Perspective
How to prepare a Series A for an investment committee
What a committee reads before deciding is not the deck. It is the model, the cap table and the quality of the answers once the questions stop being polite.
Insights
Insights
What we learn in mandates, written for founders, boards and investors. No figures we cannot stand behind.
Deal analyses
Relevant transactions of the last twelve months: what was traded, what explains the value and where the market is heading.
Fintech and payments
14 analyses
Deal analysis
Banorte sells Bineo to Klar: a banking licence as a tradable asset
Banorte agreed to sell 100% of its digital bank to a Klar subsidiary in September 2025; the Comisión Nacional Antimonopolio cleared it in December and, a year after signing, closing still awaits the SHCP and the CNBV.
Deal analysis
Bravo: EUR 200 million credit facility with Fortress Investment Group
Fortress provided Bravo with a EUR 200 million facility for its credit division and its debt settlement operation; it is debt, not equity, for a platform founded in Mexico in 2009 with more than 522,000 clients.
Deal analysis
Clara: USD 70 million of structured debt and a USD 150 million renewal with Goldman Sachs
Clara closed three facilities for USD 70 million with BBVA Spark, IFC and Covalto and, ten weeks later, renewed its USD 150 million facility with Goldman Sachs; its debt capacity now exceeds USD 250 million.
Deal analysis
Clip: USD 500 million at more than USD 2.5 billion and an IFPE licence
Fourteen years after its founding, the Mexican acquirer raised USD 500 million from officially undisclosed investors, three weeks after obtaining CNBV authorisation to operate a digital wallet.
Deal analysis
Equifax acquires Círculo de Crédito for USD 825 million
Four months after TransUnion closed on control of Buró de Crédito, Equifax agreed to pay USD 825 million for Círculo de Crédito, at about twelve times disclosed adjusted EBITDA.
Deal analysis
Félix Pago: USD 200 million Series C at about USD 1.4 billion
The WhatsApp remittance platform combined USD 87 million of equity led by a16z with a USD 113 million credit line from General Catalyst to fund lending, and nearly tripled its valuation from the Series B.
Deal analysis
Hey Banco: the Banregio spin-off that creates an independent digital bank
Banregio Grupo Financiero carved the Hey brand’s loan book and deposits out of Banco Regional and merged them into Hey Banco, which has operated independently since 31 January 2026 with MXN 14,000 million in deposits.
Deal analysis
Kapital: Series C at USD 1.3 billion and the purchase of Intercam’s assets
In three weeks of 2025 Kapital announced the purchase of Intercam’s banking, brokerage and funds businesses, renamed itself Kapital Grupo Financiero and closed a Series C that doubled its valuation; the restructuring was authorised in December.
Deal analysis
Nu México: from Sofipo to bank, with Banco Porto Real as the contrast
Nu México completed in August 2026 its conversion from Sociedad Financiera Popular to bank, while Nu Holdings agreed to buy in Brazil a bank with USD 6 million of equity to obtain a licence; two routes, one objective.
Deal analysis
Plata: up-to-USD 500 million private credit facility arranged by Nomura
In December 2025 Nomura arranged the largest debt facility for a Mexican digital financial services company; in June 2026 Oaktree, Macquarie, Fasanara and Banco Covalto committed USD 300 million within it.
Deal analysis
Plata: USD 405 million Series C at a USD 5.0 billion valuation
The fifth banking licence granted from scratch in Mexico was valued at USD 5.0 billion six months after its round at USD 3.1 billion, with a sovereign fund, a Brazilian bank and a long-only investor in the syndicate.
Deal analysis
TransUnion closes its purchase of 68% of Buró de Crédito for MXN 11,400 million
TransUnion raised its stake in the consumer credit business of Buró de Crédito to roughly 94%, in cash, on an enterprise value of MXN 16,800 million and more than a year after signing.
Deal analysis
Ualá: USD 195 million at a USD 3,200 million valuation with Allianz X as lead investor
Allianz X led the round that takes Ualá from a USD 2,750 million to a USD 3,200 million valuation; the capital funds regional growth and embedded insurance, with a significant Mexican component according to its local CEO.
Deal analysis
Visa and Prosa: the CNA blocks the purchase of 51% of the banks’ processor
More than two years after the announcement, the Comisión Nacional Antimonopolio denied Visa the purchase of 51% of Prosa and rejected the remedies offered; the case sets the limit for acquisitions of payments infrastructure in Mexico.
