Not so long ago, the notion of major tech startups flourishing across Latin America—let alone going public internationally—seemed almost implausible. Mercado Libre once stood nearly alone as a rarity, an exceptional “unicorn” born from the region. But over the past several years, the landscape has dramatically changed—today, Latin America is home to an array of startups valued in the billions of dollars.
Some of these companies have expanded beyond their local markets, earning global recognition. Nubank, for instance, famously listed its shares publicly in the United States. But behind these high-profile success stories sits a diverse cohort of maturing companies, spanning sectors far beyond fintech. Prominent areas include e-commerce, health technology, logistics, property tech, gaming, software as a service (SaaS), and digital identification.
There is a caveat: some of these valuations date back to the booming days of 2021-2022 and might currently be considered “paper valuations.” Yet the significance remains clear. With the market showing renewed signs of vigor in 2024, many of these startups are well-positioned to recover their momentum.
An interesting geographical factor underscores their development. While the dominant markets remain Brazil and Mexico, unicorns have notably emerged in Argentina, Colombia, Chile, and Uruguay, revealing a broader, deeper regional ecosystem than perhaps previously imagined.
Chief among Latin America’s most valuable startups is Rappi. Founded in Colombia in 2015 and described as the region’s first “super app,” Rappi rapidly expanded internationally across multiple markets and attracted major investors, notably SoftBank with a $1 billion investment in 2019. Its value peaked at $5.25 billion following a $500 million-plus funding round in 2021. Yet the company has navigated challenges since then, including layoffs, regulatory changes, and tightening labor laws. Despite these hurdles, executives remain confident about a potential IPO, having recently hired a CFO specifically tasked with preparing for public markets after reaching profitability for the first time in late 2023.
Also ranking high is Brazil’s proptech giant QuintoAndar, founded in 2012 and valued at $5.1 billion after sequential funding rounds in 2021 totaling hundreds of millions of dollars from investors including Kaszek, General Atlantic, SoftBank, and Tencent. QuintoAndar has become a regional powerhouse in residential property transactions, operating in six Latin American countries and maintaining a technology center in Europe.
Creditas, another Brazilian standout and lending industry leader specializing in consumer credit, reached a $4.8 billion valuation in early 2022 after significant injections of funding led by Fidelity Investments, among others. In 2022, the company also acquired Brazilian operations from Andorran bank Andbank, solidifying its financial services footprint.
Argentina’s Ualá, founded in 2017, provides a wide array of financial services including credit, payments, and investments. It reached unicorn status in 2021 and recently closed fresh funding in 2025, achieving a valuation nearing $2.81 billion. Despite Argentina’s complex economic environment, Ualá has proven resilient and ambitious.
Proptech firm Loft, founded in Brazil in 2018, quickly drew attention from venture capital giants such as Andreessen Horowitz and reached a nearly $3 billion valuation in early 2021. Although Loft faced market turbulence, layoffs, and financing concerns thereafter, it has since secured additional funding from the Middle East and claims to have reached profitability.
Gaming developer Wildlife Studios, also Brazilian-born, soared to a $3 billion valuation in 2020—though afterward it faced some growing pains, including several rounds of layoffs and leadership changes. The company’s founder candidly expressed regret over the breakneck fundraising at such a high valuation early on.
Automobile ecommerce platform Kavak in Mexico once held a valuation as high as $8.7 billion in 2021, but persistent market headwinds recently drastically reduced that figure to $2.2 billion by April 2025. Recent fundraising aims to stabilize the business, setting the stage for a future IPO.
E-commerce software platform Nuvemshop, present across Latin America under the brands Nuvemshop and Tiendanube, reached a valuation of $3.1 billion in 2021, positioning itself as the region’s homegrown alternative to Shopify.
Digital banking and payments solutions company Clip (formerly BlitzPay), founded by former PayPal employees, emerged from Mexico and quickly attracted substantial venture capital, hitting a solid valuation of $2 billion in June 2024 and approaching profitability.
Cryptocurrency trading and remittance pioneer Bitso, with operations throughout Latin America, received a valuation of $2.2 billion in a well-publicized 2021 round led by Tiger Global and Coatue.
Brazil’s CloudWalk, known for platforms like InfinitePay, was valued at over $2 billion in late 2021 and recently reported substantial revenue growth and profitability, demonstrating robust operational execution.
Brazilian logistics heavyweight Loggi carved a niche in last-mile deliveries and achieved a valuation nearing $2 billion in 2021, attracting investment from international venture firms and strategics alike.
C6 Bank swiftly rose through Brazil’s digital banking ranks, commanding a $2.28 billion valuation in 2020 before JPMorgan Chase acquired a significant stake, transforming the startup into an influential force in the country’s banking sector.
Finally, Unico, a SaaS company specializing in digital identification and compliance solutions, has emerged as one of the region’s largest players, most recently valued at $2.6 billion following a substantial funding round in 2022.
Collectively, these startups represent a burgeoning landscape of innovation, ambition, and resilience in Latin America. While market fluctuations have posed significant challenges, the foundation these companies have established holds promise for further growth, setting the stage for more significant developments and IPOs over the coming years.
