The document provides an overview of the top funded business models in Latin America over the last year based on a report by Tracxn Technologies. The top 3 funded models were digital native retail banks ($1.1B), online used car dealers ($710M), and crypto exchanges ($550M). It includes one page profiles for 50 business models that provide details on funding amounts, numbers of funding rounds, and notable funded companies.

1. TRACXN TOP BUSINESS MODELS REPORT
September 15, 2021
LATAM TECH

2. Latam Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Contents
LatamLatam Tech Funding - Overview 3
Top Funded Business Models 4
One pagers 9
Appendix 59
2

3. Latam Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Funding in last 1 year
3
Payments $1.8B
Banking Tech $1.5B
E-Commerce Enablers $1.5B
Residential Real Estate Tech $998M
Auto E-Commerce & Content $733M
Alternative Lending $652M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Y Combinator
FJ Labs
Magma Partners
62
6
5
Early
Stage
Kaszek Ventures
Monashees
QED Investors
14
10
8
Late
Stage
Kaszek Ventures
Monashees
SoftBank Corp
10
7
6
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Nubank
(2013, )
$750M - Series G
Rappi
(2015, )
$500M - Series F
Tiendanube
(2010, )
$500M - Series E
Nuvemshop
(2011, )
$500M - Series E
Kavak
(2016, )
$485M - Series D
Loft
(2018, )
$425M - Series D
Nubank
(2013, )
$400M - Series G
EBANX
(2012, )
$400M - Series B
Uala
(2016, )
$350M - Series D
Rappi
(2015, )
$300M - Series E
QuintoAndar
(2012, )
$300M - Series E
Creditas
(2012, )
$255M - Series E
Sao Paulo (45%)
Mexico City (10%)
Buenos Aires (9%)
Bogota (9%)
Chihuahua (6%)
Others (21%)

4. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Latam Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1▲1 Digital Native Retail Banks $1.1B 3 Nubank | $750M | Series G Link
2▲152 Online Used Cars Dealers $710M 2 Kavak | $485M | Series D Link
3▲36 Crypto Exchanges $550M 4 Bitso | $250M | Series C Link
4<> 0 iBuying Platforms $545M 3 Loft | $425M | Series D Link
5▲147 Internet First Residential Real Estate Brokers $445M 4 QuintoAndar | $300M | Series E Link
6-- Business Payments Solutions $400M 1 EBANX | $400M | Series B Link
7▼2 Internet First NFC Prepaid Cards $350M 1 Uala | $350M | Series D Link
8▲27 Facial Biometric Systems $335M 3 Unico | $121M | Series C Link
9▲25 KYC for Financial Institutions $268M 3 Unico | $121M | Series C Link
10-- POS Payment Terminals $250M 1 Clip | $250M | Series D Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Latam Tech - Top Funded Business Models - last 1 year (2/5)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11▼3 Plant Based Seafood Substitutes $246M 2 NotCo | $236M | Series D Link
12▲39 Physiological Biometrics $228M 2 Unico | $121M | Series C Link
13▲39 Facial Recognition $228M 3 Unico | $121M | Series C Link
14-- Hyperlocal Delivery $205M 4 Rappi | $500M | Series F Link
15-- Blockchain Protocol for Financial Services $200M 2 2TM | $200M | Series B Link
16▼7 Home Furnishing Products Marketplaces $190M 1 MadeiraMadeira | $190M | Series E Link
17-- Merchant Acquirer Companies $190M 1 CloudWalk | $190M | Series B Link
18-- Payment Card Issuer Processors $170M 3 Conductor | $150M | Series D Link
19▼6 Internet First Business Loans $165M 5 Konfío | $125M | Series E Link
20▼19
Internet First Retail Banks with Partner Bank's
License
$149M 7 Flink | $57.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Latam Tech - Top Funded Business Models - last 1 year (3/5)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21▲25
Internet First Banks for Businesses with Partner
Bank's License
$143M 2 Cora | $116M | Series B Link
22-- Bus Aggregators $138M 1 Buser | $138M | Series C Link
23-- Online Shuttle Aggregators $138M 1 Buser | $138M | Series C Link
24▼12 Employee Insurance Benefits Administration $125M 1 Konfío | $125M | Series E Link
25▼14 Accounts Receivables Payment Solutions $125M 1 Konfío | $125M | Series E Link
26▼12 Benefits Adminstration $125M 1 Konfío | $125M | Series E Link
27-- ERP for SMBs $112M 2 Omie | $112M | Series C Link
28-- CRM for SMB $112M 1 Omie | $112M | Series C Link
29▼3 Station Based Intercity Car Rentals $104M 1 Kovi | $104M | Series B Link
30-- Messaging Marketing $100M 1 Take Blip | $100M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Latam Tech - Top Funded Business Models - last 1 year (4/5)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31-- Low Code Chatbot Development Platform $100M 1 Take Blip | $100M | Series A Link
32▲10 Health Benefits $90.2M 4 Betterfly | $60.0M | Series B Link
33▼4 Online Business Payments $89.3M 6 Kushki | $86.0M | Series B Link
34-- Online Test Preparation Tutoring $84.5M 1 Descomplica | $84.5M | Series E Link
35-- Online K-12 Academic Courses $84.5M 1 Descomplica | $84.5M | Series E Link
36-- Ecommerce Retailers Acquirers $80.0M 2 Valoreo | $50.0M | Seed Link
37▼14 Internet First Point of Sale Financing $78.0M 2 Addi | $75.0M | Series B Link
38▲16 Employee Healthcare Benefits Administration $70.2M 3 Betterfly | $60.0M | Series B Link
39-- Card Linked Digital Wallets $70.1M 2 RecargaPay | $70.0M | Series C Link
40▼13
B2B E-Commerce > Food & Beverages > Groceries >
Farm Products > Marketplace
$68.5M 2 Frubana | $65.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Latam Tech - Top Funded Business Models - last 1 year (5/5)
8
Rank Business Model $ Funding # Rounds Top Funding Round Details
41▼13 B2B Fruits and Vegetables Marketplace $65.0M 1 Frubana | $65.0M | Series B Link
42▼36 Whiteboarding Software $50.7M 1 MURAL | $50.7M | Series C Link
43▼5 Conversational Analytics $50.0M 1 Yalo | $50.0M | Series C Link
44▲112 Last Mile Ecommerce Delivery $44.1M 4 99minutos.com | $40.0M | Series B Link
45▲21 Internet First Revenue Based Financing $40.6M 3 A55 | $35.0M | Series A Link
46▲4 Identity Verification $40.1M 1 idwall | $40.1M | Series C Link
47-- Trade Management Software $35.0M 1 Vórtx | $35.0M | Series B Link
48-- Internet First Corporate Credit Card Issuers $33.5M 2 Clara | $30.0M | Series A Link
49▼1 Internet First Credit Cards $32.5M 1 Stori | $32.5M | Series B Link
50-- Legal Online Consultation $32.4M 1 JusBrasil | $32.4M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Digital Native Retail Banks - Latam
01
9
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$1.1B(▲283%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$2.3B
3
-
14
2
Banking Tech (Klar)
(# Cos: 279 | $3.3B)
Internet First Banks (Fondeadora)
(# Cos: 126 | $3.3B)
Digital Native Banks (Agibank)
(# Cos: 29 | $2.4B)
Retail Banking (Nubank)
(# Cos: 14 | $2.3B)
Nubank
(2013, $2.3B)
Agibank
(1999, $74.5M)
NeagleBank
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Nubank (2013)
$750M - Series G - Jun 2021
Nubank (2013)
$400M - Series G - Jan 2021
Agibank (1999)
$74.5M - PE - Feb 2021

10. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Online Used Cars Dealers - Latam
02
10
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$710M(▲ >10K%)
2(▼33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$900M
2
-
2
1
Auto E-Commerce & Content (Checkars)
(# Cos: 259 | $1.1B)
Second Hand Vehicles (InstaCarro)
(# Cos: 63 | $1.0B)
Cars (Volanty)
(# Cos: 41 | $987M)
Online Dealer (Kavak)
(# Cos: 2 | $900M)
Kavak
(2016, $900M)
Checkars
(2018, $125K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Kavak (2016)
$485M - Series D - Apr 2021
Kavak (2016)
$225M - Series C - Oct 2020

11. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Crypto Exchanges - Latam
03
11
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$550M(▲3564%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$572M
12
-
198
2
Cryptocurrencies (Ripio protocol)
(# Cos: 607 | $589M)
Financial Services (CryptoMKT)
(# Cos: 427 | $589M)
Investment Industry (Mercado Bitcoin)
(# Cos: 325 | $573M)
Crypto Exchanges (Bitso)
(# Cos: 198 | $572M)
Bitso
(2014, $331M)
Mercado Bitcoin
(2013, $238M)
CryptoMKT
(2016, $50.0K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Bitso (2014)
$250M - Series C - May 2021
Mercado Bitcoin (2013)
$200M - Series B - Jul 2021
Bitso (2014)
$62.0M - Series B - Dec 2020
Mercado Bitcoin (2013)
$37.6M - Series A - Jan 2021

12. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
iBuying Platforms - Latam
04
12
Back to index
Residential Real Estate Tech (QuintoAndar)
(# Cos: 128 | $1.7B)
Online Resellers (Loft)
(# Cos: 2 | $823M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$545M(▲211%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$823M
2
-
2
2
Loft
(2018, $798M)
Flat
(2019, $24.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Loft (2018)
$425M - Series D - Mar 2021
Loft (2018)
$100M - Series D - Apr 2021
Flat (2019)
$20.0M - Series A - Sep 2021

13. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Residential Real Estate
Brokers - Latam
05
13
Back to index
Residential Real Estate Tech (Loft)
(# Cos: 128 | $1.7B)
Online Brokers (QuintoAndar)
(# Cos: 10 | $781M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$445M(▲ >10K%)
4(▲ >10K%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$781M
5
-
10
2
QuintoAndar
(2012, $755M)
EmCasa
(2017, $24.6M)
Mudafy
(2018, $150K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
QuintoAndar (2012)
$300M - Series E - May 2021
QuintoAndar (2012)
$120M - Series E - Aug 2021
EmCasa (2017)
$21.0M - Series B - Jul 2021
EmCasa (2017)
$3.6M - Series A - Sep 2020

14. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
EBANX (2012)
$400M - Series B - Jun 2021
Business Payments Solutions - Latam
06
14
Back to index
Payments (Stori)
(# Cos: 667 | $2.7B)
Business Payments (Clip)
(# Cos: 315 | $1.3B)
Diversified (EBANX)
(# Cos: 34 | $436M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$400M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$436M
9
-
34
2
EBANX
(2012, $430M)
Culqi
(2013, $500K)
Sr. Pago
(2010, $5.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

15. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First NFC Prepaid Cards - Latam
07
15
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$350M(▲133%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$589M
2
1
8
1
Payments (Clip)
(# Cos: 667 | $2.7B)
Consumer Payments (RecargaPay)
(# Cos: 307 | $871M)
Payment Cards (Stori)
(# Cos: 110 | $714M)
Prepaid Cards (Mozper)
(# Cos: 83 | $630M)
General Purpose (Pagseguro)
(# Cos: 47 | $596M)
Reloadable (Sí Vale Mexico)
(# Cos: 46 | $596M)
NFC (Uala)
(# Cos: 8 | $589M)
Uala
(2016, $544M)
Pagseguro Bitwallet
(2001, $45.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Uala (2016)
$350M - Series D - Aug 2021

16. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Facial Biometric Systems - Latam
08
16
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$335M(▲1649%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$354M
4
-
13
2
Security & Surveillance Technology (CityCop)
(# Cos: 281 | $357M)
PIAM (Inngresa)
(# Cos: 57 | $355M)
Biometrics System (Unico)
(# Cos: 25 | $355M)
Facial Biometrics (Acesso)
(# Cos: 13 | $354M)
Acesso
(2007, $117M)
Unico
(2007, $237M)
BigData
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Unico (2007)
$121M - Series C - Aug 2021
Acesso (2007)
$107M - Series B - Sep 2020
Unico (2007)
$107M - Series B - Sep 2020

17. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
KYC for Financial Institutions - Latam
09
17
Back to index
RegTech (41st Parameter)
(# Cos: 42 | $344M)
KYC (idwall)
(# Cos: 17 | $291M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$268M(▲1287%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$291M
4
-
17
2
idwall
(2016, $53.9M)
Unico
(2007, $237M)
CPqD
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Unico (2007)
$121M - Series C - Aug 2021
Unico (2007)
$107M - Series B - Sep 2020
idwall (2016)
$40.1M - Series C - Jun 2021

18. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
POS Payment Terminals - Latam
10
18
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$250M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$396M
10
-
68
1
Payments (Stori)
(# Cos: 667 | $2.7B)
Business Payments (EBANX)
(# Cos: 315 | $1.3B)
POS Payments (Getnet)
(# Cos: 85 | $396M)
POS Payment Terminal (Clip)
(# Cos: 68 | $396M)
Clip
(2012, $396M)
Getnet Billpocket
(2011, $125K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Clip (2012)
$250M - Series D - Jun 2021

19. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Plant Based Seafood Substitutes - Latam
11
19
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$246M(▲109%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$396M
2
-
2
1
Food Tech (iFood)
(# Cos: 444 | $1.1B)
Novel Foods (BENJI)
(# Cos: 13 | $427M)
Food Products (Fazenda Futuro)
(# Cos: 10 | $427M)
Dairy Substitute (Bifidice)
(# Cos: 3 | $396M)
Plant Based (NotCo)
(# Cos: 2 | $396M)
NotCo
(2015, $396M)
NoMoo Plant-Based
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
NotCo (2015)
$236M - Series D - Jul 2021
NotCo (2015)
$10.0M - Series C - Jun 2021

20. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Physiological Biometrics - Latam
12
20
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$228M(▲2279%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$237M
2
-
9
1
Cybersecurity (PSafe)
(# Cos: 271 | $757M)
IAM (Auth0)
(# Cos: 54 | $645M)
Biometrics (BigData)
(# Cos: 12 | $237M)
Physiological (Unico)
(# Cos: 9 | $237M)
Unico
(2007, $237M)
BigData Qondado
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Unico (2007)
$121M - Series C - Aug 2021
Unico (2007)
$107M - Series B - Sep 2020

21. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Facial Recognition - Latam
13
21
Back to index
Image Recognition (CyberLabs)
(# Cos: 13 | $359M)
Facial Recognition (Acesso)
(# Cos: 9 | $354M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$228M(▲2279%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$354M
4
-
9
2
Acesso
(2007, $117M)
Unico
(2007, $237M)
BiometryCloud
(2012, $40.0K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Unico (2007)
$121M - Series C - Aug 2021
Acesso (2007)
$107M - Series B - Sep 2020
Unico (2007)
$107M - Series B - Sep 2020

22. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Rappi (2015)
$500M - Series F - Jul 2021
Rappi (2015)
$300M - Series E - Sep 2020
Loggi (2013)
$205M - Series D - Mar 2021
Cargamos.com (2018)
$4.0M - Series A - Jan 2021
Hyperlocal Delivery - Latam
14
22
Back to index
Logistics Tech (Cornershop)
(# Cos: 970 | $3.8B)
Parcel (Rappi)
(# Cos: 355 | $3.4B)
Hyperlocal Delivery (iFood)
(# Cos: 225 | $3.4B)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$205M( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$3.4B
34
-
225
5
iFood
(2011, $587M)
Rappi
(2015, $2.3B)
Cornershop
(2015, $30.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

23. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
2TM (2013)
$200M - Series B - Jul 2021
2TM (2013)
Undisclosed - Series A - Jan 2021
Blockchain Protocol for Financial
Services - Latam
15
23
Back to index
Blockchain Infrastructure (2TM)
(# Cos: 41 | $204M)
Blockchain Network (RSK Labs)
(# Cos: 11 | $204M)
Finance (Ethereum Classic)
(# Cos: 4 | $200M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$200M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$200M
2
-
4
1
Ethereum Classic 2TM
(2013, $200M)
Minerri
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

24. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Home Furnishing Products Marketplaces
- Latam
16
24
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$190M(▲72.7%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$318M
4
-
5
2
Home Improvements (GAIA)
(# Cos: 114 | $360M)
B2C Commerce (Oppa Design)
(# Cos: 89 | $360M)
Horizontal (Mobly)
(# Cos: 28 | $357M)
Marketplace (MadeiraMadeira)
(# Cos: 5 | $318M)
MadeiraMadeira
(2009, $300M)
GAIA
(2014, $17.9M)
Design Market
(2014, $435K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MadeiraMadeira (2009)
$190M - Series E - Jan 2021

25. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Merchant Acquirer Companies - Latam
17
25
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$190M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$206M
1
-
1
1
Payments (Stori)
(# Cos: 667 | $2.7B)
Enablers (EVERTEC)
(# Cos: 45 | $487M)
White Label Solutions (Hash)
(# Cos: 13 | $269M)
Merchant Acquirers (CloudWalk)
(# Cos: 1 | $206M)
CloudWalk
(2013, $206M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
CloudWalk (2013)
$190M - Series B - May 2021

26. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Conductor (1997)
$150M - Series D - Oct 2020
Conductor (1997)
$20.0M - Series D - Dec 2020
VeriTran (2005)
Undisclosed - PE - Aug 2021
Payment Card Issuer Processors - Latam
18
26
Back to index
Payments (Stori)
(# Cos: 667 | $2.7B)
Enablers (CloudWalk)
(# Cos: 45 | $487M)
Issuer Processor (EVERTEC)
(# Cos: 9 | $171M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$170M( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$171M
8
3
9
0
EVERTEC Cielo Conductor
(1997, $170M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

27. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Business Loans - Latam
19
27
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$165M(▲64.5%)
5(▲400%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$353M
6
-
10
4
Alternative Lending (Creditas)
(# Cos: 408 | $1.8B)
Online Lenders (Stori)
(# Cos: 332 | $1.6B)
Business Loans (BizCapital)
(# Cos: 91 | $578M)
Diversified (Konfío)
(# Cos: 23 | $354M)
Direct Lender (Credijusto)
(# Cos: 10 | $353M)
Credijusto
(2014, $42.0M)
Konfío
(2014, $268M)
Xepelin
(2019, $36.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Konfío (2014)
$125M - Series E - Jun 2021
Xepelin (2019)
$30.0M - Series A - Jul 2021
KREDITO (2019)
$4.0M - Seed - May 2021
Finaktiva (2016)
$3.0M - Seed - Jul 2021
Xepelin (2019)
$2.5M - Seed - Oct 2020

28. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Retail Banks with Partner Bank's
License - Latam
20
28
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$149M(▼66.6%)
7(▼22.2%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$679M
11
-
48
6
Banking Tech (Cuenca)
(# Cos: 279 | $3.3B)
Internet First Banks (Nubank)
(# Cos: 126 | $3.3B)
Through Bank Partnerships (Klar)
(# Cos: 93 | $933M)
Retail Banking (Fondeadora)
(# Cos: 48 | $679M)
Fondeadora
(2011, $33.0M)
Klar
(2019, $72.0M)
Cuenca
(2018, $9.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Flink (2015)
$57.0M - Series B - Aug 2021
albo (2016)
$45.0M - Series B - Dec 2020
Klar (2019)
$15.0M - Series A - Oct 2020
Fondeadora (2011)
$14.9M - Series A - Mar 2021
Flink (2015)
$12.0M - Series A - Feb 2021
alt.bank (2019)
$5.5M - Series A - May 2021
Klar (2019)
Undisclosed - Series B - Jul 2021

29. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Banks for Businesses with Partner
Bank's License - Latam
21
29
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$143M(▲1286%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$153M
2
-
16
1
Banking Tech (Klar)
(# Cos: 279 | $3.3B)
Internet First Banks (Nubank)
(# Cos: 126 | $3.3B)
Through Bank Partnerships (Fondeadora)
(# Cos: 93 | $933M)
Business Banking (Cora)
(# Cos: 16 | $153M)
Cora
(2019, $153M)
Banco Topazio Linker
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Cora (2019)
$116M - Series B - Aug 2021
Cora (2019)
$26.7M - Series A - Apr 2021

30. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Bus Aggregators - Latam
22
30
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$138M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$138M
1
-
1
1
Online Travel (Hurb)
(# Cos: 441 | $466M)
Transportation (Kovi)
(# Cos: 93 | $303M)
Bus (ClickBus)
(# Cos: 23 | $150M)
Aggregator (Buser)
(# Cos: 1 | $138M)
Buser
(2017, $138M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Buser (2017)
$138M - Series C - Jun 2021

31. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Online Shuttle Aggregators - Latam
23
31
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$138M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$147M
3
-
10
2
Road Transport Tech (Estapar)
(# Cos: 775 | $1.2B)
Mass Transit (ClickBus)
(# Cos: 99 | $169M)
Shuttle (Buser)
(# Cos: 15 | $147M)
Aggregator (Urbvan)
(# Cos: 10 | $147M)
Urbvan
(2016, $9.0M)
Buser
(2017, $138M)
Bussi
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Buser (2017)
$138M - Series C - Jun 2021

32. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Employee Insurance Benefits
Administration - Latam
24
32
Back to index
Employer Insurance (Bamba)
(# Cos: 3 | $268M)
Benefits Administration (Konfío)
(# Cos: 2 | $268M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$125M(▲25%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$268M
1
-
2
1
Konfío
(2014, $268M)
Koala Benefits
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Konfío (2014)
$125M - Series E - Jun 2021

33. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Accounts Receivables Payment Solutions
- Latam
25
33
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$125M(▲23.5%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$269M
6
-
17
1
Payments (Stori)
(# Cos: 667 | $2.7B)
Business Payments (Clip)
(# Cos: 315 | $1.3B)
Mass Payouts (Juno)
(# Cos: 23 | $269M)
Invoice Payments (Total MEI)
(# Cos: 23 | $269M)
Accounts Receivables (Konfío)
(# Cos: 17 | $269M)
Konfío
(2014, $268M)
Total MEI Juno
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Konfío (2014)
$125M - Series E - Jun 2021

34. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Konfío (2014)
$125M - Series E - Jun 2021
Benefits Adminstration - Latam
26
34
Back to index
HRTech (Emprego Ligado)
(# Cos: 621 | $546M)
Employee Benefits (minu)
(# Cos: 61 | $438M)
Benefits Adminstration (Konfío)
(# Cos: 6 | $268M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$125M(▲25%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$268M
1
-
6
1
Konfío
(2014, $268M)
CGCEXPRESS Beneficio Digital
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

35. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Omie (2013)
$112M - Series C - Aug 2021
AgendaPro (2012)
$300K - Seed - May 2021
ERP for SMBs - Latam
27
35
Back to index
ERP (Superlogica)
(# Cos: 602 | $215M)
Multi-Industry (TOTVS)
(# Cos: 335 | $139M)
SMB-Focused (Omie)
(# Cos: 163 | $139M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$112M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$139M
15
-
163
1
Omie
(2013, $138M)
AgendaPro
(2012, $425K)
Bind
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

36. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Omie (2013)
$112M - Series C - Aug 2021
CRM for SMB - Latam
28
36
Back to index
Sales Force Automation (Sirena)
(# Cos: 245 | $208M)
CRM (RD Station)
(# Cos: 133 | $191M)
SMB Suite (Omie)
(# Cos: 45 | $141M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$112M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$141M
4
-
45
1
Omie
(2013, $138M)
Sirena
(2016, $3.0M)
Agendor
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

37. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Station Based Intercity Car Rentals -
Latam
29
37
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$104M(▲247%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$148M
4
-
18
1
Online Travel (Hurb)
(# Cos: 441 | $466M)
Transportation (Flapper)
(# Cos: 93 | $303M)
Car (Carengo)
(# Cos: 42 | $148M)
Rental (Moobie)
(# Cos: 39 | $148M)
Own Fleet (Turbi)
(# Cos: 20 | $148M)
Station Based (Kovi)
(# Cos: 18 | $148M)
Kovi
(2018, $145M)
Turbi
(2016, $987K)
Awto
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Kovi (2018)
$104M - Series B - Aug 2021

38. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Take Blip (1999)
$100M - Series A - Oct 2020
Messaging Marketing - Latam
30
38
Back to index
MarketingTech (RD Station)
(# Cos: 799 | $391M)
Mobile Marketing (RankMyApp)
(# Cos: 84 | $154M)
Messaging Marketing (Zenvia)
(# Cos: 45 | $154M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$100M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$154M
4
1
45
1
Zenvia
(2003, $54.0M)
Take Blip
(1999, $100M)
Mensajea
(2016, $16.8K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

39. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Low Code Chatbot Development
Platform - Latam
31
39
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$100M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
2
-
27
1
Chatbots (Yana)
(# Cos: 217 | $106M)
Chatbot Development (Krino)
(# Cos: 36 | $100M)
Conversational AI Development (Nama)
(# Cos: 32 | $100M)
Low Code Platform (Take Blip)
(# Cos: 27 | $100M)
Take Blip
(1999, $100M)
Fredbots Botengo
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Take Blip (1999)
$100M - Series A - Oct 2020

40. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Betterfly (2018)
$60.0M - Series B - Jun 2021
Pipo Saúde (2019)
$20.0M - Series A - Jul 2021
Betterfly (2018)
$9.0M - Series A - Dec 2020
Betterfly (2018)
$1.2M - Series A - Mar 2021
Health Benefits - Latam
32
40
Back to index
HRTech (Emprego Ligado)
(# Cos: 621 | $546M)
Employee Benefits (minu)
(# Cos: 61 | $438M)
Health Benefits (Pipo Saúde)
(# Cos: 28 | $109M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$90.2M(▲589%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$109M
14
-
28
2
Pipo Saúde
(2019, $24.6M)
Betterfly
(2018, $80.0M)
Theia
(2019, $1.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

41. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Kushki (2016)
$86.0M - Series B - Jun 2021
PayEngine (2020)
$1.6M - Seed - Aug 2021
NextPay (2009)
$1.6M - Seed - Jul 2021
Toku (2020)
$125K - Seed - Sep 2021
NextPay (2009)
$125K - Seed - Mar 2021
ETPay (2018)
Undisclosed - Seed - Sep 2020
Online Business Payments - Latam
33
41
Back to index
Payments (Stori)
(# Cos: 667 | $2.7B)
Business Payments (Clip)
(# Cos: 315 | $1.3B)
Online Payments (Tpaga)
(# Cos: 114 | $163M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$89.3M(▲295%)
6(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
13
$163M
28
-
114
2
Tpaga
(2015, $2.3M)
Conekta
(2012, $19.6M)
Koin
(2014, $4.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Online Test Preparation Tutoring - Latam
34
42
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$84.5M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$115M
1
-
1
1
Test Preparation Tech (Studos)
(# Cos: 42 | $115M)
Digital Learning (Gran Cursos Online)
(# Cos: 40 | $115M)
Diversified (Concursos de Bolso)
(# Cos: 7 | $115M)
Instructor-Led (Descomplica)
(# Cos: 1 | $115M)
Descomplica
(2011, $115M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Descomplica (2011)
$84.5M - Series E - Feb 2021

43. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Online K-12 Academic Courses - Latam
35
43
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$84.5M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$115M
6
-
19
1
K-12 EdTech (Blended)
(# Cos: 377 | $147M)
B2C Learning Solutions (PleIQ)
(# Cos: 123 | $116M)
School Curriculum (meSalva!)
(# Cos: 70 | $116M)
Multi Subject (Stoodi)
(# Cos: 64 | $116M)
Online Courses (Descomplica)
(# Cos: 19 | $115M)
Descomplica
(2011, $115M)
Stoodi meSalva!
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Descomplica (2011)
$84.5M - Series E - Feb 2021

44. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Valoreo (2020)
$50.0M - Seed - Feb 2021
Valoreo (2020)
$30.0M - Series A - Jul 2021
Ecommerce Retailers Acquirers - Latam
36
44
Back to index
E-Commerce Enablers (Olist)
(# Cos: 291 | $1.6B)
E-Commerce Sellers (Ideris)
(# Cos: 10 | $80.3M)
Tech First Acquirers (Valoreo)
(# Cos: 1 | $80.0M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$80.0M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$80.0M
1
-
1
1
Valoreo
(2020, $80.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

45. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing -
Latam
37
45
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$78.0M(▲123%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$147M
6
-
15
2
Alternative Lending (BizCapital)
(# Cos: 408 | $1.8B)
Online Lenders (Creditas)
(# Cos: 332 | $1.6B)
Consumer Loans (Stori)
(# Cos: 212 | $998M)
Point of Sale Financing (Koin)
(# Cos: 25 | $152M)
Direct Lender (Addi)
(# Cos: 15 | $147M)
Addi
(2018, $140M)
Nelo
(2019, $5.6M)
YoFio
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Addi (2018)
$75.0M - Series B - Sep 2021
Nelo (2019)
$3.0M - Seed - Apr 2021

46. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Betterfly (2018)
$60.0M - Series B - Jun 2021
Betterfly (2018)
$9.0M - Series A - Dec 2020
Betterfly (2018)
$1.2M - Series A - Mar 2021
Employee Healthcare Benefits
Administration - Latam
38
46
Back to index
Employee Health IT (1DOC3)
(# Cos: 76 | $132M)
Healthcare Benefits Administration (AllCare)
(# Cos: 14 | $80.0M)
Benefits Management (Betterfly)
(# Cos: 9 | $80.0M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$70.2M(▲726%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$80.0M
4
-
9
1
Betterfly
(2018, $80.0M)
AllCare WeCare Corporate Incen..
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

47. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Card Linked Digital Wallets - Latam
39
47
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$70.1M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$131M
7
-
24
1
Payments (Clip)
(# Cos: 667 | $2.7B)
Consumer Payments (Stori)
(# Cos: 307 | $871M)
Wallets (Moni)
(# Cos: 124 | $137M)
Card Linked (RecargaPay)
(# Cos: 24 | $131M)
RecargaPay
(2010, $123M)
Moni
(2013, $7.5M)
PicPay
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
RecargaPay (2010)
$70.0M - Series C - Feb 2021
Pagaloop (2019)
$125K - Seed - Jan 2021

48. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
B2B E-Commerce > Food & Beverages > Groceries > Farm
Products > Marketplace - Latam
40
48
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$68.5M(▲172%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$104M
5
-
13
1
B2B E-Commerce (Chiper)
(# Cos: 163 | $181M)
Food & Beverages (Cayena)
(# Cos: 23 | $104M)
Groceries (Mayoreo Total)
(# Cos: 22 | $104M)
Farm Products (Almacén Gurú)
(# Cos: 18 | $104M)
Marketplace (Frubana)
(# Cos: 13 | $104M)
Frubana
(2018, $100M)
Cayena
(2004, $4.0M)
Agree Market
(2017, $100K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Frubana (2018)
$65.0M - Series B - Jun 2021
Cayena (2004)
$3.5M - Series A - Sep 2021

49. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
B2B Fruits and Vegetables Marketplace -
Latam
41
49
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$65.0M(▲158%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
3
-
9
1
Online Grocery (Cornershop)
(# Cos: 294 | $422M)
B2B Ecommerce (Mayoreo Total)
(# Cos: 33 | $105M)
Farm Produce (Gro Direto)
(# Cos: 23 | $101M)
Fruits and Vegetables (Agree Market)
(# Cos: 10 | $100M)
Marketplace (Frubana)
(# Cos: 9 | $100M)
Frubana
(2018, $100M)
Agree Market
(2017, $100K)
Cultivando Futuro
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Frubana (2018)
$65.0M - Series B - Jun 2021

50. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Whiteboarding Software - Latam
42
50
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Enterprise Collaboration (Todoist)
(# Cos: 194 | $205M)
Whiteboarding Platform (MURAL)
(# Cos: 2 | $199M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$50.7M(▼59%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$199M
2
-
2
1
MURAL
(2011, $199M)
Duuca
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MURAL (2011)
$50.7M - Series C - Jul 2021

51. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Yalo (2015)
$50.0M - Series C - May 2021
Conversational Analytics - Latam
43
51
Back to index
MarketingTech (RD Station)
(# Cos: 799 | $391M)
Marketing Intelligence (Cortex)
(# Cos: 29 | $116M)
Conversational Analytics (Yalo)
(# Cos: 2 | $75.0M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$50.0M(▲233%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$75.0M
1
-
2
1
Yalo
(2015, $75.0M)
Mobcall
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

52. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
99minutos.com (2013)
$40.0M - Series B - Jun 2021
Uello (2016)
$4.0M - Series A - Jun 2021
Clicoh (2018)
$125K - Seed - Jan 2021
Moova (2018)
Undisclosed - Seed - Feb 2021
Last Mile Ecommerce Delivery - Latam
44
52
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Logistics Tech (iFood)
(# Cos: 970 | $3.8B)
Ecommerce Logistics (Mandae)
(# Cos: 113 | $68.6M)
Last Mile (99minutos.com)
(# Cos: 24 | $48.3M)
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$44.1M(▲ >10K%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$48.3M
12
-
24
1
99minutos.com
(2013, $40.1M)
PICAP
(2018, $2.5M)
Uello
(2016, $5.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

53. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Revenue Based Financing -
Latam
45
53
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Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$40.6M(▲712%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$45.6M
3
-
5
2
Alternative Lending (Creditas)
(# Cos: 408 | $1.8B)
Online Lenders (Stori)
(# Cos: 332 | $1.6B)
Business Loans (BizCapital)
(# Cos: 91 | $578M)
Revenue Based Financing (Divibank)
(# Cos: 5 | $45.6M)
Direct Lender (A55)
(# Cos: 5 | $45.6M)
A55
(2019, $42.0M)
Divibank
(2020, $3.6M)
Fairplay
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
A55 (2019)
$35.0M - Series A - May 2021
Divibank (2020)
$3.6M - Seed - May 2021
Divibank (2020)
Undisclosed - Seed - Jun 2021

54. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Identity Verification - Latam
46
54
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Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$40.1M(▲312%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$53.9M
2
-
2
1
Cybersecurity (PSafe)
(# Cos: 271 | $757M)
IAM (Auth0)
(# Cos: 54 | $645M)
Federated Identity Management
(ReconoSER ID)
(# Cos: 3 | $53.9M)
Identity & Attribute Verification
(idwall)
(# Cos: 2 | $53.9M)
idwall
(2016, $53.9M)
ReconoSER ID
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
idwall (2016)
$40.1M - Series C - Jun 2021

55. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Trade Management Software - Latam
47
55
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$35.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$35.0M
1
-
3
1
Investment Tech (Guiabolso)
(# Cos: 487 | $685M)
Capital Market IT (Noble Bank International)
(# Cos: 13 | $36.0M)
Trade Management (Ceptinel)
(# Cos: 10 | $36.0M)
Suite (Vórtx)
(# Cos: 3 | $35.0M)
Vórtx
(2015, $35.0M)
Quios Fast Trade
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vórtx (2015)
$35.0M - Series B - Mar 2021

56. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Corporate Credit Card
Issuers - Latam
48
56
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$33.5M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$33.5M
1
-
3
1
Payments (Clip)
(# Cos: 667 | $2.7B)
Consumer Payments (RecargaPay)
(# Cos: 307 | $871M)
Payment Cards (Uala)
(# Cos: 110 | $714M)
Credit Cards (Stori)
(# Cos: 27 | $83.5M)
Corporate Cards (Clara)
(# Cos: 3 | $33.5M)
Clara
(2019, $33.5M)
Lendix Visa Business Credit C..
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Clara (2019)
$30.0M - Series A - May 2021
Clara (2019)
$3.5M - Seed - Mar 2021

57. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Internet First Credit Cards - Latam
49
57
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$32.5M(▲225%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$50.0M
5
-
24
1
Payments (Clip)
(# Cos: 667 | $2.7B)
Consumer Payments (RecargaPay)
(# Cos: 307 | $871M)
Payment Cards (Uala)
(# Cos: 110 | $714M)
Credit Cards (Naranja)
(# Cos: 27 | $83.5M)
General Purpose (Stori)
(# Cos: 24 | $50.0M)
Stori
(2019, $50.0M)
Naranja Nu Mexico
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Stori (2019)
$32.5M - Series B - Feb 2021

58. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Latam Tech - Top Business Models Report
Recent Funding Rounds
Legal Online Consultation - Latam
50
58
Back to index
Taxonomy
$ Invested in last 1 year in Latam Tech
Key Stats
# Funding Rounds in last 1 year in
Latam Tech
$32.4M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$42.2M
2
-
11
0
Legal Tech (Mifiel)
(# Cos: 186 | $45.6M)
Legal Marketplace (Monolegal)
(# Cos: 21 | $42.2M)
Lawyers (MisAbogados)
(# Cos: 21 | $42.2M)
Online Consultation (JusBrasil)
(# Cos: 11 | $42.2M)
JusBrasil
(2008, $42.2M)
Monolegal Protest Search
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
JusBrasil (2008)
$32.4M - Series C - Apr 2021

59. Latam Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
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