Insurtech
10 analyses
Deal analysis
180 Seguros: BRL 50 million in equity and subordinated debt at a BRL 1,350 million valuation
The Brazilian embedded insurer combined equity with subordinated debt that counts as regulatory capital before SUSEP; it is the only venture debt structure in the sector this period and a reference for fast-growing carriers.
Deal analysis
Betterfly acquires Minu: consolidation of benefits and financial wellness in Mexico
The Chilean wellness and benefits platform buys Mexico’s Minu, an earned wage access and voucher provider, for USD 100 million in debt and stock according to Expansión and Diario Financiero; according to Ecosistema Startup, the amount was not disclosed.
Deal analysis
Bliss: USD 11 million Series A co-led by Kfund and Grupo Bradesco
An incumbent insurance group co-leads the round of an AI distribution platform for SME health brokers that already operates at breakeven; the signal for Mexico lies in the channel, not the licence.
Deal analysis
Azos: BRL 125 million Series C co-led by Kaszek and Kevin Efrusy
Less than a year after its Series B, the Brazilian individual-life MGA raises growth capital with BRL 307 million of annualised premiums and 11,000 brokers; in our reading, the price is set by distribution, not by the balance sheet.
Deal analysis
Asaas acquires Mutuus Seguros: a payments processor buys a digital commercial-lines broker
Asaas’ fourth acquisition in five years folds a Brazilian broker of complex SME insurance into a base of more than 240,000 clients; the price was not disclosed and the target is an insurance vertical with BRL 130 million of revenue by 2029.
Deal analysis
Hero Seguros: first round of BRL 35 million with a secondary component
A B2B2C travel insurance MGA with more than four million insured raises its first round with a partial sale by the founders and opens in Argentina; Mexico is not among the announced markets.
Deal analysis
Momento Seguros: USD 10 million Series A co-led by Hedosophia and American Family Ventures
Mexico’s fully digital auto insurer raises capital from a global fund and from the venture arm of a US carrier; in our reading, the regulatory licence weighed more than the app.
Deal analysis
PicPay acquires Kovr Participações for BRL 657.6 million: three insurance licences in a single deal
The J&F group’s digital bank bought an insurer, a pension entity and a capitalisation company at once, after approvals from Cade, SUSEP and the Central Bank; it is the largest ticket we recorded in the region’s digital insurance this period.
Deal analysis
Segura: USD 8 million seed co-led by Andreessen Horowitz and Kaszek
An AI operating system for insurance brokerages, with 3,000 brokerages two years from founding, raises a USD 8 million seed co-led by Andreessen Horowitz and Kaszek; distribution software is concentrating the sector’s capital.
Deal analysis
Sofía: USD 21 million round led by Kfund
The digital health insurer for SMEs, licensed as a specialised health insurer and reinsured by RGA, adds USD 21 million and reaches USD 46 million raised since 2018; the licence and renewal above 95% explain the price.
B2B SaaS
10 analyses
Deal analysis
Asaas: acquisition of HelenaCRM for BRL 150 million
The Brazilian payments and collections platform for SMBs is buying a WhatsApp-native conversational CRM and will keep it as a subsidiary until 2028: a deferred integration that says as much as the price.
Deal analysis
Capacity acquires Chattigo: about USD 60 million according to the press
A Chilean conversational platform with USD 11 million in ARR and only USD 2 million raised was sold to a US strategic buyer for an amount the parties did not disclose.
Deal analysis
COR: USD 30 million growth equity from FTV Capital
The project-profitability software for agencies, founded by Argentines and headquartered in San Francisco, raised growth capital with 51% growth and profits: the profile international capital is funding today.
Deal analysis
Enter: Series B of more than USD 100 million at a USD 1.2 billion valuation
Founders Fund led the round that made Enter Latin America’s first AI unicorn, with revenue up more than tenfold since the Series A and a single use case, high-volume litigation.
Deal analysis
Mattilda acquires Algebraix after Lendable’s USD 50 million facility
The purchase of 100% of a school-management SaaS with 17 years of operating history shows how private credit, rather than venture capital, funded a consolidation of vertical education software in Mexico.
