LatAm Fintech's Liquidity Horizon: From Past Wins to the $20B+ Pipeline Poised for Exit
After a quiet few years, is the market ready for the next wave of blockbuster fintech exits from Latin America?
Latin America's fintech sector has solidified its status as a global powerhouse, driving the region's most significant IPOs and M&A deals in recent years. The 2021 IPO of Nubank, which soared to a $41.5 billion valuation, not only highlighted the transformative potential of Latin American fintech but also delivered exceptional returns for early investors. Yet, following a global market slowdown in 2022, a question lingered: Was Nubankthe peak of LatAm fintech success, or merely the opening act? The evidence strongly suggests the latter. Fintech accounts for 100% of the region's top IPOs by valuation and 40% of major M&A activity, signaling a sector that has matured and is now primed for its next chapter.
As the global IPO market shows signs of recovery, venture capitalists like QED Investors predict that
"2025 could mark a pivotal year for LatAm fintech, with the potential for one or two IPOs in Mexico and several Brazilian companies preparing for filings."
With a pipeline of unicorns poised to generate over $20 billion in investor returns through IPOs and acquisitions by 2026, the sector's future looks promising. This article revisits the playbook of past triumphs, profiles the contenders gearing up for the next wave, and spotlights the investors set to capitalize on this burgeoning opportunity.
Nubank: The Gold Standard for Fintech Investor Returns
No discussion of Latin American fintech success can begin without acknowledging Nubank's historic 2021 IPO, which valued the company at $41.5 billion. This Brazilian neobank didn't just change banking in Latin America; it redefined what success looks like for fintech investors globally.
The returns for early investors were nothing short of extraordinary:
Sequoia Capital: $90M → $7.5B (83x return)
Tiger Global Management: $33M → $2.4B (73x return)
Founders Fund: $48M → $0.8B (17x return)
DST Global: $160M → $3.9B (24x return)
Tencent: $242M → $2.7B (11x return)
Sequoia's journey with Nubank began in 2013 when Doug Leone led the seed round. The firm recognized the opportunity early by backing co-founder David Vélez, who had previously worked as an investor at Sequoia focused on Latin America. This early conviction resulted in arguably one of the best fintech investments globally, with an 83x return that significantly outperformed typical venture capital expectations.
While Nubank's stock has experienced volatility since its IPO—as have many fintech stocks globally—it remains a testament to the scale of opportunity in Latin American fintech. The company continues to expand its user base, which now exceeds 114 million customers across Brazil, Mexico, and Colombia, demonstrating the massive untapped potential in the region.
The 2025-2026 Latin American Fintech IPO Calendar
Following Nubank's path, a new generation of fintech unicorns is approaching IPO readiness. Based on growth trajectories, funding rounds, and market signals, here are the top 10 companies most likely to go public in the next 18-24 months, ordered by valuation:
1. Creditas (Brazil) - Valued at $4.8B
Founded by Sergio Furio in 2012, Creditas has transformed secured lending in Brazil through its technology-driven approach. The company has raised over $800 million in total funding:
Series F (2022): $260 million led by Fidelity Management
Series E (2020): $255 million led by LGT Lightstone
Series D (2019): $231 million led by SoftBank's Latin America Fund
Series C (2017): $50 million led by Vostok
Series B (2017): $18.8 million led by IFC
Series A (2016): $7.2 million led by Redpoint eVentures, Kaszek, and Quona Capital
Creditas has demonstrated impressive business growth, with its loan portfolio reaching $1.05 billion USD as of Q4 2024. The company reported annualized revenues of $366 million USD and a gross profit of $166 million USD in the same period, showing strong progress toward profitability. Creditas has successfully diversified beyond its original secured lending focus into auto financing, home equity loans, and mortgage origination, creating multiple revenue streams that make it attractive to public market investors.
The platform's technology-driven approach to credit assessment has allowed it to serve segments traditionally underserved by Brazilian banks, fueling its rapid expansion. Market observers expect a potential listing in Q4 2025 or early 2026, which would make it one of the largest fintech IPOs from Latin America since Nubank.
