

  4. The Fourth Session of the 30th Legislature opened on November 29, 2022, with Her Honour the Honourable Salma Lakhani, Lieutenant Governor of Alberta, delivering the Throne Speech.

    Alberta Lt.-Gov. Salma Lakhani delivers Throne Speech focused on affordability, health-care reform, jobs, and fighting Ottawa

Speaking Tuesday, Smith said the bill is intended to put Ottawa on notice about provincial jurisdiction and ensure they are equal partners within Canada’s Constitution.

Yedlin argued the act does not allow for constructive conversations with the federal government and that all levels of government need to collaborate to make Alberta an attractive place to invest and to work, stating the province has to compete with jurisdictions from all corners of the globe.

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“This could cause us problems within Canada with other provinces, as well as with Ottawa. That’s not what we need right now,” said Yedlin. “We have worked with Ottawa in the past, perhaps not to Premier Smith’s satisfaction, but I would argue that, you know, let’s dial back.”

Yedlin said Quebec lost investment when that province grappled with the idea of separation. She said that while Smith’s bill makes it clear it is not about separating, just the idea of uncertainty could cause investors to look elsewhere.

Calgary Chamber CEO Deborah Yedlin.
Calgary Chamber CEO Deborah Yedlin. Azin Ghaffari/Postmedia

Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers, said they are taking time to review the bill with their members. She said they are concerned about any policy that has the potential to create uncertainty for investors.

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“It is important for governments at all levels to work together with the industry in order to attract investment back into Canada,” said Baiton.

Finance Minister Travis Toews was critical of the sovereignty act while he ran against Smith in the leadership contest. At the time, he argued the bill would bring “economic chaos” to Alberta.

On Wednesday, he acknowledged he had legitimate concerns during the summer but said he has since had full opportunity to participate in the development of the bill along with his caucus colleagues, and that it addresses his previous concerns.

For me to support this bill it has to be constitutional, support the rule of law and not create business uncertainty. This bill, as proposed, addresses these concerns,” Toews said in a statement.

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Alberta Finance Minister Travis Toews, file photo.
Alberta Finance Minister Travis Toews, file photo. Darren Makowichuk/Postmedia

Meanwhile, several groups that could fall under the “public entity” definition of the act and could be subject to ministerial directives said they need to read the bill further before providing comment.

University of Calgary representatives said the school was reviewing the bill and will seek clarity on its application if passed. Mount Royal University representatives said they, too, are reviewing the bill and will work with the province on how it applies to post-secondary institutions.

The Rural Municipalities of Alberta declined to provide comment. While speaking at an unrelated news conference, Leduc Mayor Bob Young said they hadn’t had a chance to look at the bill and how it would affect municipalities.

Alberta Municipalities said they are reviewing the bill and that it appears to allow the cabinet to direct municipalities to not enforce federal laws. They said they may have more to say once their analysts have fully reviewed the legislation.

dshort@postmedia.com

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Clinton Orr, Canaccord Genuity, earns Canada’s Top Wealth Advisor award

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Clinton Orr is a Senior Portfolio Manager and Senior Wealth Advisor, CFP, CIM, DMA, DMS, with Canaccord Genuity Wealth Management. Recently, he was recognized as one of Canada’s Top Wealth Advisors in the province. The recognition is based on an independent affirmation of his ongoing commitment to his clients and their financial success.

This prestigious award is given based on a number of factors, including client service and best practices, industry experience, and growth. This has established Orr and his firm as a leader in the wealth management industry.

Canada’s Top Wealth Advisors ranking is developed and distributed by SHOOK Research, and is based on in-person, virtual, and telephone due diligence meetings and ranking algorithms. This algorithm factors in client retention, industry experience, review of compliance records, and firm nominations.

Quantitative criteria include assets that are under management as well as revenue generated for their firms. Investment performance is not considered criteria, because client objectives and risk tolerances vary, and advisors often don’t have audited performance reports.

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Who is Clinton Orr?

Clinton Orr is a financial services professional who earned his start in the industry in 2003. He is a founding member of Becker Orr Wealth Management, a branch of Canaccord Wealth Management, and is a Senior Wealth Advisor and Senior Portfolio Manager with Canaccord Genuity.

Clinton Orr has been able to successfully establish relationships with his clients, who consist of business owners, retirees and professionals. His success in the wealth management space has been achieved through dedication, hard work, a love for the profession, and genuine compassion and caring for his clients.

Orr has been able to set himself apart by developing a strong team and utilizing a unique process called Financial Architecture, which allows him and his team to build customized financial plans that address all of their clients’ needs.

Orr earned a Bachelor’s of Commerce degree and has earned professional designations in financial planning, investment management, and derivatives markets. He has previously been recognized for his efforts in 2021, winning the Wealth Management Advisor of the Year for Canada, as a part of Finance Monthly’s Global Awards. He was also the central region winner of the Client Dedication Award presented by Canaccord Genuity.

Orr is a regular contributor to the Clipper Weekly, providing his professional insights in a regular column that is published monthly. He also makes regular appearances on Global News Winnipeg.

Orr lives with his wife, Jodi, in rural Manitoba where they operate their own charitable initiative, the Pet Life Animal Fund. Both are passionate dog lovers who enjoy giving back.

When Clinton Orr isn’t working, he trains in Jiu-Jitsu and currently holds a blue belt. He and his wife also enjoy spending plenty of time together watching the Winnipeg Jets and the Winnipeg Blue Bombers.

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