Global IPOs are bouncing back. Is LATAM ready to follow?
Ep. 140: Sarelly Sarelly $3 million Seed, Carabela $20 million Fund II, and more!
Your weekly newsletter on technology, startups, and VCs in Spanish-speaking Latin America.
Global IPO activity is showing signs of recovery in 2025 despite persistent volatility, with 539 deals raising US$61.4 billion in the first half of the year: a 17% increase compared to 2024, according to EY.
The US, obviously, led the charge with 109 IPOs. While political uncertainty remains high, especially around Trump’s new tariff framework, the IPO window appears cautiously reopening for companies with strategic positioning and credible growth stories (hello, Figma).
For Latin American startups, this shift could reignite the dream of going public, especially for growth-stage players that held back amid tighter capital markets. A reactivated IPO market could offer new exit opportunities, attract global capital, and reinforce the region’s tech momentum.
Still, don’t hold your breath for a LatAm IPO in 2025. But a deal may materialize by 2026.
Follow The Money
🇲🇽 Sarelly Sarelly raised a US$3 million Seed round
Mexican cosmetics startup Sarelly Sarelly has raised a US$3 million seed round. Founded in 2022 by one of Mexico’s most prominent beauty content creators, Anna Sarelly, the brand quickly rose to become the top-selling beauty label on TikTok Shop Mexico. Known for its clean formulations and use of vegan materials like cactus leather, Sarelly Sarelly blends sustainability with viral marketing. The new funding will support its expansion into the US, boost its e-commerce and retail presence, including a flagship store in Mexico City, and enable entry into major retailers like Ulta Beauty.
Sector: DTC - Direct To Consumer
Founders: Rémi Martini, Anna Sarelly
Investors: Wollef Ventures, Sandbox Studios, Hyve Ventures, Gaw Capital, Semilla Ventures
🇨🇴 RapiCredit secures US$5 million in new financing
Colombian Fintech RapiCredit has secured US$5 million in financing. The deal will support RapiCredit’s mission to expand financial inclusion by offering credit to underserved populations who lack formal employment or credit history. This funding builds on a previous US$7 million investment from Almavest and aims to help RapiCredit scale inclusive financial products, with a particular focus on gender equity and ESG impact.
Sector: FinTech
Founders: Daniel Materón
Investors: Alma Sustainable Finance, Almavest, IDFC
Startups News
🇨🇴 Kamin is targeting the Bre-B model
Colombian Paytech Kamin has launched a SaaS platform enabling 24/7 instant payments and collections for businesses through Transfiya and other open banking rails, targeting the Bre-B model developed by Colombia’s central bank. Kamin addresses the complexity faced by enterprises in managing financial transactions, offering real-time reconciliation, blockchain-based security, and seamless API integrations. Part of the Minka group, Kamin has already integrated with 27 financial institutions and secured regulatory clearance as a Non-Supervised Acquirer.
🇲🇽 Spin by Oxxo enters the lending space
Spin by Oxxo, enters the lending space with the launch of personal loans, marking a key step in its ambition to build a full-fledged “Oxxo Bank”. The platform reached 14.5 million users, up 22.9% year over year, with 9.4 million active users. The company is expanding its financial ecosystem beyond debit cards and payment terminals, now exploring savings and credit products. While CEO Juan Carlos Guillermety emphasized a balanced strategy between digital and in-store services, FEMSA’s leadership noted a cautious approach to credit, aiming to scale responsibly without surprises for stakeholders.
Mercado Pago to offers zero-interest loans
Mercado Pago, the Fintech arms of Mercado Libre, is offering zero-interest loans of up to 10 million pesos (approx. US$520K) to eligible users, aiming to support entrepreneurs, service providers, and digital merchants with short-term working capital. The loans, which can be used for inventory, tools, infrastructure, or marketing, have repayment terms of one to four weeks and are available only to users who meet specific criteria, including consistent monthly sales above 50,000 pesos (about US$2,600) and a strong credit history. The fully digital process is managed through the Mercado Pago app, using automated evaluations to determine eligibility.
VC - M&A News
🇲🇽 Carabela launches its US$20 million Fund II
Mexican venture capital firm Carabela has launched its second fund, totaling US$20 million, to invest in around 25 pre-seed deep-tech startups founded by Latin American teams. The fund targets unconventional, B2B solutions using emerging technologies like generative AI, semiconductors, IoT, and blockchain, with a focus on vertical scalability and social or environmental impact. With average tickets of US$500,000 and the ability to lead rounds, Carabela offers strategic support and operational guidance.
🇲🇽 Chihuahua Tech Week 2025
From September 17 to 25, Chihuahua Tech Week (CHTW) will become a platform of events that integrates technology, business, culture, and well-being, with the goal of consolidating Chihuahua as a strategic hub for innovation and entrepreneurship. Throughout the week, the city will host more than 30 events, most of which (80%) will be organized by local actors, with participation from national organizations (20%). Over 300 attendees are expected at the main events, including entrepreneurs, investors, companies, educational institutions, and civil society organizations. Learn more about the initiative here.
Economy
BTG Pactual to acquire HSBC’s operations in Uruguay
Brazilian investment bank BTG Pactual has agreed to acquire HSBC’s operations in Uruguay for US$175 million, marking a strategic move to expand its presence across Latin America. The deal includes five branches, US$1.8 billion in assets, and a US$1.1 billion loan portfolio, positioning BTG among the top five banks in the country. With plans to offer retail banking, wealth management, and corporate lending, BTG sees Uruguay’s stable economy and favorable tax environment as ideal for high-net-worth clients.
Expansion Plans
🇻🇪 Yango Ride debuts in Venezuela
Yango Group has launched its ride-hailing service Yango Ride in Caracas, marking its debut in Venezuela. The app connects passengers with local transportation providers, offering three travel categories to improve urban mobility through advanced geolocation, smart routing, and operational tech. Yango does not own vehicles or employ drivers but empowers local partners with digital fleet management and efficiency tools. Already active in 30+ countries, Yango sees Venezuela as a key step in its regional expansion.
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Abrazo,
Arnaud
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