Index Ventures’ first commitment in Latin America with investment in Mexico City-based Telemedicine and Health Insurer Sofia makes a case for the growing international interest in the region. Visa acquired YellowPepper, a fintech pioneer serving Latin American startups, and telecom platform OXIO raised to expand its program in Latin America.
Index Ventures Makes First Latin American Investment in Sofia, a Mexico City-based Telemedicine and Health Insurer
Telemedicine and insurance platform Sofia was founded with the goal of providing customers across Mexico better access to quality healthcare through their insurance plan. The company initially started as a telemedicine platform, but recently received approvals to operate as an insurer: part of a long-term vision for growth to provide a full service health platform for customers.
With the help of noteworthy investors- Kaszek Ventures, Ribbit Capital, and Index Ventures- the platform hopes to provide low-cost insurance for middle class consumers across Latin America, starting in Mexico City.
Index Ventures led the company’s $19 million round earlier this year: signifying the venture firm’s first commitment in Latin America. Given the strength of the market, it likely won’t be their last.
Visa Completes Acquisition of YellowPepper
Visa announced that it has completed the acquisition of YellowPepper, a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups in Latin America and the Caribbean.
Business Wire reports that the acquisition- the first of its kind for Visa in the region- accelerates the adoption of Visa’s “network of networks” strategy to become a single point of access for initiating multiple transaction types and enabling the secure movement of money.
The combination of both businesses should reduce issuers’ and processors’ costs and time to launch financial services.
OXIO Calls on $12M Series A to Unbundle Mobile Telecom Infrastructure
OXIO has raised $12 million in Series A funding to expand its program in Latin America and the United States in 2021. OXIO’s platform is rebuilding mobile networks by blending the wireless infrastructure of many carriers and then offering the network via a cloud-based application programming interface.
Monashees and Atlantico Capital led the round, and were joined by FinTech Collective and Multicoin Capital. The new funding gives OXIO just under $20 million in total funding since the company’s inception in 2018, Nicolas Girard, Co-Founder and CEO of OXIO, told Crunchbase News.
The new funding will help scale the business, meet demand from new customers, and expand next year into Brazil and the U.S., where OXIO is working on partnerships with large players wanting to reinvent wireless.
Brazilian Social Entrepreneur will Train 2 Million Women For The Digital Economy
Since the start of the COVID-19 pandemic, social entrepreneur Ana Fontes has been working relentlessly to provide the hundreds of thousands of women who rely on the Women Entrepreneurs Social Network (RME) to understand how to navigate a fast-moving digital landscape.
RME- the first and largest support network for female entrepreneurs- has support from companies including Google and banking institutions like Santander. The organization currently reaches 750,000 women nationwide.
Walmart de Mexico Under Investigation for Antitrust Behavior
Walmart’s Mexico unit, or Walmex, announced on Monday that it was notified by Mexico’s federal competition authority that it is being investigated for possible antitrust behavior in the supply and distribution market of wholesale goods and retail of these goods and services.
Reuters reports that Walmart de Mexico said it “has always acted in accordance with applicable law and that its participation in the Mexican market has resulted in lower prices for consumers, benefiting poor families especially”.