Deal analysis
Omie: USD 150 million Series D, mostly secondary, at USD 700 million
Partners Group bought 15% of the Brazilian SMB ERP in Brazil’s largest equity round of 2025; the structure, more than the size, is the signal for SaaS across the region.
Deal analysis
TOTVS: acquisition of TBDC for BRL 80 million plus earn-out
While awaiting clearance for Linx, TOTVS bought a vertical agribusiness software company with a base price and a conditional deferred payment: the consolidator’s standard structure for small assets.
Deal analysis
TOTVS: closing of the Linx acquisition for BRL 3,050 million
Brazil’s largest enterprise software company completed the purchase of StoneCo’s retail software unit eight months after signing, with unconditional CADE approval: a carve-out that reshapes regional retail tech.
Deal analysis
Vambe: USD 14 million Series A led by Monashees
An AI conversational-commerce platform with 17% average monthly growth and Mexico as a priority market raised capital to triple its commercial team without disclosing valuation.
Deal analysis
Visma acquires Comunidad Feliz for USD 70 million, six times sales
A European strategic buyer paid about six times revenue for a condominium-management SaaS with operations in Mexico, leaving behind a public multiple the sector did not have.
Proptech
12 analyses
Deal analysis
Compass: all-stock merger with Anywhere Real Estate at an enterprise value close to USD 10 billion
The largest residential brokerage in the United States absorbed the owner of Coldwell Banker, Century 21 and Corcoran with stock, USD 1 billion in convertibles and Anywhere’s debt on the balance sheet; antitrust let the transaction through despite objections from its own staff.
Deal analysis
CoStar Group: purchase of Zonda from MidOcean Partners for USD 800 million in cash
CoStar paid in cash, with no stock and no earn-out, for the new-home data and software provider that MidOcean Partners had controlled since 2019; a financial sponsor’s exit to a strategic buyer for a subscription business with net retention above 100%.
Deal analysis
Duppla: USD 60 million in debt and equity led by Patria
Patria’s first venture investment in Colombia funds a rent-to-own platform that has already sold a portfolio to an institutional investor; in our reading, that precedent is worth more than any projection.
Deal analysis
Habi: USD 40 million credit line from BBVA Spark in Colombia
BBVA Spark adds USD 40 million in Colombia to the USD 60 million already committed to Tuhabi in Mexico; in our reading, prior profitability and inventory as collateral explain why a bank scales the relationship to USD 100 million.
Deal analysis
Habi: structured credit line of up to USD 50 million from IDB Invest
A trust vehicle, a committed tranche in Colombian pesos and an optional tranche backed by CMBS; in our reading, a replicable template for platforms holding residential inventory in Mexico.
Deal analysis
Habi: acquisition of Pulppo to scale in Mexico, Colombia and Argentina
The region’s first proptech unicorn buys the Mexico-based AI platform for brokerages; in our reading, the asset being priced is the broker network and its volume, not the software.
Deal analysis
Higharc: USD 95 million Series C led by Insight Partners
The design-to-construction platform for homebuilders raised primary capital from growth funds and corporates in the building materials chain; a reference for what the market pays for vertical software with measurable results in margin and construction time.
Deal analysis
Klar: acquisition of Yave to enter mortgage lending
A neobank with more than 7 million users buys a digital mortgage originator with MXN 5 billion placed, in the year of the slowest growth in Mexican housing credit in two decades.
Deal analysis
Lastro: R$ 85 million Series A led by Prosus Ventures
An AI assistant that handles buyers and tenants over WhatsApp raises USD 16 million; in our reading, the capital pays for the channel and the conversion metric, not the model architecture.
Deal analysis
Lebane: USD 4 million seed round co-led by Atlántico and Zacua Ventures to consolidate Mexico
The Argentine project management platform for real estate developers, artificial intelligence-native and run through WhatsApp, raised capital to consolidate its operation in Mexico and launch financial products; a reading of how vertical construction software is financed in the region.
Deal analysis
Opendoor: USD 650 million in 0% convertible notes with a capped call and a first share buyback
The iBuyer placed zero-coupon convertible debt at a 35% premium, covered dilution up to twice the share price with a capped call and repurchased 5% of its share capital the same day; a corporate financing reference for real estate inventory models in Mexico.
