Key LATAM FinTech investment stats in H1 2024:
- LATAM deal activity for H1 2024 dropped by 58% in YoY comparison
- Brazil continued to dominate the LATAM FinTech market by securing 44% of the deals from the region for H1 2024
- Celcoin secured the biggest deal for H1 2024 in LATAM with a $125m funding round
In H1 2024, the LATAM FinTech industry experienced a notable decline in deal activity. The region recorded 79 funding rounds, a drop of 58% from the 189 deals completed in H1 2023. However, despite the drop in deal numbers, LATAM FinTech companies raised $1.2bn during the same period, a 20% increase from the $1bn raised in H1 2023. This growth in funding amid reduced deal activity suggests a trend toward larger, more concentrated investments within the sector.
Brazil remained the most active FinTech market in LATAM in terms of deals, with companies in the country completing 35 deals (44% share) in H1 2024. This represents a 59% decrease from the 85 deals recorded in H1 2023. Colombia emerged as the second most active market with 13 deals (16% share), slightly down from 23 deals in H1 2023 but surpassing Mexico, which completed 12 deals (15% share), a sharp 61% decrease from the 31 deals recorded in the same period last year. This shift in rankings highlights the consistent dominance of these three countries in the LATAM FinTech landscape, with Colombia overtaking Mexico in deal activity during H1 2024.
Celcoin, a leading company in the Banking as a Service (BaaS) financial technology market, secured the largest funding deal in Latin America for the first half of 2024 with a $125m investment led by global growth equity investor Summit Partners. Known for its partnerships with market-leading FinTech companies like EngageSmart and Corpay, Summit Partners was joined by existing investor Innova Capital and seasoned FinTech executive John Coughlin in this round. Founded in 2016, Celcoin provides financial infrastructure services for banks, FinTechs, and enterprises, focusing on payments, banking, and lending to enable personalized embedded finance solutions. With over 400 financial industry customers and more than 5,000 non-financial companies leveraging its offerings, Celcoin’s robust platform processes over 200m Pix transactions monthly. The new capital will support Celcoin’s expansion plans, further strengthening its leadership position in the BaaS and embedded finance markets, while driving continued innovation. The investment comes as Celcoin experiences strong momentum, recording $63m in annual recurring revenue in Q1 2024—a 140% increase year-over-year—alongside strategic acquisitions like Galax Pay, Flow Finance, Finansystech, and Reg+.
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