2. Ualá (Argentina) - Valued at $2.75B
Founded by Pierpaolo Barbieri in 2017, Ualá has achieved remarkable growth as a financial ecosystem. The company has raised over $900 million in funding:
Series E and Series E-2 (2024-2025): $366M led by Allianz X
Series D (2021): $350 million led by SoftBank and Tencent
Series C (2019): $150 million led by Tencent and SoftBank
Series B (2018): $34M led by Goldman Sachs Investment Partners
Series A (2018): $10M led by Soros Fund Management LLC
Ualá has experienced explosive growth, becoming the largest startup in Argentina with 8 million users as of late 2024. Six million of these users are in Argentina, representing more than 17% of the country's adult population. The company has also expanded successfully into Mexico and Colombia, with its Mexico operation adding between 100,000 to 150,000 new clients per month, the highest acquisition rate in the region.
The company has issued more than 4 million cards across Argentina and Mexico and has seen a 300% increase in payments of bills and services. Ualá recently reached 200,000 users in Colombia after just one year of operations, with a special focus on serving Venezuelan immigrants. In November 2024, Ualá secured a $300 million Series E investment round led by Allianz X, which valued the company at $2.75 billion.
Ualá is awaiting local authorities' approval after signing agreements to purchase two banks in Mexico, and expects to reach operational break-even in Argentina by Q3 2025. Its comprehensive product suite and regional expansion strategy have positioned it as a potential IPO candidate for 2026.
3. Bitso (Mexico) - Valued at $2.2B
Founded in 2014 by Ben Peters, Daniel Vogel, and Pablo Gonzalez, Bitso has become Latin America's leading cryptocurrency exchange. The company has raised over $300 million:
Series C (2021): $250M led by Tiger Global and Coatue
Series B (2020): $62M led by QED Investors and Kaszek Ventures
Series A (2019): $15M led by Coinbase Ventures, Ripple, and Jump Capital
Seed (2015): $2.5M led by Digital Currency Group
Bitso has experienced significant growth despite cryptocurrency market volatility, expanding its user base to more than 6 million users across Latin America as of 2024. The company reported a 13% rise in its user base in 2024, reaching 4.4 million active users, with crypto adoption up 12% across Latin America according to the company's reports.
As the largest crypto platform in the region, Bitso has benefited from Latin America's rising cryptocurrency adoption, particularly in countries experiencing currency instability. Mexico leads the way in cross-border stablecoin volume, with Brazil close behind. The company's strong regulatory compliance and regional leadership position it as a potential IPO candidate for 2026.
4. Clip (Mexico) - Valued at $2B
Founded in 2012 by Adolfo Babatz and Vilash Poovala, Clip provides payment solutions for small businesses in Mexico. The company has raised over $450 million:
Series D Extension (2024): $100M led by Morgan Stanley
Series D (2021): $250M from SoftBank Latin America Fund and Viking Global Investors
Series C (2019): $100M led by General Atlantic and SoftBank Latin America Fund
Series B (2017): $29.3M from undisclosed investors
Series A (2015): $8M led by Alta Ventures
Seed (2013): $1.7M led by Alta Ventures and Accion
Clip has established itself as Mexico's leading payment terminal provider for small businesses, with over 600,000 merchants using its solutions. The company processes approximately 40 transactions per cardholder per year in a market where card usage has historically been low. This represents significant growth potential, as Mexico has around 11 million businesses but only about 1 million of them accept cards.
In 2024, Clip has been focusing on developing new products beyond its core payment terminal business, including point-of-sale software, inventory management tools, and working capital loans. The company's recent $100 million funding round in 2024 will support these product development initiatives as it aims to serve more of Mexico's vast small business market. Clip's strong revenue growth and path to profitability position it for a potential IPO in late-2025.
5. EBANX (Brazil) - Valued at $1.5B
Founded in 2012 by Alphonse Voigt, Wagner Ruiz, and João Del Valle, EBANX has pioneered cross-border payment solutions in Latin America. The company has raised over $430 million in funding:
Series C (2021): $430 million led by Advent International
Series B (2018): $30 million led by FTV Capital
EBANX has established itself as the critical payments infrastructure connecting global merchants to Latin American consumers. The company processes payments for over 1,000 global merchants including Airbnb, Alibaba, Shopee, Spotify, and Uber, facilitating access to over 100 million Latin American consumers through 100+ payment methods.