Deal analysis
Rocket Companies: acquisition of Mr. Cooper for USD 14.2 billion in stock
The largest mortgage originator in the United States absorbed the largest servicer in an all-stock transaction, conditioned by the FHFA to a 20% cap on Fannie Mae and Freddie Mac servicing; a reference for mortgage consolidation in Mexico.
Healthtech
11 analyses
Deal analysis
Arvo: USD 20 million Series A co-led by Kaszek and Base10
An artificial-intelligence platform that validates healthcare claims and authorisations, with more than USD 25 billion processed, raises capital for infrastructure, product and acquisitions after growing revenue and clients fourfold in a year.
Deal analysis
Eden: USD 22 million Series A for its radiology operating system
A Mexican cloud RIS/PACS platform with more than 2,200 institutions and 13 million studies a year raises capital from a Silicon Valley fund and a Mexican business leader to go to Colombia and the United States.
Deal analysis
GNP and Médica Móvil take a stake in Meddi for MXN 137 million
Mexico’s leading major medical insurer becomes a minority shareholder in a digital network of hospitals, specialists and laboratories; the percentage and the valuation were not disclosed.
Deal analysis
ISA Saúde: USD 30 million Series B led by IFC
A home-hospital operator, profitable since 2024 and contracted with more than 25 health plans, raises development-finance capital to acquire traditional home-care providers and enter Rio de Janeiro.
Deal analysis
Koltin acquires Last Mile Care: home care to close the clinical loop
A Mexican healthtech with an insured book buys in-home operating capacity rather than building it; the price was not disclosed, but claims cost and readmissions explain the deal.
Deal analysis
Konko AI: USD 6 million led by Hi Ventures to automate the patient journey
An AI platform that already resolves 75% of interactions across 90 institutions in Mexico, Colombia and Costa Rica raises capital from a Mexican fund to grow across the region.
Deal analysis
Leona Health: USD 14 million seed round led by Andreessen Horowitz
A Series A-sized seed for an AI copilot that runs on WhatsApp, with a team of 13; what is being paid for is the founder, the channel and the speed of deployment across 14 countries.
Deal analysis
Memed: BRL 80 million round co-led by DGF and BridgeOne
An electronic-prescription platform controlled by DNA Capital since 2021, at breakeven since June 2025 and projecting BRL 100 million in 2026 revenue, takes capital from two new funds to bring artificial intelligence to the prescription.
Deal analysis
Mevo: BRL 95 million Series B extension led by Prosus
The Brazilian digital-prescription platform has raised BRL 340 million across eight rounds, priced the extension above its 2024 round and runs the business on a pharmacy marketplace connected to 100,000 active doctors.
Deal analysis
Revena: USD 7.6 million seed round led by Canary
An artificial-intelligence platform for hospital revenue cycle, serving more than 60 hospitals and four of the ten largest networks in Brazil, raises a Series A-sized seed after growing more than 20 times in 2025.
Deal analysis
Telepatia: USD 33 million Series A led by Andreessen Horowitz
An AI-native clinical platform with 14 million patients and 25 hospital systems across five countries, Mexico included, raises USD 42 million in under a year since launch.
Retail tech
12 analyses
Deal analysis
Amazon enters Rappi: USD 25 million convertible note with an option for up to 12%
Amazon took a minority position in Rappi through a USD 25 million convertible note and an option to acquire up to 12% of the company, weeks after the platform closed a USD 100 million senior secured facility.
Deal analysis
DoorDash closes the Deliveroo acquisition: consideration of USD 3,724 million
DoorDash completed the acquisition of Deliveroo in October 2025; consideration transferred was USD 3,724 million according to its 10-Q, with USD 1,981 million of goodwill, a reference for last-mile consolidation in Mexico.
Deal analysis
eBay acquires Depop from Etsy for USD 1.2 billion in cash, about 1.2x gross merchandise sales
eBay bought Depop from Etsy for USD 1.2 billion in cash plus about USD 200 million of adjustments and interest, around 1.2x 2025 gross merchandise sales, a reference for resale marketplaces in Mexico.
Deal analysis
Faire: secondary tender offer at a USD 5.2 billion valuation
With no primary capital and annualised revenue above USD 500 million, the wholesale marketplace sets a valuation 58% below its 2021 mark and gives employees liquidity ahead of a public listing.
