Top 12 Latin American Fintech Startups To Watch in 2024

Latin America is on the brink of a fintech revolution, with startups across the region leveraging technology to democratize access to financial services.

In 2024, a dozen companies stand out for their innovative approaches to solving longstanding financial challenges, from improving corporate finance and expanding credit access to revolutionizing the way SMEs manage their finances.

Growing Appetite for LatAm Startups

According to Crunchbase, $579 million was invested in Latin American startups in the first quarter of 2024 alone, reflecting appetite among both local and global investors to get exposure to one of the largest and fastest-growing economies and some of the best entrepreneurs in the world.

Let's dive into the unique offerings and achievements of 12 of the these Latin American startups.

1. Clara - The Crown Jewel of Corporate Finance in Mexico

With $60 million raised in 2023, Clara has established itself as a powerhouse in corporate financial management. Its comprehensive suite of services, including expense tracking, corporate cards, and payment solutions, is transforming how companies across Latin America handle their finances.

2. ICred - Champion of Payroll Loans in Brazil

Following closely, ICred's $58 million fundraising effort underscores its mission to make financial support accessible. Its specialized focus on payroll loans for Brazil's National Social Security Institute beneficiaries is bridging gaps in the financial landscape.

3. Klym - SME Financing Pioneer in Colombia

Klym, with its $27 million Series B funding, is not just another fintech startup. It's a lifeline for SMEs, providing crucial working capital and signaling a brighter future for businesses in Colombia and beyond.

4. VIPe - Expanding the Horizons of Credit in Brazil

VIPe's $22.9 million funding round is a testament to its innovative approach to consigned credit. By diversifying into insurance products and salary advances, VIPe is broadening the scope of financial services available to Brazilians.

5. Cilia - Automotive Industry's Fintech Innovator in Brazil

Cilia's $21.8 million venture round represents a significant leap forward for fintech outside traditional banking. Its AI-powered solutions for car workshops and insurers are streamlining operations and setting a new standard in the automotive sector.

6. Asaas - Empowering Brazilian SMEs with Financial Tools

Asaas's additional $21 million in funding highlights its role as a game-changer for SMEs. Offering a wide range of financial services, from payment management to ERP solutions, Asaas is simplifying business operations for thousands.

7. Kapital - SMEs' Digital Banking Solution in Mexico

Kapital's vision, fueled by a $40 million Series B financing, is to be the digital bank of choice for SMEs in Latin America. Its comprehensive platform offers everything from credit cards to financial management tools, serving over 11,000 businesses.

8. Kanastra - Revolutionizing Brazil's Capital Markets

With $13 million in seed funding, Kanastra is set to transform the capital markets infrastructure. Its technology-driven platform automates and simplifies processes, making lending and investing more accessible.

9. Uils - Gig Economy's Financial Guardian

Uils stands out for its focus on gig workers and ride sharing in particular, providing a mobile wallet and virtual account services. Its innovative use of machine learning to estimate loan eligibility is a game-changer for gig economy participants.

10. Mattilda - Simplifying School Payments

Having raised $39 million already, Mattilda is addressing a specific yet widespread issue, offering a cloud-based platform that streamlines school payment collections, easing the burden on schools and parents alike.

11. Legria - Making Vacation Home Ownership Accessible

Legria's model of shared vacation home ownership is a novel solution that makes luxury properties more accessible and efficient, transforming the real estate investment landscape.

12. Apprenty - Bridging the Skills Gap

Apprenty is addressing the digital job market's skills gap with its simulated work environment and innovative recruitment strategies, tapping into the potential of young talent.

Simplifying Global Payments for LatAm Startups

Mural addresses one of the most pressing challenges facing Latin American startups: making and receiving international payments efficiently.

In a region where traditional banking systems can be cumbersome and slow, especially for cross-border transactions, Mural offers a streamlined, cost-effective solution.

With its robust support for multiple currencies, including digital currencies local currencies prevalent in Latin America, startups can effortlessly manage payments without worrying about prohibitive fees or unfavorable exchange rates.

Moreover, Mural's platform simplifies the invoicing and payment tracking process, enabling these burgeoning companies to maintain better cash flow visibility and control.

This not only aids in operational stability but also empowers Latin American startups to compete more effectively on a global stage, ensuring they can focus on growth and innovation without being hindered by financial logistics.