In 2024, EBANX reported processing more than $10 billion in payment volume annually, with operations across 15 Latin American countries. The company has been particularly successful in enabling cross-border e-commerce, which has seen explosive growth in the region. Recent partnerships with major global payment networks have further strengthened its position in the market.
As digital commerce continues to grow across Latin America, EBANX's role as a payment facilitator positions it well for continued expansion. The company's strong unit economics and profitability profile make it a compelling IPO candidate for late 2025 or early 2026.
6. Kushki (Ecuador) - Valued at $1.5B
Founded in 2017 by Aron Schwarzkopf and Sebastián Castro, Kushki has developed a payments infrastructure that connects Latin America through a single API integration. The company has raised over $186 million in total funding:
Series B Extension (2022): $100 million at a $1.5 billion valuation
Series B (2021): $86 million led by SoftBank Latin America Fund
Series A (2018): $8M led by Kaszek Ventures and DILA Capital
As Ecuador's first unicorn, Kushki has expanded to serve merchants across five countries in Latin America (Ecuador, Colombia, Mexico, Peru, and Chile). In 2024, the company received approval from Ecuadorian authorities to become the country's first payment aggregator, a significant regulatory milestone that strengthens its market position.
Kushki recently partnered with PXP Financial in October 2024 to expand its payment services across Latin America, with plans to launch card acquiring in Mexico, Chile, Colombia, Ecuador, and Peru. The company's payment infrastructure is increasingly crucial for the region's digital economy, facilitating transactions for both local and global merchants operating in Latin America. With its proven business model and strong growth across multiple countries, Kushki could be IPO-ready by late 2025 or early 2026.
7. Neon (Brazil) - Valued at $1.38B
Founded by Pedro Conrade in 2016, Neon has grown into a comprehensive digital bank. The company has raised over $700 million:
Series E (2024): $102M from existing investors
Series D (2022): $300M led by BBVA
Series C (2020): $300 million led by General Atlantic
Series B (2019): $94 million from General Atlantic and Banco Votorantim
Series A (2018): $22 million from Propel Venture Partners and Monashees
Neon has experienced significant customer growth, with its user base consistently rising between 2018 and 2024. The company focuses on underbanked individuals and micro-entrepreneurs in Brazil, a segment that represents more than 60% of the country's population. Neon was one of the first digital banks in Brazil to eliminate fees entirely, helping build its reputation among previously underserved populations.
The company's strategic partnership with BBVA, which led its $300 million Series D round, has provided not just capital but also institutional expertise as it scales. Neon's recent $102 million funding in 2024 from existing investors demonstrates continued confidence in its business model and growth trajectory. Recent executive hires suggest preparations for a potential IPO in early 2026.
8. Konfio (Mexico) - Valued at $1.3B
Founded by David Arana and Francisco Padilla in 2013, Konfio has emerged as a leading digital banking platform for SMEs in Mexico. The company has raised over $250 million across 5 funding rounds:
Series E (2021): $110 million led by Tarsadia Capital and QED Investors
Series D (2019): $100 million from SoftBank
Series C (2018): $25M led by Vostok Emerging Finance
Series B (2017): $10M led by IFC
Series A (2016): $8M led by Quona Capital with participation from QED Investors, Kaszek Ventures, Jaguar Ventures
Konfio addresses a critical gap in Mexico's financial ecosystem, where SMEs are traditionally underserved by conventional banks. The company operates in a market with an estimated $45 billion lending opportunity for small businesses, with potential to grow to over $100 billion as penetration increases. Mexico has approximately 4.4 million SMEs that are often starved for credit despite being crucial to the country's economy.
In 2024, Konfio has expanded beyond its core lending business to offer a comprehensive suite of financial services and software tools for SMEs, including payment processing, expense management, and accounting solutions. The company's multi-product strategy has improved customer retention and increased average revenue per user. With its last valuation at $1.3 billion in 2021, Konfio has continued to grow despite market headwinds, making it a solid IPO candidate for mid-2026.