Deal analysis
Gopuff: USD 250 million round led by Eldridge Industries
The instant-commerce operator with its own micro-fulfilment network raises capital with a long-term investor in the lead, at a reported valuation 43% below 2021, while quick commerce loses share among digital shoppers.
Deal analysis
Klarna: USD 1.37 billion NYSE IPO and USD 2 billion forward-flow facility with Elliott
Klarna placed 34.3 million shares at USD 40 on the NYSE and six months later expanded its forward-flow agreement with Elliott to USD 2 billion; a US reference on how BNPL separates equity capital from loan-book funding.
Deal analysis
Mercado Libre: USD 750 million 4.900% senior unsecured notes due 2033
Mercado Libre placed USD 750 million of senior unsecured notes due 2033 after a quarter with USD 421 million of net income, and six months later announced a USD 4.6 billion investment in Mexico for 2026.
Deal analysis
Grupo OMNi acquires Jüsto and commits USD 100 million in the first year
One month after Jüsto suspended operations, Grupo OMNi acquired the shares of Jüsto USA at an undisclosed price and committed USD 100 million to restart the online supermarket, while FEMSA and General Atlantic exited the capital.
Deal analysis
Rintin: USD 6.2 million led by Cometa for B2B supply to small merchants
Rintin raised USD 6.2 million with Cometa as lead investor to scale in Mexico a platform that combines wholesale supply, credit and logistics for more than 12,000 small merchants, with Argentina as the next market.
Deal analysis
Tiendas 3B: USD 497.2 million follow-on offering on the New York Stock Exchange
BBB Foods placed 15,299,800 Class A shares at USD 32.50 in a mostly secondary offering that gave liquidity to pre-IPO shareholders and left the company less than 18% of the proceeds for its store opening plan.
Deal analysis
Walmart acquires Vibe.co: connected TV advertising for SMBs at about USD 1.4 billion
Walmart Connect bought Vibe.co, a self-serve connected TV advertising platform with more than 10,000 advertisers, for an undisclosed price that The Wall Street Journal put at USD 1.4 billion, a reference for retail media in Mexico.
Deal analysis
Whatnot: USD 545 million Series G at a USD 20 billion valuation
Four rounds in nineteen months and a GMV that doubles every year take the live-shopping marketplace from USD 5 billion to USD 20 billion; a price reference for social commerce in Latin America.
Logistics and mobility
12 analyses
Deal analysis
DHL Express Mexico: EUR 70 million in fleet, capex not a round
DHL Express renews 20% of its Mexican fleet with group resources; it is not a capital raise, but it sets the standard of investment in last-mile assets against which independent operators get financed.
Deal analysis
Frete.com: BRL 150 million FIDC with XP for carrier credit
The Brazilian freight marketplace structures a BRL 150 million (USD 28 million) receivables fund with XP, BTG Pactual and Polígono Capital to scale credit for the carriers operating on Fretebras.
Deal analysis
Gopass acquires Pluxee Flotas Colombia: consolidation in mobility payments
The Colombian mobility payments fintech buys Pluxee’s fleet fuel expense business in Colombia after more than a year of negotiation; the price was not disclosed and the company operates in Mexico with TeleVía.
Deal analysis
Kavak: USD 300 million Series F led by a16z Growth
Ten months after a down internal round and two USD 200 million bank facilities, Kavak returns to the market with growth capital and a first month of consolidated profitability as its calling card.
Deal analysis
Moove: USD 250 million Series C at a USD 2.1 billion valuation
The global fleet operator for mobility platforms raises USD 250 million led by Mubadala for autonomous vehicle infrastructure; it is present in Latin America through Kovi in Brazil and the sources do not mention Mexico.
Deal analysis
Nuvocargo acquires Mentum: AI agents for cross-border freight
A digital carrier between the United States and Mexico buys a Y Combinator startup building artificial-intelligence agents to fold into its transport management system; second acquisition in four months and undisclosed terms.
Deal analysis
PX: BRL 250 million led by Bicycle Capital for the driver marketplace
The Brazilian on-demand marketplace for professional drivers and cargo assistants reaches BRL 310 million in twelve months with Bicycle Capital, Monashees and Caravela; round type and valuation were not disclosed.
