Financing watch: Brazil-Mexico tech merger, MercadoLibre, BNDES and more

Brazilian corporate tax solutions company Invent Software and Mexican tax compliance consultancy CPA Vision merged to ramp up their LatAm operations.

According to the companies, the combined operation will rank among the largest in the software tax segment in the region with 7,200 customers, 3,500 from Invent and 3,700 from CPA. Values and terms were not provided.

Invent is focused on sales of tax solutions based on SAP in Brazil, serving customers such as Syngenta, Deloitte and Ambev. CPA Vision provides tax compliance services for companies such as Zurich, DHL, Nissan, Auto Zone and Chevron.

Following the merger, plans include expansion to Argentina, Colombia, Chile and Peru.

MercadoLibre’s logistics

MercadoLibre plans to invest in 11 new sites, doubling the number of distribution centers it has in Brazil to 21 in 2025. 

The announcement was made during the company’s Meli Experience Day in São Paulo on September 24. The focus will be on speeding up delivery times beyond São Paulo and Rio states. 

Previously, the group announced 23bn reais (US$4.23bn) in Brazil investments this year. 

BNDES funds Volkswagen’s digitization

Brazilian development bank BNDES approved a 304mn-real credit line aimed at the digital transformation of Volkswagen’s four local factories.

The funds are part of the BNDES Mais Inovação program to be used in improving digitization, connectivity, automation, process intelligence and industry 4.0 technologies (artificial intelligence, robotics, IoT and cloud computing).

The company's plants are in the cities of São Bernardo do Campo, Taubaté and São Carlos, in São Paulo state, and in São José dos Pinhais in Paraná.

Financing for ISPs

Brazil's communications ministry launched the Acessa Crédito Telecom credit program to ease financing to regional internet service providers.

The initiative is backed by US$100mn from IDB and also funded with resources from the telecoms universalization fund Fust. The Brazilian development association (ABDE) is also a partner in the project.

The ministry's goal is to foster the expansion of fixed broadband, mainly fiber-based and mostly in cities with fewer than 30,000 inhabitants.

Costa Rican’s TraderPal raises US$4mn

Costa Rican fintech and trader management provider TraderPal has secured US$4mn in a round led by Mastercard-expert Volcán Group.

Founded in 2022, the startup facilitates investments from US$5 and access to more than 13,000 companies listed on the US stock exchange.

Investments will be used to strengthen operations in Central America.