TLDR:
- US analytics and AI risk-decision firm Provenir secures first Brazil bank contract in H1.
- The firm aims to double its Latin America customers by end-2024.
Investors deployed US$4bn across 770 venture capital deals in Latin America last year, down from previous years. Provenir expects to close a first project with a major Brazilian bank this half, after establishing a local presence in Latin America in 2022. The company provides AI-based risk assessment software for over 150 fintech companies globally. Provenir met its goal of ending 2023 with 20 Latin America customers and aims to reach or surpass 30 by the end of 2024, with Brazil, Mexico, and Colombia as core markets. Brazil’s TMT sector saw a drop in M&A transactions in 2023, with notable activity in information technology, internet companies, telecommunications, media, and advertising. Rappi plans to invest in expanding operations in Argentina and Uruguay over the next four years, aiming to double its presence in both countries. Brazilian technology manufacturer Intelbras invested in its operations last year, with a focus on expanding capacity for local 5G devices. Totvs’ fund invested in local agtech Cromai, while Indicator Capital backed startup Neowrk, specializing in optimizing workspace management.
