Top ten of the most valuable startups in Latin America

October 7, 2022

We are in the era of entrepreneurship, innovation, and scalable businesses in a short time. Take a look at our list of the 10 fastest growing startups in Latin America.

In recent years, business models have evolved to adapt to dizzying market changes and new consumer demands. This is how the term startup has emerged in the landscape to define those companies recently created or still young, with great probabilities of developing rapidly.

One of the characteristics of startups is that they use digital tools to get funding and grow.  Some even manage to reach “unicorn” status by being valued at more than USD $1 billion. In the second quarter of 2021, Latin American startups raised investments of around USD $7.2 billion, making it a region that drives the development of new technologies.

If you want to know about some of the most valuable startups in Latin America, then don’t miss this top ten that we bring below:

1. Nubank

This is the most innovative financial services technology company in Latin America. Nubank was born in Brazil in 2013. It currently offers its services also in Colombia and Mexico, as well as has operational offices in Germany and Argentina. The largest digital bank in 2021 expanded its investments to USD 1.15 billion from several funds, including Warren Buffet’s, and was valued at USD $30 billion at the beginning of the year.


2. dLocal

It was the first Uruguayan startup to become a unicorn and was founded in 2016.  It currently has operations in 30 countries in Latin America, Asia and Africa, has a market value of more than USD $14.5 billion. dLocal  focuses on facilitating payments for users in countries with emerging economies, it works as a bridge between multinationals and their customers, allowing them to make local payments.


3. Kavak

With its philosophy of transforming the purchase and sale of pre-owned cars, Kavak was founded in 2016 and in 2020 became Mexico’s first unicorn after receiving an investment round of USD $400 million.  This startup detected a business opportunity based on the growth in demand for used cars, creating a totally successful value proposition. Kavak is experiencing accelerated growth, doubling its valuation to USD $8.7 billion from April to September.


4. Rappi

This Colombian startup connects businesses with delivery drivers offering consumers the possibility to purchase any type of product or service in one place.  Rappi has been operating since 2015 and is currently in 9 Latin American countries. In July, it was valued at USD $5.25 billion.

5. Outreach

The most valuable startup in Ecuador is the software developer Outreach leader in sales optimization. Its offices are located in the United States, England and the Czech Republic, and its largest client is Microsoft.  After the last financing, it has been valued at USD $4.4 billion.


6. Loft

Loft was founded in 2018, in Brazil and earlier this year it managed to be valued at USD $2.9 billion. This is how it became the first PropTech to surpass the USD $1 billion barrier. Basically, they have reinvented the residential property exchange process through technology. Their purpose is to simplify the buying and selling of real estate, offering a smooth and pleasant experience.


7. Bitso

The first unicorn in the cryptocurrency ecosystem is Mexican FinTech Bitso. In May 2021 it was valued at USD $2.2 billion. In seven years, it has established itself as the Latin American gateway to the world of cryptocurrencies. It currently has offices in Argentina and Brazil. It allows the exchange of 9 currencies and facilitates the payment of services, remittances, and online purchases, among other services.


8. NotCo

Recently, after six years of its foundation, NotCo reached a valuation of USD $1.5 billion to become the first Chilean unicorn. Its proposal is aimed at reinventing the food industry by using algorithms to create combinations of plants to replace animal products, generating a positive impact on the conservation of the planet. One of its investors is Jeff Bezos.


9. Crystal Lagoons

The founder of Crystal Lagoons combined his knowledge of biochemistry with technology to develop a project for the construction and maintenance of large lagoons. This sustainable and ecofriendly artificial lagoon startup managed to reach a value of USD $1.8 billion within a year and a half of being founded.


10. LifeMiles

Colombian airline Avianca’s loyalty program, LifeMiles, rewards travelers’ loyalty through mileage accrual, as well as offering discounts and promotions on accommodations. It was founded in 2013 and in 2017 became the first unicorn in its country. Today it is valued at USD $1.5 billion.

In Latin America, the boom of innovative, disruptive, and scalable companies seems to have no end. There are more than 20 unicorns in the region and others are on the horizon that are on their way to achieving a place on the list of the most valuable startups.

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