Category: peru

Visualizing the Global Silver Supply Chain



The following content is sponsored by Blackrock Silver.

Visualizing the Global Silver Supply Chain

Although silver is widely known as a precious metal, its industrial uses accounted for more than 50% of silver demand in 2020.

From jewelry to electronics, various industries utilize silver’s high conductivity, aesthetic appeal, and other properties in different ways. With the adoption of electric vehicles, 5G networks, and solar panels, the world is embracing more technologies that rely on silver.

But behind all this silver are the companies that mine and refine the precious metal before it reaches other industries.

The above infographic from Blackrock Silver outlines silver’s global supply chain and brings the future of silver supply into the spotlight.

The Top 20 Countries for Silver Mining

Although silver miners operate in many countries across the globe, the majority of silver comes from a few regions.

RankCountry2020 Production (million ounces)% of Total
1Mexico ??178.122.7%
2Peru ??109.714.0%
3China ??108.613.8%
4Chile ??47.46.0%
5Australia ??43.85.6%
6Russia ??42.55.4%
7Poland ??39.45.0%
8United States ??31.74.0%
9Bolivia ??29.93.8%
10Argentina ??22.92.9%
11India ??21.62.8%
12Kazakhstan ??17.32.2%
13Sweden ??13.41.7%
14Canada ??9.31.2%
15Morocco ??8.41.1%
16Indonesia ??8.31.1%
17Uzbekistan ??6.30.8%
18Papua New Guinea ??4.20.5%
19Dominican Republic ??3.80.5%
20Turkey ??3.60.5%
N/ARest of the World ?34.24.4%
N/ATotal784.4100%

Mexico, Peru, and China—the (Read more...)

Kaszek Ventures leads a $15 million round in Chilean asset management startup, Fintual



Like other financial sectors in Latin America, the retail investing space is getting a facelift by local tech startups that are cashing in on the untapped potential for democratizing asset management in the region. One of those startups is Chilean-based Fintual, which today announced a $15 million round led by Kaszek Ventures, the largest fund in Latin America.

Fintual is an automated passive investment platform that allows the average person in Chile or Mexico to invest in mutual funds containing ETFs (Exchange Traded Funds), investment vehicles that aren’t as well known, or as readily accessible in Latin America.

“The idea that got to me was that we were allowing people to invest in the long term, we enable them to invest in instruments they didn’t have access to before,” said Pedro Pineda, co-founder and CEO of Fintual.

Before starting Fintual in 2018 with his three co-founders, Pineda was an astronomer and an entrepreneur, who built and sold a Groupon copycat company in Chile called “Queremos Descuentos” (We Want Discounts) for just over $1 million when he was 28. 

After the exit, he admits he was a bit lost in life. 

“One day I decided that I wanted to do only the things that I wanted to do and with the people I wanted to do it with,” he said.

He traveled for a couple of years, and learned to code, among other things, until Omar Larré, Fintual’s current CIO, presented him with the idea for the business. 

Larré had been (Read more...)

Kushki, an Ecuador-based fintech, raises $86M to build financial infrastructure in Latam



Just about every week there’s a blockbuster round coming out of South America, but in certain countries such as Ecuador, things have been more hush hush. However, Kushki, a Quito-based fintech, is bringing attention to the region with today’s announcement of a $86 million Series B and a $600 million valuation.

“We never thought that we would return home [from the U.S.] and build a company that was more valuable in Ecuador than we had built in the U.S.,” said Aron Schwarzkopf, CEO and co-founder of Kushki.

Schwarzkopf and his business partner, Sebastián Castro, had previously built and sold a fintech called Leaf in the U.S. in 2014. The two are originally from Ecuador but moved to Boston for college, where they met watching soccer.

Unlike many other fintechs in Latam that are out to help the unbanked, Kushki works behind the scenes building the tech infrastructure that companies like Nubank use to transfer money. Some of the functionalities they build enable both local and cross-border payment players in credit and debit cards, bank transfers, digital cash, mobile wallets, and other alternative payment methods.

“We realized there was a gigantic opportunity to democratize and create infrastructure to move money,” Schwarzkopf told TechCrunch.

The company, which was founded in 2017, already has operations in Mexico, Colombia, Ecuador, Peru, and Chile. The Series B will be used to accelerate growth and expand to Brazil and nine other markets in Central America.

Generally, expanding to Brazil is an expensive proposition, and therefore (Read more...)

Belvo, LatAm’s answer to Plaid, raises $43M to scale its API for financial services



Belvo, a Latin American startup which has built an open finance API platform, announced today it has raised $43 million in a Series A round of funding.

A mix of Silicon Valley and Latin American-based VC firms and angels participated in the financing including Future Positive, Kibo Ventures, FJ Labs, Kaszek, MAYA Capital, Venture Friends, Rappi co-founder and president Sebastián Mejía (Rappi), Harsh Sinha, CTO of Wise (formerly Transferwise) and Nubank CEO and founder David Vélez.

Citing Crunchbase data, Belvo believes the round represents the largest series A ever raised by a Latin American fintech. In May 2020, Belvo raised a $10 million seed round co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek.

Belvo aims to work with leading fintechs in Latin America, spanning across verticals like the neobanks, credit providers and personal finance products Latin Americans use every day.

The startup’s goal with its developer-first API platform that can be used to access and interpret end-user financial data is to build better, more efficient and more inclusive financial products in Latin America. Developers of popular neobank apps, credit providers and personal finance tools use Belvo’s API to connect bank accounts to their apps to unlock the power of open banking.

As TechCrunch Senior Editor Alex Wilhelm explained in this piece last year, Belvo might be considered similar to U.S.-based Plaid, but more attuned to the Latin American market so it (Read more...)

Nuvemshop, LatAm’s answer to Shopify, raises $90M in Accel-led Series D



The COVID-19 pandemic has led to people everywhere shopping more online and Latin America is no exception.

São Paulo-based Nuvemshop has developed an e-commerce platform that aims to allow SMBs and merchants to connect more directly with their consumers. With more people in Latin America getting used to making purchases digitally, the company has experienced a major surge in business over the past year.

Demand for Nuvemshop’s offering was already heating up prior to the pandemic. But over the past 12 months, that demand has skyrocketed as more merchants have been seeking greater control over their brands.

Rather than selling their goods on existing marketplaces (such as Mercado Libre, the Brazilian equivalent of Amazon), many merchants and entrepreneurs are opting to start and grow their own online businesses, according to Nuvemshop co-founder and CEO Santiago Sosa.

“Most merchants have entered the internet by selling on marketplaces but we are hearing from newer generations of merchants and SMBs that they don’t want to be intermediated anymore,” he said. “They want to connect more directly with consumers and convey their own brand, image and voice.”

The proof is in the numbers.

Nuvemshop has seen the number of merchants on its platform surge to nearly 80,000 across Brazil, Argentina and Mexico compared to 20,000 at the start of 2020. These businesses range from direct-to-consumer (DTC) upstarts to larger brands such as PlayMobil, Billabong and Luigi Bosca. Virtually every KPI tripled in the company in 2020 as the world saw a massive transition to online, (Read more...)