Vexi, a digital bank whose main product is credit cards, announced US$8 million in funding. The fintech company founded in Mexico in 2018 will use the capital to increase its client base, incorporate talent into the team, as well as to improve its technology and risk algorithms. Their success had been in under-banked people, where they achieved success by having a card with a very large network with zero rates and a cashback program.
Businesses in the APAC region are increasing their social media investments amid economic uncertainties. According to a recent study by Meltwater, three in five marketers and communication professionals in APAC regard social media as more important for their organisation due to economic uncertainties.
Chilean startup Buk, which offers cloud-based software for companies to manage their human resources tasks comprehensively, announced a US$35 million round. The company, one of Chile’s most prestigious technology start-ups, said it will use the funds to accelerate its growth in Mexico and open a new market in Brazil. They currently operate in Chile, Mexico, Peru, and Colombia. According to company figures, in 2022, they grew 2.5x in sales and now have 4,000 clients in the region.
Just over one-third of marketers plan to either buy a new CDP (21%) or replace an existing one (13%) this year, according to this Optimove survey. Unfortunately, it doesn’t report how many have a CDP already in place, which would put the other values in perspective. It does seem that CDPs are a relatively low priority: they rank sixth on the list of new systems and eighth on the list of systems to replace.