9. Stori (Mexico) - Valued at $1.2B+
Founded in 2018 by Bin Chen and Marlene Garayzar, Stori offers credit cards to underserved segments in Mexico. The company has raised over $300 million:
Series D (2024): $105M led by Notable Capital and BAI Capital
Series C-2 (2022): $50M led by BAI Capital, GIC and GGV Capital
Series C (2021): $125 million from GGV Capital, GIC, and Goodwater Capital
Series B (2021): $32.5M led by Lightspeed Venture Partners
Series A (2020): $10M Series A led by Bertelsmann Investments and Source Code Capital
Stori has made significant inroads in Mexico's underpenetrated credit card market, having issued over 1 million credit cards by 2024. The company targets Mexico's massive underbanked population, providing credit card access to individuals without established credit history. Stori reports high usage and activity among its cardholders, with over 20% of transactions in e-commerce, including merchants like Netflix, Didi, Mercadolibre, and Uber.
Stori is well-positioned to capture Mexico’s credit card market as it continues to expand its customer base and product offerings. The company's recent $105 million Series D round in 2024 will fuel its continued expansion as it aims to become the leading credit card issuer for the mass market in Mexico. Stori's rapid growth and strong unit economics position it for a potential IPO in late 2025 or early 2026.
10. Clara (Mexico) - Valued at $1B+
Founded in 2020 by Gerry Giacoman Colyer and Diego García, Clara achieved unicorn status in just 18 months. The company has raised over $150 million:
Series B-2 (2023): $60 million led by GGV Capital
Series B (2021): $70 million led by Coatue
Series A (2021): $30M led by DST Global Partners
Seed (2020): $3.5M led by General Catalyst
Clara has experienced rapid adoption of its corporate expense management platform across Latin America. As of 2023, the company was working with over 10,000 businesses and reported an annual run rate of 5 million credit card transactions, equivalent to $1 billion in volume. This growth has continued into 2024, as Clara expands its presence in Mexico, Brazil, and Colombia.
The company's platform combines corporate cards with sophisticated spend management software, allowing businesses to control expenses, automate approvals, and gain visibility into their spending patterns. Clara was named to the 2024 Fintech Innovation 50, recognizing its impact on the corporate expense management sector in Latin America. With its strong revenue growth and international expansion, Clara is positioned for a potential IPO by late 2025 or early 2026.
The Investors Poised to Win Big
Behind each potential IPO stands a group of investors who recognized the opportunity in Latin American fintech early. The following firms have invested in multiple companies on our list and are positioned to see returns that could rival or even exceed those generated by Nubank:
Endeavor Catalyst
Endeavor Catalyst has emerged as a quiet but significant force in Latin America's fintech ecosystem, backing an impressive 7 unicorns on our list. As the investment arm of Endeavor, the global organization that supports high-impact entrepreneurs, Endeavor Catalyst has leveraged its deep regional network to identify and support some of the region's most promising fintech companies:
Creditas: Participated in the $50M Series C round (2018) led by Vostok Emerging Finance; estimated 8-10x MOIC based on current $4.8B valuation
Ualá: Joined the $150M Series C round (2019) led by Tencent and SoftBank; estimated 1.8-2.3x MOIC based on current $2.75B valuation
Bitso: Participated in the $250M Series C round (2021) led by Tiger Global and Coatue at a $2.2B valuation; approximately 1x MOIC with stable valuation
Clip: Joined the $250M Series D round (2021) led by SoftBank and Viking Global at a $2B valuation; approximately 1x MOIC with stable valuation
EBANX: Participated in the $30M round (2019) that valued the company at $1B; estimated 1.5x MOIC based on current $1.5B valuation
Clara: Joined the $70M Series B round (2021) led by Coatue that valued the company at $1B; estimated 1-1.5x MOIC based on recent funding
Neon: Participated in the $300M Series C round (2020) led by General Atlantic; estimated 1.2-1.5x MOIC based on current $1.38B valuation
Endeavor Catalyst's investment strategy focuses on Series B rounds and beyond, targeting companies that have already demonstrated product-market fit and are poised for rapid scaling. This approach has yielded varied returns across their Latin American fintech portfolio, with their early investment in Creditas standing out as particularly successful at an estimated 8-10x multiple. The firm's involvement signals strong validation within the local ecosystem, as they exclusively invest in companies led by Endeavor Entrepreneurs, providing not just capital but also access to Endeavor's global network of mentors and resources.
