Latin America sees its startup ecosystem thriving with several companies achieving billion-dollar valuations, especially in fintech and tech-related sectors. Notable unicorns include Kavak, Ualá, and Rappi, showcasing robust potential despite market challenges. The region boasts multiple startup hubs beyond Brazil and Mexico, indicating a diverse and resilient landscape.
Not too long ago, the notion of public tech firms emerging from Latin America felt almost like a fantasy. It’s hard to believe that Mercado Libre, once perceived as a unicorn—a mythical creature in the startup world—now has company. Today, several startups from the region have burst onto the scene, boasting billion-dollar valuations.
A few of these startups have hit the mainstream by expanding beyond their national borders, with Nubank making waves on the U.S. stock market. But let’s not overlook the vast array of contenders lurking behind the headlines; many are in the bustling fintech sector, yet there’s a tapestry of industries like e-commerce, health tech, logistics, proptech, and SaaS contributing to this vibrant ecosystem.
Sure, some of these homegrown unicorns might be flaunting inflated “paper valuations” from the peak of the market in 2021, but the potential for rebound is there. After all, venture capital activity in Latin America is showing signs of resilience heading into 2024. It’s fascinating to see how these unicorns illuminate the region’s sprawling startup hubs. While Brazil and Mexico might lead the pack in numbers, unicorns are springing up in Argentina, Colombia, Chile, and even Uruguay as these ecosystems continue growing robustly. Just recently, a startup bagged a whopping $127 million in April.
Let’s take a closer look at some of the top contenders in Latin America by valuation. Just remember, some of these valuations need to be taken with a pinch of salt.
Kavak, founded in 2016 and valued at $2.2 billion as of April 2025, is based in Mexico and specializes in e-commerce for used cars. Once heralded at $8.7 billion following a Series E, their valuation dipped significantly due to expansion bumps and layoffs. A fresh round of funding totaling $127 million in equity, plus two hefty debt facilities totaling $400 million, has the company eyeing a possible IPO in the near future.
Next up, we have Ualá, the Argentine neobank. Valued at $2.81 billion in March 2025, this startup focuses on financial services like loans and credit scoring. Since its inception in 2017, Ualá’s journey has seen it secure substantial rounds of investment, climbing its valuation up from $2.75 billion with a recent influx of $66 million.
Clip, launching in 2012 and currently valued at $2 billion as of June 2024, sits in the fintech realm as the region’s answer to Square. Initially dubbed BlitzPay, this startup quickly became a unicorn in 2021 with a monumental $250 million round and retained that status through another $100 million in June. CEO comments suggest they’re nearing profitability, which is exciting news.
Moving back to Brazil, we find Creditas—specializing in consumer loans, it saw its valuation soar to $4.8 billion in January 2022 after a successful Series F round led by Fidelity, along with fresh funding extending that valuation later on.
Unico, another Brazilian startup, has also made waves in the SaaS sector—valued at $2.6 billion as of April 2022, it recently raised $100 million in a Series D round led by Goldman Sachs, demonstrating the strength of tech-driven identification solutions.
Colombia’s Rappi, which started as an on-demand delivery service, has transformed into a super app valued at $5.25 billion since its 2021 funding round with SoftBank. However, navigating the pandemic and regulations has presented hurdles, prompting layoffs while still scouting for that elusive IPO—but they hit break-even in late 2023.
QuintoAndar, another Brazilian gem in real estate tech, achieved a valuation of $5.1 billion in August 2021. With aggressive growth strategies, including acquisitions and funding, it’s making its mark in the Latin American proptech scene.
Nuvemshop, also known as Tiendanube, is serving SMEs in the e-commerce sphere, valued at $3.1 billion after a substantial funding round in August 2021. It’s often likened to Shopify, bringing local sellers to online storefronts—an impressive feat.
A relatively young proptech, Loft, reached a valuation of $2.9 billion as of April 2021, yet it, too, is wrestling with market shifts and has executed layoffs during challenging times while managing external funding effectively.
There’s also Bitso, a leading crypto exchange, valued at $2.2 billion after a significant series C round in May 2021. And then there’s CloudWalk, valued at $2.15 billion, known for its payment solutions, which saw profitability for the first time in 2023. Loggi, another key player in logistics, was valued at around $2 billion as of March 2021 and boasts strong backers. Wildlife Studios, a mobile gaming powerhouse, was valued at nearly $3 billion in August 2020, but they’re also treading carefully in this complex landscape.
Finally, C6 Bank, a digital banking player, had a $2.28 billion valuation in December 2020 and is on a growth trajectory after JPMorgan Chase increased its stake. This ecosystem is buzzing, and it’ll be interesting to see who else enters the ring and how these rankings might shift. Keep your eyes peeled for updates as the story continues to unfold.
Latin America’s startup scene is burgeoning, with several firms achieving impressive valuations. From fintech giants like Nubank and Ualá to proptech leaders like QuintoAndar and Loft, the region is bursting with potential. Despite fluctuations and challenges in the market, these unicorns signify the growth and resilience of technology in Latin America. As they gear up for IPOs and expand, the eyes of the tech world are keenly focused on who might rise next and how the ranks may evolve further.
Original Source: techcrunch.com
