Telecom Argentina announced yesterday that it had obtained a new international loan for up to $30 million, which will use to purchase equipment to strengthen the country's ICT infrastructure further and continue improving the quality of fixed and mobile connectivity services. The second credit line obtained by Telecom is guaranteed by Finland's official export credit agency, Finnvera plc. In 2019 the company got $96 million.
The Argentine fintech ecosystem has 302 companies grouped in 9 areas. It is one of the fastest-growing sectors in job creation. Since 2017 the number of jobs tripled, going from 5,280 jobs to 14,728 employees in May 2021. According to a report prepared by the Chamber together with the Great Place To Work Argentina organization, the sector expects to incorporate 5,683 new positions to end the year with 19,808 employees.
The Argentine Fintech Chamber, which brings together providers of virtual finance and credit services and even other technology providers, has 14,728 employees in Argentina and plans to incorporate another 5,683 workers in the remainder of 2021.
The National Institute of Statistics and Census (Indec) indicated that the consumption of public services recorded a 12% year-on-year decrease in February and a 1.1% contraction concerning last January. Source: Ámbito
The Argentine-Brazilian sportswear brand Topper announced investments of more than 500 million pesos ($5.32 million) to increase its production volume and hire 210 workers at its plant in Aguilares, province of Tucumán.
Grupo Santander announced yesterday the launch of Santander Consumer for consumer financing. It comes with an initial investment plan of more than 1,500 million pesos ($15.98 mn) and the generation of more than 130 jobs for the next few years. The portfolio of products to be offered includes loans to companies, pledge loans, stock financing loans to dealers, and personal consumer loans.
A startup formed just three months ago by former executives of Naranja X, Mercado Pago, and Mastercard has raised $9 million from a long list of investors, including the founders of Twitter, PayPal, Rappi, Kavak and Auth0. It's called Pomelo, and it will dedicate to provide payment technology for businesses, cards and fintech from Buenos Aires to the entire region. "This is one of the largest seed capital rounds in the history of Latin America".
The Government will allocate 180 million pesos ($1.92 mn) to finance ventures that incorporate innovation and Industry 4.0 solutions or contribute to generating positive social and environmental impact in their communities at the local, regional and provincial level.
The taste of the producers in the face of the substantial price increases is more bitter than sweet, since they do not receive the total price, but only 37% of what quoted on the international market due to export duties, which today are 33%, and the exchange rate gap.
The increase in fuel prices -of up to 10% in dollar terms- and reducing costs allowed YPF to improve its results. The company had revenues of $2.65 billion, still below its turnover in the same period of 2020 of $2.83 billion. The company had a net loss of $25 million.