SoftBank Latin America Fund
SoftBank has made significant investments in the region's fintech sector, deploying billions into the ecosystem through both its Vision Fund and dedicated Latin America Fund. The firm's involvement in multiple companies on our list positions it for substantial returns:
Creditas: Invested $231M in 2019 at a ~$750M valuation; potential 6.4x MOIC at current valuation, 8-10x at IPO
Ualá: Co-led Series D with significant capital at a $2.45B valuation; potential 1.5-2x MOIC at IPO
Clip: Led multiple rounds totaling over $350M; potential 1.5-2x MOIC at IPO
Kushki: Led the $86M Series B; potential 2-3x MOIC at IPO
Konfio: $100M investment in 2019 at sub-billion valuation; potential 3-4x MOIC at IPO
SoftBank's approach of making large, concentrated bets on market leaders positions it to benefit substantially from upcoming IPOs. While SoftBank has faced challenges in other regions, its Latin American portfolio has generally performed well, with several companies approaching profitability even in challenging market conditions.
Kaszek Ventures
As Latin America's largest early-stage VC firm, Kaszek has backed an impressive roster of fintech success stories. Founded by former MercadoLibre executives, the firm has made pivotal investments in:
Creditas: Led Series A, estimated 40-80x potential MOIC
Bitso: Co-led $62M Series B with QED Investors in 2020, potential 4-5x returns from this round
Kushki: Led Series A, potential 10-15x returns on initial capital
Konfio: Co-led the $8M Series A with Quona Capital and QED Investors, potential 15-20x returns at IPO
Clara: Participated in the $30M Series A led by DST, potential 3-4x returns at current valuation
Kaszek's deep regional expertise and focus on backing exceptional founders has resulted in one of the strongest fintech portfolios in Latin America. The firm's early-stage focus means its potential returns could be substantial, potentially rivaling the massive multiple it achieved with Nubank, where it saw an estimated 64.8x return at IPO.
Monashees
Monashees, one of Brazil's pioneering venture capital firms, has strategically invested in several fintech unicorns across the region:
Ualá: Participated in Series B financing, potential 7-9x returns from this round
Neon: Led the $22M Series A alongside Propel and Quona, potential 25-30x returns from first check
Clara: Participated in the $30M Series A led by DST, potential 3-4x returns at current valuation
Founded in 2005, Monashees was one of the first institutional venture capital firms in Latin America and has built a reputation for identifying transformative technology companies early in their lifecycle. The firm's regional expertise and long-standing presence in the ecosystem have allowed it to secure positions in some of the most promising fintech startups across multiple countries. Their early investment in Neon could be particularly lucrative, with their Series A investment potentially returning 25-30x at IPO.
QED Investors
As specialists in fintech investments globally, QED has brought deep sector expertise to its Latin American portfolio companies. Founded by Capital One Financial Services co-founder Nigel Morris, QED's investments include:
Bitso: Co-led $62M Series B with Kaszek in 2020, potential 4-5x returns from this round
Creditas: Participated in early rounds but didn't lead, potential 10-15x MOIC from their entry point
Konfio: Co-led the $8M Series A with Quona Capital and Kaszek, potential 15-20x returns at IPO
QED's specialized knowledge of financial services has given it an edge in selecting winners in the region. Partner Mike Packer recently noted,
"After a challenging period, 2024 witnessed the return of international funding and the stabilization of valuations. While a surge in early seed rounds is unlikely in early 2025, many companies that raised in 2021 are expected to return to the market seeking new funding or alternative survival strategies."
Market Trends Driving the Next Wave of Fintech Liquidity
Several key trends are accelerating the growth and IPO readiness of Latin American fintech unicorns:
Open Finance and Embedded Finance
Brazil's implementation of open finance regulations has created unprecedented opportunities for fintech innovation. As QED Investors notes,
"Open finance continues to make waves in LatAm, led by Brazil's central bank trailblazing initiatives but now followed by other central banks."
This regulatory framework enables better data sharing, improved customer experiences, and new business models.
Companies that leverage these frameworks to offer embedded financial services are seeing rapid adoption. From social media payments to e-commerce integration, embedded finance is expanding the addressable market for fintech solutions across Latin America.
Blockchain and Cryptocurrency Adoption
Companies like Bitso have benefited from Latin America's growing appetite for cryptocurrency solutions. According to Bitso's latest report, Mexico leads the way in cross-border stablecoin volume, with Brazil close behind.