Deal analysis
Solvento: USD 25 million from BBVA Spark to pay carriers
BBVA Spark provides USD 25 million to a fintech that advances payments to Mexican carriers; sources differ on whether it is a credit line or financing, and that difference matters to anyone preparing a similar deal.
Deal analysis
Uber invests in Galgo: strategic equity to finance couriers’ motorcycles
Uber takes an equity stake in Chilean motorcycle lender Galgo, with Mexico as the first market; the amount was not disclosed, but the company describes it as the largest single equity investment in its history.
Deal analysis
UPS and Estafeta: the acquisition that did not close
Fourteen months after the announcement and four after Cofece’s approval, UPS reported it could not satisfy the closing conditions; the case shows where sales of Mexican operators to global strategic buyers break down.
Deal analysis
Vammo: USD 45 million Series B led by Ecosystem Integrity Fund
The Brazilian electric motorcycle subscription platform with battery swapping raises USD 45 million to develop a hybrid ethanol-electric motorcycle and manufacture in Manaus; the valuation was not disclosed.
Deal analysis
VEMO: USD 250 million commitment from Vision Ridge Partners
A USD 250 million commitment, rather than an equity round closed at a valuation, funds VEMO’s electric fleet, charging network and driver leasing; the instrument says as much as the amount.
Research by sector
Capital raising, debt and M&A by sector: rounds, credit lines, acquisitions and what the committee demands, with public sources cited.
Research
Fintech and payments: capital, debt and M&A in Mexico 2026
Fintech captured 61% of the region’s venture capital in 2025 in a handful of large rounds, banking licences are bought and sold, and private credit funds the books of lenders.
Research
Healthtech: capital, debt and M&A in Mexico 2026
Andreessen Horowitz, Sierra Ventures and Kfund led rounds of USD 22 to 33 million in 2025 and 2026, strategic buyers acquire home care and hospital management, and digital health is now written into law.
Research
Insurtech: capital, debt and M&A in Mexico 2026
Insurtech capital in the region doubled in 2025 and concentrates in life and health, incumbents enter as strategic investors, and no acquisition of a Mexican insurtech has yet been announced.
Research
Logistics and mobility: capital, debt and M&A in Mexico 2026
Kavak returned to the market with USD 300 million after a year of profitability, cross-border freight technology buys capabilities, and credit lines from Goldman Sachs, HSBC and Cometa fund fleets and receivables.
Research
Proptech: capital, debt and M&A in Mexico 2026
Venture capital has halved since 2021, transactional platforms fund themselves with bank lines of up to USD 60 million and the regional leader buys instead of raising.
Research
Retail tech: capital, debt and M&A in Mexico 2026
A USD 677 million IPO, a USD 100 million credit line for quick commerce, a rescue with USD 100 million committed and a convertible note from Amazon mark the sector’s transaction cycle.
Research
B2B SaaS: capital, debt and M&A in Latin America 2026
Capital goes to software with artificial intelligence, public multiples set the ceiling of the negotiation and strategic buyers consolidate SMB platforms in deals of up to BRL 3.05 billion.
In the press
Media coverage of transactions advised by the firm. Links open on each outlet’s site.
Press
Intelexion transforma el bienestar laboral y la gestión de beneficios con la adquisición de zenda.la
Intelexion’s announcement of the acquisition of Zenda.la.
Press
Mexico’s Mutuus gets $3.2 million to grow its digital health membership
Coverage of Mutuus’s round led by Amador Ventures.
Press
YoFio levanta 10 millones de dólares para brindar crédito a micronegocios de todo el país
Coverage of YoFio’s seed round of equity and debt led by Oikocredit.
Press
Getin, una startup que ofrece IA para retail, cierra ronda semilla por 750K USD
Coverage of Getin’s seed round with LDM Capital.
Press
Fintech brasileña de pagos Dock adquiere a mexicana Cacao Paycard
Coverage of Dock’s acquisition of Cacao.
Press
Dapp levanta 12.4 mdd; buscará interoperar pagos en 240,000 comercios
Coverage of Dapp’s Series A with G2 Momentum Capital and Kalonia Venture Partners.
Press
Baubap cierra nueva ronda de financiamiento por 3 mdd
Coverage of Baubap’s debt financing with Alfin.
Press
Konfío compra Gestionix, desarrolladora de una plataforma de contabilidad en la nube para pymes
Coverage of the sale of Gestionix to Konfío.