The region's history of currency volatility and cross-border friction has made cryptocurrency particularly relevant for Latin American users. As these technologies move toward mainstream adoption, companies that have built trusted platforms stand to benefit substantially.
AI and ML Applications
As QED Investors highlights,
"AI and ML are delivering personalized, automated, efficient and secure solutions across the region, from risk management and customer service to investment management, fraud detection and more."
These technologies are enabling unprecedented scaling opportunities by addressing key challenges in credit assessment, fraud prevention, and customer service.
The application of alternative data for credit scoring is particularly transformative in a region where traditional banking has left large segments of the population underserved. Companies that effectively deploy these technologies can achieve better unit economics while expanding their addressable market.
Growing Investor Appetite
The number of investors active in Latin American fintech has more than doubled since 2021, with both regional and global investors increasing their allocations. The success of Nubank has demonstrated that Latin American fintech companies can achieve global scale and deliver exceptional returns.
This increased investor interest is evident in both primary funding and secondary market activity (e.g., In 2023, Antonia Rojas, ex-ALLVP, and Iñigo Martinez, ex-Odetta, announced the launch of Attom Capital, the first direct secondaries VC fund in the region). The valuations of leading fintech unicorns have generally held up better than those in other sectors, reflecting continued confidence in their growth prospects and path to profitability.
Conclusion: The Future of Fintech Liquidity in Latin America
The next 18-24 months promise to be transformative for Latin American fintech, with multiple unicorns approaching IPO readiness. These upcoming exits represent a potential $20+ billion in combined market capitalization, generating billions in returns for early investors.
Looking at investor returns across these potential IPO candidates, early-stage investors (seed and Series A) are positioned for the most dramatic returns, with potential MOICs of 40-80x for Kaszek's earliest investments in companies like Creditas, 25-30x for Monashees' early bet on Neon, and 15-20x for QED and Kaszek's investments in Konfio. Meanwhile, growth-stage investors will see more varied returns: 3-5x for SoftBank's investments, 4-5x for the Series B co-leads in Bitso, and a range from 1x to 8-10x for Endeavor Catalyst depending on entry timing, with their 2018 Creditas investment showing the highest potential returns at 8-10x.
While global market conditions will inevitably influence timing, the fundamental growth drivers for these companies remain strong. The pipeline of IPO-ready companies has grown stronger since Nubank's public debut, with improved unit economics and clearer paths to profitability.
These impending liquidity events conclusively validate the initial premise that fintech is indeed the most successful venture capital vertical in Latin America. The sector has consistently delivered superior returns compared to other industries, attracted the highest-quality investors, and created the region's most valuable technology companies. The upcoming wave of IPOs and acquisitions will further cement fintech's dominant position in Latin America's startup ecosystem.
For investors still on the sidelines, the Latin American fintech story isn't over—it's just beginning its second chapter. And if Nubank's 83x returns for Sequoia are any indication, those who recognize the potential of these upcoming IPO candidates may be rewarded with outsized returns.
The broader impact extends beyond investor returns. These companies are transforming financial services across Latin America, increasing inclusion, reducing costs, and improving customer experiences. As they transition to public markets, they will set new benchmarks for success and inspire the next generation of entrepreneurs.
The journey from Nubank's groundbreaking IPO to the next wave of public fintech companies demonstrates Latin America's emergence as a global fintech powerhouse. In a region historically underserved by traditional financial institutions, technology-driven disruptors have found fertile ground for innovation, growth, and, increasingly, exceptional investor returns.
Sources:
QED Investors Blog, "Top 10 trends for LatAm fintech in 2025," https://www.qedinvestors.com/blog/top-10-trends-for-latam-fintech-in-2025
Crunchbase News, "Nubank IPO: Sequoia And The Other Big Winners In The LatAm Mobile Banking Decacorn's Public Market Debut," https://news.crunchbase.com/public/nubank-ipo-sequoia-decacorn-latam-fintech/
TechCrunch, "Latin America fintech will be a market to watch in 2025," https://techcrunch.com/2024/11/24/latin-america-fintech-will-be-a-market-to-watch-in-2025/
Funding data from Crunchbase, Tracxn, CB Insights, Reuters, and company announcements.